/THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES/
TORONTO, July 28 /CNW/ - Alexandria Minerals Corporation (TSX VENTURE:AZX)(FRANKFURT:A9D) announces a change in pricing to the previously announced Brokered Private Placement ("BPP" or "Financing") with Pollitt & Co. Inc. ("Pollitt" or "the Agent") on July 5th, 2010, which better reflects recent equity market conditions.
Under the advisement of Pollitt, new pricing has been established at $0.18 per Unit ("Unit"), each Unit now consists of one common share and a full Warrant ("Warrant"), where each Warrant is exercisable at $0.22 for one year from closing, resulting in proceeds raised of up to $5,000,000, and issuance of up to 27,777,777 Units. The initial terms of the financing as announced on July 5th, 2010, were: up to 25,000,000 Units at a price as $0.20 per Unit, where each Unit consisted of one share and 1/2 of one Warrant, where each full Warrant allowed the buyer to purchase a common share at $0.25 for up to one year after closing.
The proceeds from the financing will be used for exploration activities on its Ontario and Quebec mineral properties, principally aimed at drilling on the Company's Akasaba project in Val d'Or, Quebec, and for general corporate purposes. A second drill rig is now on site at Akasaba.
The closing of the BPP is expected to occur on or about July 31, 2010, and is subject to the receipt of all the required regulatory approvals, including the approval of the TSX Venture Exchange. All securities issued pursuant to the offering shall be subject to a hold period of four months from the date of closing.
In connection with the BPP, a commission of 6% of the gross proceeds raised will be paid to Pollitt & Co. Inc. In addition, up to 6% broker's warrants will be issued to Pollitt & Co. Inc., where each broker's warrant shall be exercisable on the same terms as the Warrants.
About Alexandria Minerals Corporation
Alexandria Minerals Corporation is a Toronto-based junior gold exploration and development company with one of the largest property packages along the prolific, gold-producing Cadillac Break in Val d'Or, Quebec. The Company has two NI 43-101 compliant gold resources, at Orenada and Sleepy, and is currently focused on advancing its Orenada and Akasaba gold projects. Agnico-Eagle Mines Ltd., one of Canada's premiere gold mining companies with three gold mines along the same geologic trend, owns 10% of the Company, and has a right to maintain this interest in future financings.
WARNING: 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 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Alexandria Minerals Corporation
For further information: For further information: Andreas Curkovic, Investor Relations, (416) 577-9927; Eric Owens, Alexandria Minerals Corporation, 416-363-9372, www.azx.ca, firstname.lastname@example.org