Alpha Exploration (ALEX.V) is determined to continue its exploration efforts on the Kerkasha project in Eritrea where recent exploration results have confirmed the prospectivity of the area. You can re-read our most recent update on Alpha Exploration HERE.
Alpha is now raising up to C$3.6M in a non-brokered private placement priced at C$0.70 per unit with each unit consisting of one common share and a full warrant with a strike price of C$1.05, valid for a period of 24 months.
The lead order for this financing is coming from Crescat Capital which has confirmed to the company it intends to subscribe for C$700,000 in the current placement. Having a lead order should make it easier for Alpha to try to fill the placement but it still isn’t an easy market out there.
Disclosure: The author has a small long position in Alpha Exploration. Alpha is a sponsor of the website. Please read our disclaimer.