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ALX Uranium Corp. (“ALX” or the “Company) (TSXV: AL; FSE: 6LLN; OTCQX: ALXEF) is pleased to announce the closing on December 29, 2017 of a non-brokered private placement of 2,180,000 flow-through units (“FT Units”) at $0.10 per FT Unit for gross proceeds of $218,000 (the “Offering”).
Each FT Unit consists of one flow-through common share and one non flow-through common share purchase warrant in the capital of ALX. Each common share purchase warrant is exercisable into one common share of the Company for a period of 24 months from closing of the Offering at a price of $0.15 per common share.
All securities issued in the Offering will be subject to a four-month hold period until April 30, 2018, during which time the securities may not be traded. The securities described herein have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States unless registered under the Act or unless an exemption from registration is available.
The proceeds received from the Offering will be used by ALX to incur qualified Canadian Exploration Expenses for exploration of the Company’s uranium projects in the Athabasca Basin area of Saskatchewan, Canada. Insiders of the Company acquired 1,100,000 FT Units or approximately 50.46% of the Offering.
ALX also announces that effective January 1, 2018, the Company has amalgamated with its wholly owned subsidiary Alpha Exploration Inc. The amalgamation was conducted to reduce administration costs and to consolidate tax positions. The amalgamated company is continuing under the name “ALX Uranium Corp.” and its trading symbol has not changed. Investors, suppliers and contractual partners will not experience any change as a result of the amalgamation in any of their dealings with the Company.
About ALX Uranium Corp.
ALX’s mandate is to provide shareholders with multiple opportunities for discovery and value creation by optimizing a portfolio of prospective uranium exploration properties through staking, joint ventures, acquisitions and divestitures. The Company executes well-designed exploration programs using the latest technologies and has interests in over 180,000 hectares in Saskatchewan’s Athabasca Basin. ALX is based in Vancouver, BC, Canada and its common shares are listed on the TSX Venture Exchange under the symbol “AL”, on the Frankfurt Stock Exchange under the symbol “6LLN” and in the United States OTC market under the symbol “ALXEF”. Technical reports are available on SEDAR (www.sedar.com) for several of the Company’s active properties.
For more information about the Company, please visit the ALX corporate website at www.alxuranium.com or contact Roger Leschuk, Manager, Corporate Communications at Ph: 604.629.0293 or Toll-Free: 1.866.629.8368, or by email: email@example.com
On Behalf of the Board of Directors of ALX Uranium Corp.
Chairman and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.