ALX Uranium Corp. Closes First Tranche of Flow-Through Private Placement
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ALX Uranium Corp. (“ALX” or the “Company”) (TSXV: AL; FSE: 6LLN; OTC: ALXEF) is pleased to announce the closing on December 17, 2019 of the first tranche of a non-brokered private placement consisting of 10,064,623 flow-through units (“FT Units”) of the Company for gross proceeds of $503,231 (the “Offering”).
The FT Units were sold at a price of $0.05 per FT Unit consisting of one flow-through common share and one non flow-through common share purchase warrant. One common share purchase warrant will entitle the holder to purchase one non flow-through common share of the Company at a price of $0.08 for a period expiring 36 months following the closing date of the Offering.
All the securities issued in the Offering are subject to a hold period of four months plus one day from the closing date. The proceeds from the sale of FT Units will be used for exploration programs on the Company’s Saskatchewan and Ontario mineral properties.
About ALX
ALX’s mandate is to provide shareholders with multiple opportunities for discovery by exploring a portfolio of prospective mineral properties in northern Saskatchewan, Canada, a superior mining jurisdiction. The Company executes well-designed exploration programs using the latest technologies and has interests in over 200,000 hectares in Saskatchewan, a Province which hosts the richest uranium deposits in the world, a producing gold mine, and demonstrates potential for economic base metals deposits. ALX has recently acquired the Falcon and Flying Vee Nickel projects in northern Saskatchewan, the Vixen Gold Project in the historic Red Lake Mining District of Ontario, Canada, and the Draco VMS Project in Norway. 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 at 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: 866.629.8368, or by email: rleschuk@alxuranium.com
On Behalf of the Board of Directors of ALX Uranium Corp.
“Warren Stanyer”
Warren Stanyer, CEO and Chairman
FORWARD-LOOKING STATEMENTS
Statements in this document which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future. It is important to note that the Company’s actual business outcomes and exploration results could differ materially from those in such forward-looking statements. Risks and uncertainties include economic, competitive, governmental, environmental and technological factors that may affect the Company’s operations, markets, products and prices. Additional risk factors are discussed in the Company’s Management Discussion and Analysis for the Nine Months ended September 30, 2019, which is available under Company’s SEDAR profile at www.sedar.com. Except as required by law, we will not update these forward-looking statement risk factors. 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.