Alexandria Increases Private Placement to $7,254,708
THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES
Toronto, Ontario - May 8, 2007- Alexandria Minerals Corporation (TSX-V: AZX; Frankfurt: A9D) is pleased to state that the Private Placement announced on April 17, 2007 has been increased by up to 4,846,250 non-Flow Through (NFT) units at a price of $0.32/unit, and 536,600 Flow-Through (FT) units at a price of $0.38/unit resulting in an additional $1,754,708 to be raised. This brings the total financing up from the original announcement of $5,500,000 to $7,254,708 in 11,096,250 NFT units and 9,747,125 FT units.
Each NFT unit will be comprised of one NFT common share of the Company and one-half of one purchase warrant, and each FT unit will be comprised of one FT common share and one-half of one purchase warrant. In both cases, each whole warrant will entitle the holder to acquire one additional NFT common share of the Company at a price of $0.48 for a period of one year from closing.
The proceeds from the private placement will be used to accelerate exploration activities on its Quebec and Ontario mineral properties and for general working capital. Exploration will consist primarily of drilling-related activities, with focus on the Company's Cadillac Break properties in the Val d'Or area, Quebec. Alexandria plans an initial 10,000 m Phase 1 program to expand on the recent success in the Orenada #4 area, where the company intersected 21.37 g/t gold over 4.05 m (announced March 29, 2007), to be followed by a further 10,000 m program pending results.
The closing of the private placement is expected to occur on or about May 15, 2007, and is subject to the receipt of all the required regulatory approvals, including the approval of the TSX Venture Exchange. All the securities issued pursuant to the offering shall be subject to a hold period of four months from the date of closing.
The private placement is now made up of a brokered portion comprised of 7,892,500 NFT units and 5,712,757 FT units placed by Fraser Mackenzie Limited, for which it will receive a fee of 7% cash of gross proceeds in addition to compensation options totaling 7% of the units sold. The remainder of the additional funds are non-brokered, consisting of 3,203,750 NFT units and 4,034,368 FT units, for which a finder's fee of up to 5% of the gross proceeds may be paid.
Alexandria Minerals Corp. is a Toronto-based mineral exploration and development company, currently focused on the exploration for precious metals on mineral properties located in Northern Ontario and Quebec. The Company's management has extensive global experience with small to large mining companies, from grass-roots exploration to the exploitation of mineral deposits. The Company is a reporting issuer in the provinces of British Columbia, Alberta and Ontario.
This press release, required by applicable Canadian laws, is not for distribution to U.S. news services or for dissemination in the United States, and does not constitute an offer of the securities described herein. These securities have not been registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States or to U.S. persons unless registered or exempt therefrom.
WARNING: The Company relies upon litigation protection for "forward-looking" statements. This News Release may contain forward-looking statements including but not limited to comments regarding the timing and content of up-coming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address/futures" title="Mehr zum Thema: Future, Terminkontrakte und Indizes"> future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Alexandria Minerals Corporation relies upon litigation protection for forward-looking statements
PLEASE CONTACT
Coal Harbor Communications
Suite 701, 555 Jervis Street
Vancouver BC Canada V6E 4N1
dale@coal-harbor.com
Tel: 1+ (604) 662-4505
Fax: 1+ (604) 662-4547
Toll-free: 1+ (877) 642-6200
Alexandria Minerals Corporation
Mr. Eric Owens (416) 363.9372
Email: info@azx.ca
Web: www.azx.ca
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