06:58 AM EDT, 07/17/2024 (MT Newswires) -- Alpha Exploration ( ALXPF ) , trading shy of 52 week highs, overnight Tuesday entered into an agreement with a syndicate of agents in connection with a brokered private placement of 6.67 million ordinary shares of the company on a "best efforts" agency basis at a price of $0.90 per share for aggregate gross proceeds to the company of $6 million.

In addition, the agents have been granted an option exercisable, in whole or in part, up to the closing date to sell up to an additional 1,000,500 shares at the Offering Price for additional proceeds of $900,450.

A statement said net proceeds from the Offering will be used for exploration and development activities at the company's projects in Eritrea, working capital and general corporate purposes.

The Offering is expected to close on or about July 30 or such other date as the company and agents may agree and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the conditional approval of the TSX Venture Exchange.