Alset Closes First Tranche of Private Placement

THUNDER BAY, ONTARIO–(Marketwired – Oct. 13, 2016) – Alset Energy Corp. (TSXV:ION)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.
The Company would like to reassure shareholders that it intends to complete all previous planned work such as environmental and drill permitting, drilling a minimum of two drill holes in each of the three high priority salars, brine sampling and clay sampling to the basement of each drill hole as well as analytical assaying for both the brine and clay in each drill hole. In addition, the Company has commenced metallurgical and analytical work on the previous clay sampling completed by the property vendor in order to evaluate the economical potential of extracting the Lithium, Potassium, Boron and other minerals of interest. With effective budgeting, the Company believes it currently has sufficient funds on hand to complete these important project milestones in order to effectively move the project towards the next stage of advancement. The Company will update shareholders accordingly as results are received and compiled.
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