Alexander NubiaInternational Inc. said May 3 that it is undertaking a nonbrokered placementof up to 40,000,000 common shares at 5 Canadian cents per share for gross proceedsof up to C$2.0 million.
Net proceeds will fund further exploration at the and gold concessions inEgypt. Funds will also be used for general and administrative expenses as well asfor working capital purposes.
The offering is expected to close on or about June 1.
In April, the company starteddrilling at the Hamama gold project in Abu Marawat and will begin a high impactevaluation drilling program at Fatiri in June.