Alpha Exploration Ltd. Announces Closing of Second Tranche of Private Placement Financing

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Calgary, Alberta--(Newsfile Corp. - April 10, 2024) - Alpha Exploration Ltd. (TSXV: ALEX) (the "Corporation" or "Alpha") is pleased to announce that, on April 10, 2024, it closed the second tranche of its previously announced non-brokered private placement of units in the capital of the Corporation ("Units") of up to $7,000,000.00 at a purchase price of $0.70 per Unit (the "Offering Price"), for aggregate gross proceeds of $2,670,090.60, bringing the total proceeds raised under the offering to $6,850,090.60 (the "Offering"). The principal use of the proceeds of the Offering will be for funding ongoing exploration work on the Kerkasha Project in Eritrea, operating and administrative expenses, working capital and general corporate purposes.

Each Unit is comprised of one ordinary share in the capital of the Corporation ("Ordinary Share") and one-half of one Ordinary Share purchase warrant ("Warrant"). The Warrants are subject to a warrant indenture between the Corporation and Odyssey Trust Company (the "Warrant Indenture"). Each whole Warrant entitles the holder to purchase one Ordinary Share for a period of 24 months following the date of issuance at an exercise price of $1.05, subject to the Warrant Indenture (the "Exercise Price").

The Ordinary Shares and Warrants issued in connection with the Offering and the Ordinary Shares underlying the Warrants are subject to a statutory hold period of four months plus one day from the date of completion of the Offering, in accordance with applicable securities legislation.

Certain Insiders of the Corporation (as such term is defined under the policies of the TSXV) may participate in the Offering. The participation of Insiders in the Offering would constitute a "related party transaction" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Corporation intends on relying upon exemptions from the formal valuation and minority approval requirements of MI 61-101 based on a determination that the fair market value of the Offering, insofar as it involves the related parties, will not exceed $2,500,000.

The TSX Venture Exchange provided conditional acceptance of the Offering on November 17, 2023, and provided conditional acceptance of the upsize of the Offering on April 3, 2024.

For more information concerning the Corporation, please refer to the Corporation's profile on the SEDAR website at www.sedar.com or at the Corporation's website at https://alpha-exploration.com/.