The Toronto-based firm acquired the shares for C0.025c each, giving it 6.75 million common shares and 4.75 million warrants – equating to a 15.3% holding in Canada Coal.
AlphaNorth said the securities were obtained for investment purposes, meaning market conditions could see it increase or decrease this interest in the future.
Coal explorer and developer Canada Coal holds 75 active licenses totaling about 2,442,627 acres on Ellesmere Island and Axel Hieberg Island in Nunavut.