Alexis Closes Upsized $11.4 Million Private Placement FinancingAlexis Minerals Corporation AMC 12/10/2010 4:03:12 PMTORONTO, ONTARIO, Dec 10, 2010 (Marketwire via COMTEX News Network) --
NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES
Alexis Minerals Corporation ("Alexis" or the "Company") (TSX:AMC)(OTCQX:AXSMF) is pleased to announce that it has closed its previously announced private placement financing for gross proceeds of approximately $11,436,000 (the "Offering"), which represents an increase of the original offering of $10,000,000 announced on November 17, 2010. In connection with the Offering, the Company issued 47,650,000 common shares on a flow-through basis ("Flow-Through Shares") at a price of $0.24 per Flow-Through Share. Alexis expects to close a second tranche offering of an additional 3,854,167 Flow-Through Shares on or about December 23, 2010. Industrial Alliance Securities and Secutor Capital Management Corporation acted as the agents with respect to the Offering.
Alexis intends to use the proceeds of the Offering to incur eligible Canadian Exploration Expenses, as defined under the Income Tax Act (Canada), that will be renounced in favour of the purchasers with an effective date of no later than December 31, 2010. The Company intends to use the proceeds from the Offering on its Snow Lake Mine in Manitoba, as well as on its properties in Val d'Or and Rouyn Noranda, Quebec.
About Alexis:
Alexis Minerals Corporation is a Canadian mining company listed on the Toronto Stock Exchange (symbol "AMC") and trades in the United States on the Over the Counter QX International platform (OTCQX:AXSMF). The Company owns one producing gold mine in Val-d'Or and the right to earn a 100% interest in the Lac Pelletier gold property in Rouyn-Noranda, both in Quebec. Alexis also owns the Snow Lake Mine in Manitoba. With these assets Alexis has the potential to develop gold production forwards. Alexis is targeting mid-tier gold production levels in 2011. Alexis undertakes exploration in the mineral rich Val-d'Or (100% ownership of 212 sq. km.) and Rouyn-Noranda Mining Camps (50% ownership of 785 sq. km and in joint venture with Xstrata Copper) as well as in the Snow Lake Mining Camp (100% ownership of 92 sq. km). For more information about Alexis Minerals visit alexisminerals.com.
