Alexander Board Member Resigns after Company Closes Private Placement

Alexander Energy Ltd. announced that David S.A.Mackie has resigned as a member of the board of directors of the Calgary-based crude oil and natural gas company.

The company did not release details of his departure; however, Mackie released a statement today explaining his reasoning.

“Mackie resigned due to concerns regarding corporate governance (is there a word missing?)generally that were not adequately addressed and particularly due to Alexander’s decision to proceed with the recently announced private placement of common shares at a price of $.15 per share, being the maximum permitted discount under the Toronto Stock Exchange rules,” he stated. “Mackie did not believe that the private placement, which he understood would be issued primarily to insiders of Alexander, was in the best interest of Alexander’s shareholders, particularly in light of the strong opposition to Alexander’s stock option plan at Alexander’s recent shareholders’ meeting."

Friday, the company announced it completed the previously announced non-brokered private placement offering of common shares. The company issued 8,666,667 at a price of $0.15 per share, for gross proceeds of $1,300,000.

Daniel Wilson, the chief executive officer and a director of Alexander, subscribed for 2,000,000 common shares, Ronald Peshke, the chief operating officer of Alexander, subscribed for 2,000,000 common shares and Hugh Thomson, the VP finance and chief financial officer of Alexander, subscribed for 666,667 common shares under the private placement, the company reported.



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