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Alpha Exploration Announces Private Placement Financing and Plans for Major Drilling Program at Aburna
Calgary, Alberta--(Newsfile Corp. - February 7, 2023) - Alpha Exploration Ltd. (TSXV: ALEX) ...
About this update from Alpha Exploration Ltd.
[{"type":"text","content":"Alpha Exploration Announces Private Placement Financing and Plans for Major Drilling Program at AburnaCalgary, Alberta--(Newsfile Corp. - February 7, 2023) - Alpha Exploration Ltd. (TSXV: ALEX) (\"Alpha\" or the \"Corporation\") is pleased to announce 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\").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 $1.05 per Warrant Share (the \"Exercise Price\") for a period of 24 months immediately following the Closing Date (as defined below).The Corporation expects to close the first tranche of the Private Placement on or before March 2, 2023 (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. Specifically, Alpha plans a major 15,000-meter drilling program on its newly discovered and number one priority Aburna Gold Prospect due to the extensive area of gold mineralization defined to date and positive drill results from the initial programs. Prospecting work consisting of soil sampling, channel and trench sampling has discovered a large area, measuring approximately 6 km long by 2 km wide, of anomalous gold values extending northeast from the historic Aburna gold mine. To date Alpha has drilled only 43 drill holes spread across this large area. Despite this small amount of drilling, results have been encouraging. The best results are summarized as follows:Drill Hole ABD-001, 20m averaging 7.73 g/t gold*Drill Hole ABR-005, 15m averaging 5.85 g/t gold*Drill hole ABR-008 10m averaging 5.24 g/t gold*Drill Hole ABR-018, 22m averaging 4.50 g/t gold*Drill Hole ABR-037, 16m averaging 14.07 g/t gold* *Note: For more details, see Alpha news releases dated June 27, 2...