pcNewsWire – Alset Minerals Corp. (TSX-V: ION) has closed previously announced non-brokered private placement for gross proceeds of $369,000.
Alset Closes Private Placement and Issues Options
VANCOUVER, BRITISH COLUMBIA–(Marketwired – May 9, 2017) – Alset Minerals Corp. (TSX VENTURE:ION) (“Alset” or “the Company”) is pleased to announce it has filed documents with the TSX Venture Exchange seeking final approval on their previously announced (see NR March 27, 2017) non-brokered private placement for gross proceeds of $369,000. Subject to regulatory approval Alset will be issuing 2,838,846 units (the “Units”), with each Unit consisting of 1 common share of the Company and 1 share purchase warrant (the “Warrants”), each warrant being exercisable for an additional common share of the company at a price of $0.20 for 12 months from closing, subject to the right of the company, after the 4 month hold period has expired, to accelerate the exercise period of the warrants should the closing price of shares of the Company be at or above $0.30 for a period of 10 consecutive trading days. Proceeds of this financing will be used to fund exploration of the Company’s salars in Mexico and for general working capital purposes. Directors and officers of the Company participated for approximately $100,000 of the financing with $52,000 from Alset’s Chairman.
Each security issued pursuant to the placement has a mandatory four-month holding period from the date of closing of the placement.
The Company has issued 2,189,035 incentive stock options exercisable at $0.15 for five years to directors, officers, employees and consultants.
About Alset Minerals (ION.V)
Alset Minerals is a TSX-V listed junior exploration company focused on exploring and development of a group of high-grade lithium and potassium projects in the Central Mexican Plateau. The Company is actively exploring in Mexico and Canada.
On behalf of the Board of Directors of Alset Minerals Corp.,
Allan Barry Laboucan, President and CEO
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Alset Minerals Corp.
Allan Barry Laboucan