Alset Announces $960,000 Private Placement; Change of Management
Vancouver, British Columbia--(Newsfile Corp. - March 19, 2018) - Alset Minerals Corp. (TSXV: ION) ("Alset" or "the Company") announces that it will not be proceeding with the financing announced on January 16, 2018 but will, subject to the approval of the TSX Venture Exchange, undertake a non-brokered private placement of 8,000,000 units (the "Units") at a price of twelve cents ($0.12) per Unit for gross proceeds of up to $960,000 (the "Financing"). Each Unit shall be comprised of one common share in the capital of the Company and one half (1/2) of a common share purchase warrant.
Each full warrant shall entitle the holder to purchase one common share at a price of fifteen cents ($0.15) 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 CEO and that Gennen McDowall has been appointed as the new President and CEO. 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 year and a half 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. (ION.V)
Alset Minerals is a TSX Venture Exchange-listed junior exploration company focused on exploring and development of 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, also in Mexico. 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.
On behalf of the Board of Directors of Alset Minerals Corp.,
"W. Gennen McDowall"
Gennen McDowall, President and CEO
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements."
For further information contact Gennen McDowall @ 6045-788-5128