Alexander Nubia International Inc. Announces Terms of Overnight-Marketed Equity Financing
April 28, 2011 at 12:09 PM EDT
TORONTO, ONTARIO--(Marketwire - April 28, 2011) -
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.
Alexander Nubia International Inc. ("ANII" or the "Company") (TSX VENTURE:AAN) is pleased to announce that, in connection with its previously announced overnight-marketed public offering (the "Offering"), it has entered into an agreement with a syndicate of underwriters led by Wellington West Capital Markets Inc. and including Cormark Securities Inc. and Industrial Alliance Securities Inc. (collectively, the "Underwriters"), to sell 25,000,000 common shares in the capital of the Company ("Common Shares") at a price of $0.20 per Common Share (the "Offering Price") to raise gross proceeds of $5,000,000 pursuant to a short-form prospectus.
The Company has granted to the Underwriters an over-allotment option to purchase up to 15% of the number of Common Shares sold pursuant to the Offering at the Offering Price, exercisable in whole or in part for a period of 30 days from and including the closing of the Offering, to cover over-allotments, if any, and for market stabilization purposes.
The Offering is expected to close on or about May 17, 2011 and is subject to certain customary conditions and regulatory approvals, including the approval of the TSX Venture Exchange.
The Company intends to use the net proceeds from the Offering to expand its drilling and exploration programs and for general corporate purposes.
About Alexander Nubia International Inc.:
The Company is a mineral exploration company whose mission is to explore for precious and base metal by implementing technical expertise of developed mineral-exploration jurisdictions, such as that of Canada, in resource-rich Africa. Initially, the Company established Egypt as its platform country, focusing on the under-developed Nubian Shield in the Eastern Desert, where historic mining of gold and copper dates back to Pharaonic times. The Company controls the Abu Marawat Concession, which covers an area of 1027 km2 in the Eastern Desert. The concession contains the main Abu Marawat, Semna (auriferous quartz veins), and Hamama (VMS) properties and other gold and base-metal exploration targets.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities referred to herein in the United States or in any jurisdiction where such offer or sale would be unlawful. The securities referred to 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 or for the account or benefit of a "U.S. person" (as defined in Regulation S under the U.S. Securities Act) absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act. No public offering of securities is being made in the United States.
Nothing in this announcement constitutes an offer of securities for sale in any jurisdiction where it is unlawful to do so.
Cautionary Note Regarding Forward-Looking Statements: Certain statements contained herein constitute forward-looking statements, including statements concerning the anticipated closing date of the Offering and the anticipated use of proceeds. We believe the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included herein should not be unduly relied upon. Closing could be delayed if the Company cannot obtain necessary regulatory approvals within anticipated timelines and will not be completed unless certain conditions customary for transactions of this kind are satisfied. The forward-looking statements included in this press release are made as of the date of this press release and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.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 release.