Alphamin Resources Corp. Announces Closing of C$28.9 Million Equity Financing

GRAND BAIE, MAURITIUS--(Marketwired - July 19, 2017) -

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Alphamin Resources Corp. (TSX VENTURE:AFM) ("Alphamin", or the "Company") is pleased to announce that it has raised gross proceeds of approximately C$28.9 million by issuing a total of 82,514,134 units (each a "Unit") at a price of C$0.35 per Unit (the "Issue Price") through the closing of its previously announced offering of Units (the "Offering"). The Offering comprised a private placement of 33,776,685 Units for gross aggregate proceeds of C$11.8 million (the "Private Placement"), a concurrent non-brokered private placement of 37,380,306 Units for gross aggregate proceeds of approximately C$13.1 million (the "Non-Brokered Private Placement"), and the conversion of an existing US$3 million bridge loan provided in advance of the Offering into 11,357,143 Units at a deemed exchange rate of USD1:CAD1.325. The Private Placement was led by Sprott Capital Partners and Tamesis Partners LLP.

Each Unit comprises one common share of the Company (a "Common Share") and half of one Common Share purchase warrant (each whole Common Share purchase warrant, a "Warrant"). Each Warrant is exercisable to acquire one Common Share (a "Warrant Share") for a period of 36 months following the closing date of the Offering at an exercise price of C$0.4375 per Warrant Share, subject to adjustment in certain events. The expiry date of the Warrants may be accelerated by the Company at any time following the 12 month anniversary of the closing date of the Offering if the volume-weighted average trading price of the Common Shares is greater than C$0.73 for any 15 consecutive trading days, at which time the Company may accelerate the expiry date of the Warrants by issuing a press release announcing the reduced warrant term whereupon the Warrants will expire on the 15th calendar day after the date of such press release.