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Minera Alamos ups private placement from C$3M to C$4M

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Minera Alamos ups private placement from C$3M to C$4M

Minera Alamos Inc.said April 25 that it will raise the ceiling for the private placement it announced in February from C$3 millionto C$4 million.

From 30 million units, the company will now issue up to 40 million unitsat 10 cents apiece. Each unit consists of 1 common share and 0.5 of a common sharepurchase warrant. Each whole warrant entitles the holder to purchase 1 common shareat an exercise price of 15 cents for a period of three years from the date of issuance.

The private placement is ongoing and the company expects it to close in anumber of tranches before May 18. The first tranche closed April 19 with 15,200,000 units issued for aggregategross proceeds of approximately C$1.5 million.

To date, the company has received subscriptions for C$2.0 million with C$500,000in escrow.

The proceeds from the offering willbe used to fund a portion of the proposedacquisition of the LaFortuna gold project in Mexico and its subsequent development, the company'sLos Verdes copperproject, also in Mexico, and for general working capital.