/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN/
Trading Symbol: TSX-V - AMW
VANCOUVER, Jan. 28, 2013 /CNW/ - Alpha Minerals Inc. ("Alpha Minerals" or the "Company") (TSXV:AMW) is pleased to announce that it has completed its previously announced private placement of 1,500,000 flow through shares ("Flow-Through Shares") at a price of $2.10 per Flow-Through Share for aggregate gross proceeds of $3,150,000 (the "Offering"). The Offering was completed by a syndicate of underwriters comprised of Salman Partners Inc. and Cormark Securities Inc. (collectively the "Underwriters"). The Underwriters received a commission equal to 6% of the gross proceeds of the Offering and broker warrants entitling them to purchase that number of common shares equal to 3% of the Flow-Through Shares sold under the Offering. Each broker warrant is exercisable into one common share of Alpha Minerals at the price of $2.10 for a period of 24 months of closing. All securities issued in connection with the Offering will be subject to a four-month hold period under applicable Canadian securities laws which expires on May 29, 2013.
The proceeds of the financing will be used to incur eligible Canadian Exploration Expenses, as defined under the Income Tax Act (Canada), that will be renounced in favour of the purchasers with an effective date of no later than December 31, 2013. The funds are intended to be used in upcoming work programs to explore and advance Alpha Minerals' Patterson Lake South Property ("PLS"), a joint venture in the southwest Athabasca Basin area of Saskatchewan.
Patterson Lake South Property
The 31,039 hectare PLS project is a 50%/50% joint venture held by Alpha Minerals Inc. and Fission Energy Corp. ("Fission"). Fission is the current operator of the joint venture. PLS is accessible by road with primary access from all-weather Highway 955, which runs north to the former Cluff Lake mine, (>60M lbs of U3O8 produced), and passes close to the UEX-Areva Shea Creek discoveries located 50km to the north, currently under active exploration and development.
On behalf of the Board of Directors of Alpha Minerals Inc.