Alpha Exploration Ltd. announced a non-brokered private placement of 7,142,857 units at an issue price of CAD 0.7 per unit for the gross proceeds of up to CAD 5,000,000 on February 7, 2023. Each unit is comprised of one common share of the company and one common share purchase warrant. Each 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 transaction will include participation from certain insiders of the company for a subscription totaling of CAD 750,000. In connection with the private placement, 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. The company expects to close the first tranche of the private placement on or before March 2, 2023.

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. The TSXV has not approved the offering price or the exercise price and these remain subject to change. The shares, warrants and the warrant shares will be subject to a statutory hold period of four months plus one day from the closing date, in accordance with applicable securities legislation.

The first tranche of the transaction is now expected to close on or before April 5, 2023.