Alpha Exploration (ALEX.V) has announced it has closed a first tranche of the C$5M non-brokered private placement. The initial tranche consisted of almost 1.87 million units which were issued at C$0.75 with each unit consisting of one common share as well as half a warrant. Each full warrant will allow the warrant holder to acquire an additional share of Alpha Exploration at C$1.125 for a period of 18 months after closing.
The proceeds from this financing will obviously be used to advance the company’s flagship Kerkasha project in Eritrea. You can re-read our initial report on Alpha Exploration HERE.
Disclosure: The author has a small long position in Alpha Exploration. Alpha Exploration is a sponsor of the website. Please read our disclaimer.
