Alpha Exploration Extends Private Placement Financing to Bolster Exploration in Eritrea
Up to $6 Million Sought to Advance Gold and Base Metal Discoveries at Kerkasha Project
Alpha Exploration Ltd. (TSXV: ALEX) has announced an extension of its ongoing non-brokered private placement financing, securing regulatory approval from the TSX Venture Exchange to continue raising up to CAD $6,000,000.
The funds are earmarked to accelerate Alpha’s aggressive exploration and development activities within its 514 km² Kerkasha Project in Eritrea.
This marks the second tranche of the financing, following an initial successful raise of CAD $3.196 million, which closed on April 9, 2025. The Offering consists of Units priced at $0.70 each, with each Unit comprising one common share and one-half of a common share purchase warrant.
Each full warrant entitles holders to purchase an additional share at $1.05, valid for 18 months from the closing date.
The funds will be used for:
Ongoing exploration at key targets including Aburna, Anagulu, and Tolegimja,
Operational and administrative expenses,
Working capital and general corporate purposes.
Insider Participation and Compliance
Alpha disclosed that certain insiders may participate in the offering, making it a “related party transaction” under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions.
However, the company intends to rely on exemptions from formal valuation and minority approval requirements, citing that the related-party portion will not exceed $2.5 million and meets fair market conditions.
This transparent compliance approach reflects Alpha’s commitment to ethical financing practices while still drawing support from stakeholders with intimate knowledge of the project’s long-term value.
Kerkasha Project: A Strategic Asset in Eritrea’s Mining Frontier
Located in southwest Eritrea, the Kerkasha license is one of the largest contiguous exploration holdings in the region and sits within the Arabian-Nubian Shield, a well-known metallogenic belt hosting multiple world-class gold and base metal deposits.
Since securing the license in 2018, Alpha has launched exploration across more than 17 prospects, with Aburna (gold), Anagulu (copper-gold porphyry), and Tolegimja (VMS system) emerging as standout targets.
Recent developments include:
A 10,000-meter RAB drilling program at Aburna and Anagulu (currently underway)
Ongoing reverse circulation and diamond drilling focused on expanding known zones and testing new targets
Follow-up drilling at Anagulu targeting cupola-style porphyry copper-gold mineralization
Leadership and Vision
Alpha Exploration is led by a technically experienced management team with a strong track record in advancing discoveries across the Arabian-Nubian Shield. Since its public listing in 2021, the company has focused on cost-effective, data-driven exploration with high discovery potential.
The Kerkasha project, in particular, represents a unique first-mover advantage in a jurisdiction that has historically produced high-grade, low-cost mining operations.
Final Word
The extension of Alpha Exploration’s private placement comes at a pivotal moment in the company’s growth. With over $3.2 million already raised and up to $6 million in total financing projected, Alpha is well-positioned to intensify its exploration in Eritrea—unlocking new value at a time when global interest in copper and gold assets is surging.
Note: This article is for informational purposes only and does not constitute investment advice.