Thunder Bay, Ontario: Alset Energy Corp. (TSXV: ION) (“Alset” or “the Company”) announces that it has closed the first tranche of its previously announced re-priced private placement (the “Offering”) (See PR dated October 6, 2016). Gross proceeds from the tranche totaled $207,940 consisting of 256,667 flow-through units (“FT”) for $30,800 and 1,771,400 non flow-through units (“NFT”) for $177,140. The Company will keep to financing open until October 21, 2016 to raise up to $1 million on a best efforts basis.
Each FT unit will be issued at $0.12 and will consist of one (1) FT common share and one-half of one common share purchase warrant, each full common share purchase warrant being exercisable at $0.20 cents for 24 months. FT funds will be used to advance the Wisa Lake spodumene and Champion Graphite projects in Ontario.