NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN
VANCOUVER, Dec. 5, 2012 /CNW/ - Alpha Minerals Inc. (TSX-V: AMW), (the "Company" or "Alpha"), is pleased to announce that it has completed a non-brokered private placement and issued 2,666,667 units at a price of $1.50 per unit. Each unit (a "Unit") consists of one common share and one-half of one share purchase warrant (a "Warrant"), where each whole Warrant entitles the holder to purchase one common share at a price of $1.80 per share for a period of 12 months. Accordingly, the Company has issued a total of 2,666,667 common shares and 1,333,334 Warrants in return for gross proceeds of $4,000,000 (the "Offering").
The Company paid finders fees in connection with the Offering consisting of $137,670 and 91,780 share purchase warrants ("Finders Warrants"). Each Finders Warrant entitles the holder to purchase one common share at a price of $1.60 per share for a period of 12 months. All securities issued in connection with the Offering are subject to a four (4) month hold period which will expire on April 6, 2013.
The gross proceeds from the sale of the Units shall be used to fund the Company's share of further exploration work on the Patterson Lake South Property ("PLS") in the Athabasca Region of Saskatchewan, and for general working capital.
Patterson Lake South Property
The 31,039-hectare PLS project is a 50-50 joint venture held by Alpha Minerals Inc. and Fission Energy Corp. Fission is the current operator. PLS is accessible by road with primary access from all-weather Highway 955, which runs north to the former Cluff Lake mine (greater than 60 million pounds of of triuranium octoxide produced) and passes through the nearby UEX-Areva Shea Creek discoveries (with resources of about 88 million pounds of U3O8) located 50 kilometres to the north, currently under active exploration and development. Please visit the Company's website for all the latest information www.alphaminerals.ca .
On behalf of the Board of Directors of Alpha Minerals Inc.
President and CEO
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.
Forward Looking Statements: The above 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. Factors that could cause such differences include: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry. Forward-looking statements in this release include statements regarding future exploration programs, operation plans, geological interpretations, mineral tenure issues and mineral recovery processes. 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.
SOURCE: Alpha Minerals Inc.
For further information:
For corporate communications please contact:
Robert (Bob) Meister
Alpha Minerals Inc.
Phone: (604) 629-0293
Toll Free: 1-866-629-0293
Email: [email protected]
Please refer to the Alpha Minerals Inc. website for further and updated information.