Alset Minerals Corp. will not be proceeding with the financing announced on Jan. 16, 2018, but will, subject to the approval of the TSX Venture Exchange, undertake a non-brokered private placement of eight million units at a price of 12 cents per unit for gross proceeds of up to $960,000. Each unit shall comprise one common share in the capital of the company and one-half of one common share purchase warrant.
Each full warrant shall entitle the holder to purchase one common share at a price of 15 cents per share at any time within three years of the date of issuance. All securities to be issued under this private placement will be subject to a four-month resale restriction.
Finders’ fees or commissions will be payable to registered representatives in connection with the financing.
The company intends to close the private placement immediately following the satisfaction of customary closing conditions, including receipt of all regulatory approvals. Alset will use the net proceeds of this private placement for general working capital purposes and to advance its lithium projects in Mexico.
The company also announces that Allan Laboucan has resigned as director, president and chief executive officer, and that Gennen McDowall has been appointed as the new president and chief executive officer. Mr. Laboucan has agreed to continue to assist the company with its project in Mexico and will be engaged as a consultant. The company wishes to thank Mr. Laboucan for his leadership of the company over the last 1-1/2 years, and the company looks forward to continuing to work with him to make the company’s Mexican lithium project a success.
About Alset Minerals Corp.
Alset Minerals is a TSX Venture Exchange-listed junior exploration company focused on exploring and developing a group of high-grade lithium and potassium projects in the central Mexican plateau. The company, in November, 2017, added nearly one million acres of lithium prospective salars through staking. Alset has a growing portfolio of 100-per-cent-owned lithium prospective salars in the states of San Luis Potosi, Zacatecas and Coahuila in Mexico. With the November, 2017, staking, the company now has more than one million acres of lithium-prospective salars in mining-friendly Mexico, with roads and power up to the salars.
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