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Alexis Minerals announces $17.5m bought deal offering

Published: 05:56 20 Apr 2011 AEST

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Toronto-based junior gold explorer Alexis Minerals (TSE:AMC) said Tuesday it will raise $17.5 million through a bought deal financing.

On a bought deal basis, a syndicate of underwriters led by Cormark Securities and National Bank Financial, have agreed to purchase 175.0 million Alexis common shares at a price of $0.10 each.

The company has also granted the underwriters an option to purchase up to an additional 26.25 million shares at the same price, exercisable within 30 days after the closing of the offering, for additional proceeds of up to $2.6 million.

The new funds will be used for exploration and development activities at the company's gold projects in Quebec and Manitoba.

The financing is expected to close on May 12, subject to regulatory approvals.

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