VANCOUVER, Sept. 28, 2015 /CNW/ - ALX Uranium Corp. ("AL") is the result of a recently approved business combination between Lakeland Resources Inc. and Alpha Exploration Inc. (see news release dated September 23, 2015). The common shares of ALX Uranium Corp. commenced trading on the TSX Venture Exchange on September 25, 2015, under the trading symbol "AL", previously trading under the name Lakeland Resources Inc. and symbol TSX.v: LK.
The newly combined Board and Management of ALX Uranium Corp. brings to the junior exploration sector an unusual depth of expertise and track record of success. Please see the Company's website for capsule biographic summaries. The Company is pleased to report the results of the first meeting of the newly combined Board, including:
- From Alpha, appointment of Dr. Michael Gunning as Executive Chairman and Director, and Mr. Warren Stanyer and Benjamin Ainsworth as Directors.
- From Lakeland, Jonathan Armes will continue in the position of President, Chief Executive Officer and Director, and Jody Dahrouge and Steven Khan will continue as Directors.
- Sierd Eriks from Alpha will continue his work as Vice-President Exploration for ALX.
- Charles Roy from Alpha will continue in his position as Technical Advisor to the Board for ALX.
- From Lakeland, Mr. David Hodge and Mr. Neil McCallum have resigned as Directors.. The Board of Directors would like to thank Mr. Hodge and Mr. McCallum for their service and the contributions that they have made during their tenure on the board.
- Audit, Compensation and Corporate Governance Committees are established.
The Board also approved:
- Completion this fall of a $750,000 diamond drill program at the Company's Kelic Lake property in the Athabasca Basin, Saskatchewan. Details will be provided in a subsequent news release.
- Allocation of 3,725,000 incentive stock options, of which 2,700,000 options are granted to to Directors and Officers of the Company. The options will be exercisable at a price of $0.10 per share for a term of 10 years from the date of issue.
Jon Armes, President and CEO adds that, "the consolidated share structure and anticipated market capitalization for ALX will provide a niche in the junior uranium space for potential new investors, underscored by the combined marketing strength and technical expertise of both companies, and their track record of success in exploration spanning the past 30 years."
Dr. Michael H. Gunning, Executive Chairman stated, "with this business combination we believe the combined company can leverage the strategic treasury to facilitate rigorous but aggressive exploration on a merged property portfolio which spans the PLS camp along the southwest margin of the Athabasca Basin to the Black Lake area along the northeastern margin of the Basin".
Please see the company's website at www.alxuranium.com for management profiles and property map.
About ALX Uranium Corp.
ALX Uranium Corp. was formed as the result of a business combination between Lakeland Resources Inc. and Alpha Exploration Inc. ALX is based in Vancouver and its common shares are listed on the TSX Venture Exchange under the symbol "AL". ALX is well-financed to actively explore a portfolio of early-stage properties. Technical reports are available on SEDAR (www.sedar.com) the Company's active properties. ALX continually and proactively reviews opportunities for new properties, whether by staking, joint venture or acquisition.
On Behalf of the Board of Directors
ALX URANIUM CORP.
President, CEO and Director
Forward Looking Statements: This news release contains forward looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward looking statements. Forward-looking statements in this release include statements regarding the proposed diamond drill program. In addition to other factors and assumptions which may be identified in this press release, assumptions have been made regarding and are implicit in, among other things, the timely receipt of any required regulatory approvals (including court approvals). Although we believe the expectations reflected in our forward looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements.
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 ALX Uranium Corp.