Alexandria Minerals Corporation ($AZX:CA) has announced a combined $1.8 million non-brokered private placement and royalty package sale. The proceeds, being used for exploration and general corporate purposes, will allow the company to move forward with exploration projects and growth initiatives.
The private placement totals $1,500,000, which will result in 30,000,000 common shares being issued from treasury stock at five cents per share. The royalty package, being sold for $300,000, will consist of the grant of a net smelter returns royalty ("NSR") and assignment of existing buy-back rights on certain claims in the Val d'Or area. The royalty package will be sold to a third party.
A Toronto-based junior gold exploration and development company, Alexandria Minerals’ primary objective is exploring, developing and monetizing one of the largest properties in Quebec’s Val d’Or gold mining district, where it currently holds rights to 557 claims.Along with Quebec, the company has projects located in Ontario and, now, has a significant presence in Manitoba’ s Snow Lake-Flin Flon gold-base metal mining district.
In August, Alexandria experienced an 18% increase in resources following the completion of a new National Instrument (“NI”) 43-101 Mineral Resource estimate at the company’s gold-rich Hudvam Copper-Gold-Zinc-Silver project. Through exploration and acquisition, the company’s resource growth has quadrupled since 2011.
Alexandria Minerals’ efforts to raise additional capital are aimed to yield a positive outcome. The company will be able to continue to make their mark as a growing force within the gold mining sector.
For more information about Alexandria Minerals, visit www.azx.ca.
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