VANCOUVER, Dec. 11, 2015 /CNW/ - Alternative Earth Resources Inc. ("AER") (TSX.V: AER) announced that the Supreme Court of British Columbia (the "Court") has rendered its decision with respect to legal proceedings commenced by Jaguar Financial Corp. ("Jaguar") against AER and its directors in connection with the proposed acquisition by AER of Black Sea Copper & Gold Corp. ("BSCG"). In a verbal decision rendered on December 10, 2015, the Court ruled, among other things, that AER cannot complete the acquisition of BSCG until the transaction has been approved by the shareholders of AER at a special meeting of the shareholders. The Court will hear further submissions concerning a recent loan made by AER to BSCG. Refer to the AER News Releases dated November 26, 2015, and December 3, 2015 for additional details.
Management of AER and BSCG shall meet to consider the consequences of the decision of the Court, including a potential appeal, and whether the proposed BSCG transaction, which will expire on December 18, 2015, will be allowed to terminate.
Forward Looking Statements: This news release contains forward looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward looking statements. Forward-looking statements in this release include statements regarding the timing and completion of the private placement, the execution of the definitive agreement and closing of the BSCG acquisition. Factors that could cause such differences include: the financing and the acquisition may not be completed for any reason whatsoever, including that the regulators may not approve them, changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry. In addition to other factors and assumptions which may be identified in this press release, assumptions have been made regarding and are implicit in, among other things, the timely receipt of any required regulatory approvals. Although we believe the expectations reflected in our forward looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Alternative Earth Resources Inc.
For further information: Information Contact: Brian D. Fairbank, P. Eng. President & CEO, http://www.alternative-earth.com, Telephone: 604-688-1553, Toll Free: 866-688-0808, Email: firstname.lastname@example.org; AER Investor Inquiries: Telephone: 604-688-1553, Toll Free: 866-688-0808, Email: email@example.com