Alexander Nubia Announces Closing of First Tranche of $330,000.00 of Its Non-Brokered Private Placement of Up to $2 Million
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 14, 2016) - Alexander Nubia International Inc. (TSX VENTURE:AAN) (the "Corporation" or "Alexander Nubia") is pleased to announce that it has closed the first tranche of $330,000.00 of its non-brokered private placement offering of up to 40,000,000 common shares (the "Shares") at a price of $0.05 per share (the "Offering"), for total gross proceeds of up to $2,000,000. The Corporation placed 6,600,000 Shares in the first tranche.
The Corporation also announces that pursuant to the first tranche of the Offering, Ou Hektik ("Hektik"), an insider of the Corporation, has acquired 4,000,000 Shares at a price of $0.05 per Share, representing approximately 5.46% of the Corporation's issued and outstanding common shares and an approximate 38.10% increase to Hektik's ownership of the Corporation. The Corporation has been advised that prior to this transaction, Hektik owned and controlled 10,500,000 Shares and 10,500,000 share purchase warrants. Hektik now owns and controls 14,500,000 Shares, representing, in aggregate, prior to the exercise of any convertible securities held by Hektik, approximately 19.78% of the issued and outstanding common shares of the Corporation. On a partially diluted basis after the exercise of all of the convertible securities held by Hektik only, it would own and control approximately 29.83% of the share capital of the Corporation.
The Corporation has been advised that Hektik acquired these securities for investment purposes and may in the future, depending on market conditions, increase or decrease its respective beneficial ownership of the Corporation's securities, whether in the open market, by privately negotiated agreements or otherwise, subject to a number of factors, including general market conditions and other available investment and business opportunities. Copies of the early warning reports filed in connection with these acquisitions will be available on SEDAR at www.sedar.com and may also be obtained by contacting the Corporation.
The closing of a second tranche of Offering is expected to occur on or about June 20, 2016.
The net proceeds of the Offering will be used to fund further exploration activities at the Corporation's Abu Marawat and Fatiri Concessions, including drilling and sampling to extend and develop the Hamama project on the Abu Marawat Concession, metallurgical test work, further geophysics at Hamama and a NI 43-101 compliant Maiden Resource at Hamama as well as to drill a number of exploratory holes to investigate the potential of the former Roman mining area of Rouh Al Hadid in the Fatiri Concession. In addition, part of the funds will be used to fund the Corporation's general and administrative expenses, and for working capital purposes.
All securities issued pursuant to the Offering will be subject to a four-month hold period from the date of issuance under applicable Canadian securities laws. Shares issued in the first tranche, which closed today are subject to a four-month hold period, which ends on October 14, 2016.
About Alexander Nubia International Inc.:
Alexander Nubia (TSX VENTURE:AAN) is a focused gold exploration company, working in Egypt exploring for and developing economic gold deposits in the Central Eastern Desert of the Arabian-Nubian Shield (ANS). The Company's 100%-owned concessions, Abu Marawat and the Fatiri, combined cover 2,772 square kilometers of underexplored ground. Evidence of gold on the concessions dates the many surface workings to pre-historic (Copper Age) and Old Kingdom (Pharaonic), through Ptolemaic and Roman and into Early Arab times and the early 20th century European period. Several historic gold mines and numerous gold showings and gossans occur within the two concessions.
The Company's land package is located some 400 km southeast of Cairo and is enhanced by expanding infrastructure, including access to highway and railway right-of-way, a high-capacity electricity grid, and nearby major cities; Qena, on the Nile River, and Port of Safaga, on the Red Sea, only 50 km to the East.
ON BEHALF OF THE BOARD OF Alexander Nubia International Inc.
Mark W. Campbell, President & CEO
For further information, please visit www.alexandernubia.com.
Cautionary Note Regarding Forward-Looking Statements
Some of the statements contained in this release are forward-looking statements. Since forward-looking statements address future events and conditions; by their very nature they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact
Alexander Nubia International Inc.
Mark W. Campbell
President and CEO
+1-936-689-2589
www.alexandernubia.com