Alpha Exploration Ltd. announced a non-brokered private placement of up to 7,142,857 units at a price of CAD 0.70 per unit for the gross proceeds of CAD 4,999,999.9 on November 15, 2023. Each unit is comprised of one ordinary share and one-half of one ordinary share purchase warrant. Each whole warrant will entitle the holder to acquire one additional share at an exercise price of CAD 1.05 per warrant share for a period of 24 months immediately following the closing date.

The corporation expects to close the first tranche of the Private Placement on or about November 28, 2023. In connection with the Private Placement, the company may pay certain arm's length parties a cash finder's fee payment equal to up to 6% of the units that are sold to subscribers introduced by such parties. Completion of the Private Placement is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals including the approval of the TSXV.