Alexandria Minerals Closes
$4.58 Million Brokered Private Placement
THIS PRESS
RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS
AGENCIES
Toronto, Ont. - May 18, 2007 - Alexandria Minerals
Corporation (TSX-V: AZX; Frankfurt: A9D) announces the closing of the brokered
portion of its private placement with Fraser Mackenzie Limited that raised gross
proceeds of $2,450,400 on a non-flow-through basis and
$2,132,847.66 on a flow-through basis, totaling $4,583,247.66. The private placement was initially
announced on April 18, 2007 and amended May 8, 2007.
The Company will use the proceeds
principally to drill exploration targets on its Cadillac Break properties in the
Val d'Or mining camp, Quebec, for further exploration on the company's
additional properties, and for general corporate purposes. The Company will begin drilling with two
drill rigs in early June, beginning a 10,000 m program on the Orenada Zone and
exploring strong targets on the remaining Cadillac Break
properties.
A total of 7,657,500 non-flow
through (NFT) units were issued at a price of $0.32, with each unit consisting
of one share and of one common share purchase warrant, and a total of
5,612,757 Flow Through (FT) units were issued at a price of $0.38, with each FT
unit consisting of one FT share and of one common share purchase warrant. Each whole warrant entitles the holder
to acquire one additional NFT common share at a price of $0.48 for a period of
one year. The securities issued under the private placement will be subject to a
hold period of four months and one day from the date of closing, being September
17, 2007.
A fee of in the amount of $320,827.34 and 928,917 compensation options, representing 7% of the gross
proceeds of the private placement, was paid to Fraser Mackenzie Limited. Each compensation option is exercisable
for one NFT unit at a price of $0.32 for a period of one
year.
In addition to the brokered private
placement, a non-brokered portion of the private placement is expected to close
on or about May 18, 2007.
Alexandria Minerals Corp. is a
Toronto-based mineral exploration and development company, currently focused on
the exploration for precious metals on mineral properties located in Northern
Ontario and Quebec. The Company's
management has extensive global experience with small to large mining companies,
from grass-roots exploration to the exploitation of mineral deposits. The Company is a reporting issuer in the
provinces of British Columbia, Alberta and Ontario.
WARNING:
The Company relies upon litigation protection for "forward-looking"
statements. This
News Release may contain forward-looking statements including but not limited to
comments regarding the timing and content of up-coming work programs, geological
interpretations, receipt of property titles, potential mineral recovery
processes, etc. Forward-looking statements address future events and conditions
and therefore involve inherent risks and uncertainties. Actual results may
differ materially from those currently anticipated in such statements.
Alexandria Minerals Corporation relies upon litigation protection for
forward-looking statements
PLEASE
CONTACT
Coal
Harbor Communications
Suite 701, 555 Jervis
Street
Vancouver
BC Canada V6E 4N1
dale@coal-harbor.com
Tel:
1+ (604) 662-4505
Fax:
1+ (604) 662-4547
Toll-free: 1+ (877)
642-6200 |
Alexandria Minerals Corporation
Web: www.azx.ca
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