2014-04-24 22:33:42 -
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Toronto, Ontario (FSCwire) - Alexander Nubia International Inc. (the "Company") (TSX-V: AAN) today announced that it has completed a non-brokered private placement (the "Private Placement") for gross proceeds of $295,000. The Company issued 5,900,000 units of the Company (the "Units") at $0.05 per Unit, with each Unit being comprised of one common share in the capital of the Company (a "Common Share") and one common share purchase warrant (a "Warrant") which entitles the holder thereof to acquire one Common Share at a price of $0.05 until October 24, 2015. The Company may accelerate the expiry date of the Warrants, to the date which is 30 days from
the date that notice is provided to the holders thereof, if the average of the closing price of the Common Shares on the TSX Venture Exchange for any 10 consecutive trading days is greater than $0.15.
Upcoming Work Program Objectives
At Hamama VMS, an excavator will be mobilized to undertake deep trenching of a number of high-priority areas with the purpose:
To explore for strike and width extension of the oxidized Gold Cap
To test for continuity of mineralization between surface showings and down-dip intersections defined by drilling
To explore for near-surface mineralization within the Central and Eastern Zones
To identify areas with favorable near-surface mineralization to be assessed by geophysical surveys
To identify areas with favorable near-surface mineralization to be tested by drilling
As well, metallurgical testing will be carried out to establish representative gold-silver recovery rates from cyanide-soluble gold and silver in the oxidized Gold Cap.
Chief Executive Officer, Mr. Alexander Massoud stated, “The Hamama Project has the potential to become a major VMS deposit, it has similar characteristics to the well known Hassai [La Mancha] and Bisha [Nevsun Resources] mines. The participation of successful international mining executives, institutions, and directors and management of the Company in this private placement is a strong vote of confidence in the project, management, and trajectory of the Company.” Mr. Massoud further stated, “Over the next three to six months, I anticipate a number of technical and corporate catalysts for the Company. We are developing momentum on a number of fronts - 2014 is shaping up to be an exciting year for Alexander Nubia.“
In connection with the Private Placement, the Company paid a cash finder’s fee to an arm’s length party in the amount of $4,550 and issued 150,000 finder’s warrants (each, a “Finder’s Warrant”) to such arm’s length party. Each Finder’s Warrant entitles the holder to acquire one Common Share at a price of $0.05 until October 24, 2015 unless otherwise accelerated in accordance with the terms noted above. All Common Shares, Warrants and Finder’s Warrants issued in connection with the Private Placement are subject to a statutory hold period that expires on August 24, 2014. The net proceeds from the Private Placement will be used for exploration activities at the Company’s flagship Hamama Project and working capital purposes.
About Alexander Nubia International Inc.
Alexander Nubia International Inc. is an established Canadian mineral exploration company that has been operating in Egypt since 2007. It is committed to identifying, focusing on, and advancing gold and base-metal projects in the Eastern Desert of Egypt. The Company holds two exploration and development concessions in Egypt: Abu Marawat and Fatiri, which cover areas of 1,027 km2 and 1,745 km2, respectively. The Company is focused on exploration within the Abu Marawat Concession, which contains its two main properties, the Hamama volcanogenic massive sulphide (“VMS”) deposit and the Abu Marawat mesothermal vein deposit, the latter with an NI 43-101-compliant inferred gold-copper-rich resource.
Hamama VMS has a number of characteristics that are similar to other major VMS deposits in the Arabian Nubian Shield: Bisha (Nevsun Resources), Hassaï (La Mancha), Jabal Sayid (Barrick Gold). Drilling at Hamama intersected high-grade semi-massive and massive volcanogenic sulphide mineralization, which contains a broad zone of VMS gossan with high-grade gold and silver (an oxidized “gold cap”) above a primary zinc-gold-silver-rich exhalite horizon, and an extensive mineralized footwall stringer and breccia zone. The Gold Cap extends 650 metres along strike and average 43.8 wide grading 2.05 g/t gold and 44.7 g/t silver. Drilling has confirmed an oxidized zone extending 30 to 45 metres of depth.
The Company holds a highly prospective land package with an established history of mining dating back to the Pharaonic era, with three historical gold mines and four major prospects. The land package is enhanced by excellent and nearby infrastructure, which includes access to highway and railway, a high‐capacity electricity grid, and nearby major cities: Qena, on the Nile River, and Port of Safaga, on the Red Sea.
For more information on Alexander Nubia visit us at www.alexandernubia.com or please contact:
A. Alexander Massoud
President and Chief Executive Officer
Egypt: +2 (0) 22 287 6914
Canada: +1 (604) 727-1813
Cautionary Note Regarding Forward-Looking Statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
The securities of Alexander Nubia International Inc. described herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions; by their very nature they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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Source: Alexander Nubia International Inc. (TSX Venture:AAN) www.alexandernubia.com
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