Business
Alpha Exploration Announces Closing of Second Tranche of Financing for Proceeds of $1.395 Million Making Total Gross Proceeds of $4.736 Million
Calgary, Alberta--(Newsfile Corp. - May 5, 2023) - Alpha Exploration Ltd.   (TSXV: ALEX)
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About this update from Alpha Exploration Ltd.
[{"type":"text","content":"\nAlpha Exploration Announces Closing of Second Tranche of Financing for Proceeds of $1.395 Million Making Total Gross Proceeds of $4.736 MillionCalgary, Alberta--(Newsfile Corp. - May 5, 2023) - Alpha Exploration Ltd. (TSXV: ALEX) (\"Alpha\" or the \"Corporation\") wishes to provide an update on its press releases dated February 7, April 4, and April 10, 2023 surrounding the announcement of, update to and closing of the first tranche of a non-brokered private placement financing of units (\"Units\") at a price of C$0.70 per Unit (the \"Offering Price\"), for aggregate gross proceeds of up to C$5 million (the \"Private Placement\").Alpha closed the second tranche of the Private Placement on May 4, 2023 (the \"Closing Date\"), for gross proceeds of C$1,395,152.50. The Corporation closed the first tranche of the Private Placement on April 6, 2023, with gross proceeds of C$3,341,249.80. The gross total aggregate of both tranches was therefore C$4,736,402.30.Each Unit is comprised of one ordinary share (each, a \"Share\") of the Corporation and one ordinary share purchase warrant (each, a \"Warrant\"). Each Warrant will entitle the holder to acquire one additional Share (a \"Warrant Share\") at an exercise price of C$1.05 per Warrant Share (the \"Exercise Price\") for a period of 24 months immediately following the Closing Date.In connection with the Private Placement, Alpha may pay certain arm's length parties a cash finder's fee payment equal to up to 6.0% of the Units that are sold to subscribers introduced by such parties. The net proceeds of the Private Placement will be used to fund ongoing exploration work on the Kerkasha Project in Eritrea, operating and administrative expenses, working capital and general corporate purposes. Completion of the Private Placement is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals including the approval of the TSXV. The TSXV has provided its conditional approval, however, the acceptance of certain specifics of the Private Placement remain subject to change. The Shares, Warrants and the Warrant Shares will be subject to a statutory hold period of four months plus one day from the Closing Date, in accordance with applicable securities legislation.It is expected that certain Insiders of the Corporation (as such term is define...