Alexandria Increases
Private Placement to $7,254,708
THIS PRESS RELEASE IS NOT
FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES
Toronto, Ontario - May 8, 2007-
Alexandria Minerals Corporation (TSX-V: AZX; Frankfurt: A9D) is pleased to state
that the Private Placement announced on April 17, 2007 has been increased by up
to 4,846,250 non-Flow Through (NFT) units at a price of $0.32/unit, and 536,600
Flow-Through (FT) units at a price of $0.38/unit resulting in an additional
$1,754,708 to be raised. This brings the total financing up from the original
announcement of $5,500,000 to $7,254,708 in 11,096,250 NFT units and 9,747,125
FT units.
Each NFT unit will be comprised of
one NFT common share of the Company and one-half of one purchase warrant, and
each FT unit will be comprised of one FT common share and one-half of one
purchase warrant. In both cases, each whole warrant will entitle the holder to
acquire one additional NFT common share of the Company at a price of $0.48 for a
period of one year from closing.
The proceeds from the private
placement will be used to accelerate exploration activities on its Quebec and
Ontario mineral properties and for general working capital. Exploration will
consist primarily of drilling-related activities, with focus on the Company's
Cadillac Break properties in the Val d'Or area, Quebec. Alexandria plans an
initial 10,000 m Phase 1 program to expand on the recent success in the Orenada
#4 area, where the company intersected 21.37 g/t gold over 4.05 m (announced
March 29, 2007), to be followed by a further 10,000 m program pending
results.
The closing of the private
placement is expected to occur on or about May 15, 2007, and is subject to the
receipt of all the required regulatory approvals, including the approval of the
TSX Venture Exchange. All the securities issued pursuant to the offering shall
be subject to a hold period of four months from the date of
closing.
The private placement is now made
up of a brokered portion comprised of 7,892,500 NFT units and 5,712,757 FT units
placed by Fraser Mackenzie Limited, for which it will receive a fee of 7% cash
of gross proceeds in addition to compensation options totaling 7% of the units
sold. The remainder of the additional funds are non-brokered, consisting of
3,203,750 NFT units and 4,034,368 FT units, for which a finder's fee of up to 5%
of the gross proceeds may be paid.
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.
This press release, required by
applicable Canadian laws, is not for distribution to U.S. news services or for
dissemination in the United States, and does not constitute an offer of the
securities described herein. These securities have not been registered
under the United States Securities Act of
1933, as amended, or any state securities laws, and may not be offered or
sold in the United States or to U.S. persons unless registered or exempt therefrom.
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 |
The TSX Venture Exchange has
not reviewed and does not take responsibility for the adequacy or accuracy of
this release.