Disclosure NewswireTMiCrowdNewswire - Oct 5, 2016
Vancouver, B.C. – ALX Uranium Corp. (“ALX” or the “Company) (TSXV: AL; FSE: 6LLN; OTCQX: ALXEF) announces that in reaction to a litigation claim commenced by Galena International Resources Inc. (“Galena”) for the right to buy the Company’s interest in the Mikwam Property, the Company has established a special committee. The committee has the mandate to review all aspects of the Galena claim and related matters, and to make recommendations to the board as a whole.
Galena has claimed ALX must sell its 100% interest in the Mikwam gold property in consideration of a cash payment of C$20,000 and the issuance of 2,000,000 common shares of Galena to ALX, plus a 0.5% net smelter returns royalty. An LOI regarding this transaction was announced by ALX on August 9, 2016.
In addition, as Michael Gunning is a director of both ALX and Galena, and in recognition of the conflict of interest created by the Galena claim, Michael Gunning has resigned as a director and chair of the board of ALX. The ALX board now consists of six directors.
About ALX Uranium Corp.
ALX Uranium Corp. was formed as the result of a business combination between Lakeland Resources Inc. and Alpha Exploration Inc. ALX is based in Vancouver and its common shares are listed on the TSX Venture Exchange under the symbol “AL”, on the Frankfurt Stock Exchange under the symbol “6LLN” and in the United States OTCQX under the symbol “ALXEF”. ALX is actively exploring a portfolio of early-stage properties. Technical reports are available on SEDAR (www.sedar.com) for several of the Company’s active properties. ALX continually and proactively reviews opportunities for new properties, whether by staking, joint venture or acquisition.
On Behalf of the Board of Directors
ALX Uranium Corp.
President, CEO and Director
Email: [email protected]
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.