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ALX Resources (TSXV:AL) has announced both flow-through and non flow-through non-brokered private placements

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For the flow-through placement, the company is looking to raise gross proceeds of up to $600,000 from the placement of up to 8 million units priced at $0.075 per unit. For the non flow-through placement, the company is also looking to raise gross proceeds of up to $600,000 from the placement of up to 10 million units priced at $0.06 per unit. Both units will consist of 1 share and 1 warrant, with the warrant exercisable at $0.10 for 24 months.

Additional Information:

Company: ALX Resources
Website: http://www.ALXresources.com
Stock Symbol: TSXV: AL
Date Published: Sep 10, 2020
Transcript: Available

Video Transcript:

I’m Cassandra Bolinski for Investmentpitch Media

ALX Resources has announced both flow-through and non flow-through non-brokered private placements

For the flow-through placement, the company is looking to raise gross proceeds of up to $600,000 from the placement of up to 8 million units priced at $0.075 per unit.

For the non flow-through placement, the company is also looking to raise gross proceeds of up to $600,000 from the placement of up to 10 million units priced at $0.06 per unit.

Both units will consist of 1 share and 1 warrant, with the warrant exercisable at $0.10 for 24 months.

The shares are currently trading at $0.085.

Proceeds from the flow-through units will be used for exploration programs on the company's Saskatchewan and Ontario gold properties, with the proceeds from the non flow-through units used for general working capital.

In northern Saskatchewan, the company owns 100% interests in the Firebird Nickel project, now under option to Rio Tinto Exploration Canada, who can earn up to an 80% interest, and the recently acquired the Flying Vee nickel and Sceptre Gold projects.

The company also has a number of uranium exploration properties, bringing the company’s portfolio to more than 200,000 hectares in Saskatchewan.

The company recently acquired the Vixen Gold Project in the historic Red Lake Mining District of Ontario, and the Draco VMS Project in Norway.

The Vixen Gold Project, located approximately 60 kilometres east of Red Lake, consists of three sub-projects totaling 10,069 hectares staked within the Birch-Uchi greenstone belt.

On September 9th the company announced the results of the Vixen prospecting and sampling program carried out in August 2020.

The onset of a major forest fire in the second week of August and the subsequent evacuation of the town of Red Lake, ended the exploration work abruptly at its half-way point.

However, in their time on the ground company geologists collected 99 rock samples in thickly-forested terrain and were able to identify some important geological trends at Vixen North that indicate the presence of iron-formation-hosted gold occurrences, with 3 samples ranging from 0.89 to 8.41 grams per tonne gold.

Historical samples collected along the length of the Vulpin Zone range up to 22.73 grams per tonne gold.

ALX is planning more surface exploration work at Vixen for the Fall of 2020, including additional prospecting, soil and lake sediment sampling, and ground geophysical surveys.

For more information, please visit the company’s website at www.ALXresources.com, contact Roger Leschuk, Manager, Corporate Communications, at 604-629-0293 or by email at rLeschuk@ALXresources.com.

I’m Cassandra Bolinski for Investmentpitch Media