Alpha Exploration closes $1.26M tranche of financing

Executive Summary

• Alpha Exploration Ltd. has closed the second tranche of its non-brokered private placement, raising $1,269,419 at a price of 60 cents per unit.
• Cumulative gross proceeds from the first and second tranches total $7,520,820, representing the issuance of 12,534,699 units to date.
• The TSX Venture Exchange has approved an extension of the private placement closing date to July 2, 2026, with anticipation of one or more subsequent tranches closing in the future.

Key Details

• Second Tranche Gross Proceeds: $1,269,419
• Unit Price: 60 cents per unit
• Total Units Issued (Tranches 1 & 2): 12,534,699 units
• Total Aggregate Gross Proceeds (Tranches 1 & 2): $7,520,820
• Warrant Structure: Each unit consists of one ordinary share and one-half of one share purchase warrant
• Warrant Terms: Warrants entitle holders to acquire one additional share at an exercise price of 90 cents per warrant share for a period of 18 months from issuance
• Use of Proceeds: Financing continuing exploration work on the Kerkasha project in Eritrea, operating and administrative expenses, working capital, and general corporate purposes
• Finders' Fees: $13,105.20 paid in aggregate cash fees to Hobart Capital Markets LLP
• Statutory Hold Period: 4 months plus 1 day from June 4, 2026, in accordance with applicable securities legislation
• Regulatory Status: Subject to final approval of the TSX Venture Exchange
• Extension: TSX-V agreed to extend the closing of additional tranches to July 2, 2026

(No notable quotes provided in the release)