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ALX Uranium to raise up to C$1M to fund exploration

ALX Uranium Corp.on May 5 announced a nonbrokered private placement to raise proceeds of up to C$1million.

The company offered up to 4,000,000 flow-through units pricedat 12.5 cents each and up to 5,000,000 ordinary units at 10 cents each.

Each flow-through unit consists of 1 flow-through share and 0.5of a non-flow-through share purchase warrant, with each warrant exercisable for1 ALX Uranium common share at 20 cents apiece for an 18-month period.

Each ordinary unit consists of 1 common share and 1 warrant,where each warrant is exercisable for 1 additional common share at 20 cents eachfor a period of 18 months.

The company plans to use the proceeds raised from the flow-throughshares for its Canadian exploration expenses. Meanwhile, proceeds from the placementof units will be put toward exploration at its uranium projects in the AthabascaBasin, for corporate development and general and administrative purposes.