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Alexander Nubia International Inc. Reports First-Quarter Financial Results for 2013
Alexander Nubia International Inc. Reports First-Quarter Financial Results for 2013 Update o...
About this update from Aton Resources Inc.
[{"type":"text","content":"\nAlexander Nubia International Inc. Reports First-Quarter Financial Results for 2013Alexander Nubia International Inc. Reports First-Quarter Financial Results for 2013 \nUpdate on key project in Egypt, the Hamama VMS project\nToronto, Ontario CANADA, May 30, 2013 /FSC/ - Alexander Nubia International Inc. (AAN - TSX Venture), (\"AAN\" or the \"Company\"), today reported its financial results for the three- and nine-month periods ended March 31, 2013.  Unless otherwise noted, all amounts are in Canadian currency.\nKey Operational and Financial Highlights for the Quarter\nExploration\nHamama volcanogenic massive sulphide (\"VMS\") deposit in the Abu Marawat Concession:\n* Deepest drill hole (AHA-26), extends mineralization to 150 metres vertical depth. \nFinancial\n* The Company completed a non-brokered private placement of 5,200,000 units for gross proceeds of $260,000.  Each unit being comprised of one common share in the capital of the Company and one common share purchase warrant.  Each Warrant entitles the holder thereof to acquire one Common Share at a price of $0.10 until April 22, 2015.  All common shares issued in connection with the private-placement transaction are subject to a four month statutory hold period, in accordance with applicable securities legislation.\n* The Company reached terms with certain creditors of the Company to exchange shares for debt.  Specifically, the Company has agreed, subject to approval of the TSX Venture Exchange, to issue 6,852,371 common shares (valued at $0.05 per share) to settle approximately $342,618 of debt owing to arm's length and non-arm's length parties.  All common shares issued in connection with the shares for debt transaction are subject to a four month statutory hold period, in accordance with applicable securities legislation.\n* The Company secures an extension to the term of its exploration licenses from the Government of Egypt.\nOutlook \nChief Executive Officer, Mr. Alexander Massoud stated, \"A very encouraging result at the Hamama VMS deposit where we intersected strong VMS mineralization at a depth of 150 metres.  The other major VMS deposits in the Arabian-Nubian Shield - Nevsun's (T:NSU) Bisha VMS Deposit, La Mancha's Hassai VMS deposit, and Barrick Gold's (T.ABX) Jabal Sayid VMS deposit are kn...