Alset arranges $1.2-million placement, 1:3 rollback
Mr. Allan Laboucan reportsALSET ANNOUNCES $ 1.2 MILLION PRIVATE PLACEMENT WITH SUBSEQUENT 3:1 SHARE CONSOLIDATIONAlset Minerals Corp., subject to the approval of the TSX Venture Exchange, proposes to undertake a non-brokered private placement of units at a price of six cents per unit for gross proceeds of up to $1.2-million. Each unit shall comprise one common share in the capital of the company and one common share purchase warrant. Each warrant shall entitle the holder to purchase one common share at a price of 7.5 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. 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. Finders’ fees or commissions may be payable to registered representatives in connection with the offering. The company also announces that, on completion of the financing and subject to regulatory approval, it will be consolidating its capital on a one-for-three basis.The board of directors of the company believes that the consolidation is necessary to better position the company for future corporate development opportunities and financing transactions. There will be no name change in conjunction with the consolidation. The exercise or conversion price, and the number of common shares issuable under any of the company’s outstanding warrants and stock options will be proportionately adjusted to reflect the consolidation in accordance with their respective terms thereof. No fractional common shares will be issued pursuant to the consolidation, and any fractional common shares that would otherwise be issued will be rounded down or up to the nearest whole number.About Alset Minerals Corp.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.