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TSXv: AL FSE: 6LLN OTCQX: ALXEF
VANCOUVER, Dec. 31, 2015 /CNW/ - ALX Uranium Corp.
("ALX" or the "Company) (TSXv: AL; FSE: 6LLN; OTCQX: ALXEF) has
closed the first tranche of its non-brokered private placement
announced on December 29th
2015. The first tranche consisted of 1,710,714 Flow-Through Units
("FT Units") at $0.07 per FT Unit and
580,000 ordinary Units ("Units") at $0.05 per Unit for gross proceeds of $148,749.98.
Each FT Unit consists of one flow-through common share and one
half of one non flow-through common share purchase warrant and each
Unit consists of one common share and one share purchase warrant.
Each whole share purchase warrant (a "Warrant") is exercisable into
one common share of the Company for a period of 24 months from
closing at a price of $0.10 per
common share.
The Company paid finders fees of $9,200 and issued 142,857 warrants exercisable at
$0.10 per share for a period of
24 months from closing.
All the securities issuable will be subject to a four-month hold
period from the date of closing.
The proceeds received from the FT Units will be used by the
Company to incur qualified Canadian Exploration Expenses and the
proceeds raised by the issuance of Units will be utilized for
exploration of the Company's uranium projects in the Athabasca Basin, corporate development and
general and administrative purposes.
The board has approved the issuance of 500,000 incentive stock
options to executive officers of the Company. The incentive
stock options are exercisable at $0.10 for a period of 10 years.
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", on the Frankfurt
Stock Exchange under the symbol "6LLN" and in the United States OTCQX under the symbol
"ALXEF". ALX is actively exploring a portfolio of
early-stage properties. Technical reports are available on SEDAR
(www.sedar.com) for several of 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.
"Jonathan Armes"
Jonathan Armes
President, CEO and Director
Cell: 416.708.0243
Ph: 604.681.1568
TF: 1.877.377.6222
Email: jarmes@alxuranium.com
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 raising of up to $355,000 and with regards to use of proceeds from
the raise. 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.
