2022-04-13 | TSXV: ALEX | Press release

Calgary, Alberta–(Newsfile Corp. – April 13, 2022) – Alpha Exploration Ltd. (TSXV: ALEX) (the “Company” or “Alpha”) is pleased to announce that it has closed the first tranche of its previously announced non-brokered private placement of units in the capital of the Company (“Units“) at a purchase price of $0.75 per unit (the “Offer price“), for total gross proceeds of $1,401,375.00 (the “Offer“). the company.

Each Unit is composed of one ordinary share of the capital of the Company (“Ordinary share“) and one-half common share purchase warrant (“To guarantee“). Each warrant entitles its holder to purchase one common share for a period of 18 months following the closing date of the offering at an exercise price of $1.125 (the “Exercise price“).

In connection with the Offering, Alpha paid certain arm’s length parties a cash finder’s fee of up to 6.0% of the Units sold to subscribers introduced by such parties.

As part of its participation in the Private Placement, the Company granted a participation right to Crescat Portfolio Management LLC (“Crescat“), which gave Crescat the right to purchase additional securities of the Company in connection with future offerings of securities of the Company in order to maintain its proportional percentage, in accordance with the terms of a participation rights agreement dated of March 10, 2022.

The ordinary shares and warrants issued under the offer and the ordinary shares underlying the warrants are subject to a statutory hold period of four months plus one day from the date of completion of the offer. offer, in accordance with applicable securities laws.

The placement has been approved by the Company’s Board of Directors by unanimous resolution.

The TSX Venture Exchange gave its conditional acceptance of the placement on April 11, 2022.

For further information regarding the Company, please consult the Company’s profile on the SEDAR website at www.sedar.com.

About Alpha

The company is focused on discovering world-class economic deposits of gold and base metals in the highly prospective Arabian-Nubian Shield, on either side of the Red Sea. Alpha currently owns a 100% interest in the large (771 km2) Kerkasha Exploration License in southwestern Eritrea on which 17 prospects have been identified to date. The large Anagulu gold-copper porphyry system was a pristine discovery by Alpha geologists in early 2018, which was made while running a region-wide soil sampling program. property. The discovery diamond hole was drilled in January 2020 and returned a 49m wide interval averaging 2.42 g/t gold, 1.10% copper and 6.83 g/t silver. Further drilling is planned on the Anagulu prospect and at least 4 other prospects during the first half of this year.

Forward-looking information

Certain statements and information contained herein, including all statements that are not historical facts, contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Such forward-looking statements or information include, but are not limited to, statements or information regarding: the terms and conditions of the Private Placement; the closing date of the private placement; and the intended use of the net proceeds of the private placement, including any advancement of exploration work on the Kerkasha project. Often, but not always, forward-looking statements or information can be identified by the use of words such as “estimate”, “project”, “believe”, “anticipate”, “intend”, “expect to ”, “plan”, “predict”, “may” or “should” and the negative form of these words or such variations or comparable terminology are intended to identify forward-looking statements and information. With respect to forward-looking statements and information contained herein, Alpha has made numerous assumptions, including assumptions about general business and economic conditions and the price of gold and other minerals. The foregoing list of assumptions is not exhaustive.

Although Alpha’s management believes that the assumptions made and expectations represented by such statements or information are reasonable, there can be no assurance that any forward-looking statements or information contained herein will prove to be accurate. Forward-looking statements and information, by their nature, are based on assumptions and involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements, or results of the industry, materially different from future results, performance or achievements. expressed or implied by such forward-looking statements or information. These factors include, but are not limited to: risks associated with Alpha’s funding efforts; risks associated with Alpha’s business given its limited operating history; business and economic conditions in the mining industry generally; supply and demand for labor and other project inputs; changes in commodity prices; changes in interest rates and currency exchange rates; risks related to inaccurate geological and technical assumptions (including with respect to tonnage, grade and recoverability of reserves and resources); risks related to unforeseen operational difficulties (including failure of equipment or processes to perform according to specifications or expectations, cost escalation, unavailability of materials and equipment, action governmental or delays in receiving governmental approvals, industrial disruptions or other business measures, and unforeseen health, safety and environmental events); weather-related risks; political risk and social unrest; changes in general economic or financial market conditions; changes in laws (including regulations regarding mining concessions); risks related to the direct and indirect impact of COVID-19, including, but not limited to, its impact on general economic conditions, the ability to obtain necessary financing and potential delays in exploration activities ; and other risk factors as detailed from time to time. Alpha does not undertake to update forward-looking information except in accordance with applicable securities laws.

For more information please contact:

Alpha Exploration Ltd.

Michael Hopley

President and CEO

Alpha Exploration Ltd.

Email: [email protected]

Tel: +44 207129 1148

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 the contents of this release.

Not for distribution to US Newswire services or broadcast in the United States. Failure to comply with this restriction may constitute a violation of United States securities laws.

THE SECURITIES OFFERED HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND CANNOT BE OFFERED OR SOLD IN THE UNITED STATES WITHOUT REGISTRATION OR EXEMPTION FROM REGISTRATION REQUIREMENTS. THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY NOR WILL THERE BE ANY SALE OF THE SECURITIES IN ANY CONDITION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE ILLEGAL.

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