Key Developments: Alix Resources Corp (AIX.V)
20 Dec 2013
Latest Key Developments (Source: Significant Developments)
Canada Stockwatch News reported that Alix Resources Corp further to the announcement made earlier, it has completed a non-brokered private placement of 4.39 million units at a price of five cents per unit for gross proceeds of $219,500. Each unit consists of one common share and one share purchase warrant of the Company. Each warrant will entitle the holder to acquire one share of the Company at a price of eight cents per share for the first 12 months and 10 cents per share for the following 12 months from the date of issuance. The shares and warrants issued pursuant to the private placement and any shares issued on exercise of the warrants are subject to four-month resale restriction that expires on May 26, 2013. The proceeds raised will be used for general working capital. Full Article
Alix Resources Corp announced that it has signed an LOI to acquire the 220 acre Homestake (Arizona) - Santa Maria lode gold property located in Yavapai County, Arizona. This prospective property adjoins the previously announced (see PR dated November 5, 2012) Golden Granite acquisition and is located about 112 kilometers (70 miles) northwest from Phoenix along highway 93. To acquire a 100% interest in the property the Alix will make cumulative cash payments of $557,500 and issue 550,000 shares of the Company over a five year period. The vendor will retain a 2% NSR of which 1% can be purchased back for $1,000,000. This transaction is subject to TSX Venture Exchange approval. Full Article
Alix Resources Corp. Starts Second Phase Of Drilling At The Money Rock/west Pogo Gold Project, Alaska With Corvus Gold Inc.
Alix Resources Corp. announced that in the phase two of the program, a third drillhole (MR-12-01) will be positioned 719 meters (2,360 ft.) north-northeast of WP-12-02, and oriented to the southeast, to test the extent and dimensions of mineralization encountered in the second drillhole. Alix is exploring the West Pogo part of the project under an agreement with Corvus Gold Inc. whereby Alix will complete USD5 million in work on the project and pay $125,000 over five years to earn a 60% interest in the project Full Article
Corvus Gold Inc announced that its subsidiary, Raven Gold Alaska Inc. (Raven), has granted to Alix Resources Corp. (Alix) the right to earn an interest in the West Pogo (WP) project in Alaska. In order to earn a 60% interest in the project, Alix is required to incur USD 5M in work expenditures on the project, and pay USD 125,000 to Raven, all over 5 years. Raven will retain a 2 - 3% Net Smelter Return (NSR) royalty on the project, with Alix having the right to purchase 1% of the royalty for USD 1M. Alix holds the adjoining ground to the north of WP and has advised that it will be drilling targets on their ground as well as the Raven block this year. The target concept for the 2012 program is for low and high angle, high-grade gold vein systems similar to the Pogo deposit 5 kilometres to the east. Previous work at WP has identified two +1 km zones of gold mineralization which produced grab samples up to 118.5g/t gold. Option for Alix to earn 60% of the 24km2 State of Alaska land package -- USD 5M work commitment earn-in over 5 years with year one being USD250,000; Annual payments of USD 25,000 to Raven during the earn-in period -- Raven reserves a sliding scale 2-3% NSR royalty with a USD $1,500/oz gold break point with Alix having the right to purchase 1% of the NSR at a cost of USD1 Million; Alix has the right to purchase Raven's interest in project by converting each 10% of interest into an additional 1% NSR Full Article