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viewAlexandria Minerals Corporation

Alexandria Minerals brings in $2.575mln; Eric Sprott invests

Proceeds will be used for exploration at Alexandria's flagship Orenada Zone 4 gold project in Quebec

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The firm is exploring the Orenada Zone 4 gold project

Alexandria Minerals Corporation (CVE: AZX, OTCQB: ALXDF) told investors it had closed  its previously placing and raised $2.575mln.

Resource sector investors Eric Sprott, via 2176423 Ontario Ltd, a company  beneficially owned by him, made a $2mln investment as part of this fundraise.

Proceeds will be used for exploration at Alexandria's flagship Orenada Zone 4 gold project in Val d'Or, Québec, as well as for general corporate purposes.

Recent high grade gold assays at Orenada Zone 4 have been very encouraging and the firm has been ramping up  drilling  there, it added.

The group issued over 42.9mln units at $0.06 each in the placing.

Each unit comprises one share and one share purchase warrant, which entitles the holder, on exercise, to acquire one share at $0.09 for two years following the closing.

Sprott, via 2176423 Ontario Ltd, acquired around 33.2mln units for around $1.999mln and now owns around 7% of the capital on a non-diluted basis and 13% on a partially diluted basis.

Quick facts: Alexandria Minerals Corporation

Price: - CAD

TSX-V:AZX
Market: TSX-V
Market Cap: -
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