Alexander Energy Ltd. has received the written consent of a majority of its shareholders to: (i) its previously announced non-brokered private placement of up to an aggregate of approximately $26.5 million (the "Private Placement"); and (ii) the appointment of a new management team and board of directors (collectively, the "New Management Team").

Alexander is also pleased to announce that it has today closed an initial tranche of the Private Placement (the "Initial Closing"), issuing an aggregate of 119,735,183 units ("Units") at a price of $0.15 per Unit for gross proceeds of approximately $17.9 million to the New Management Team and certain other individuals identified by the New Management Team. Each Unit is comprised of one common share of Alexander ("Common Share") and one Common Share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to purchase one Common Share at a price of $0.20 for a period of five years.

Tags: Alexander Energy Ltd.