VANCOUVER, March 4 /CNW/ - Mark J. Morabito reports that he has acquired 5,000,000 common shares of Alderon Resource Corp. (the "Company"). The common shares were issued to Mr. Morabito pursuant to the closing of a share exchange transaction whereby Mr. Morabito transferred all of the common shares of 0860132 B.C. Ltd. to the Company in exchange for 5,000,000 common shares of the Company. The common shares were issued with a deemed value of $0.15 per common share. Immediately following closing, Mr. Morabito transferred 200,000 common shares to Susan Morabito, his spouse, and 1,300,000 common shares to the Morabito Family Trust (the "Trust"). The trustee for the Trust is Joseph Morabito and the current beneficiaries are certain family members. Mr. Morabito maintains control over the common shares held by the Trust.
As a result of these transactions, Mr. Morabito has ownership or control over 4,800,000 common shares of the Company representing 14.01% of the Company's currently issued and outstanding common shares. Mr. Morabito was also granted options to acquire 250,000 common shares of the Company. Assuming the exercise of the options held by Mr. Morabito, he would own 5,050,000 common shares of the Company representing 14.73% of the common shares of the Company.
The Company is listed on the TSX Venture Exchange however the foregoing transactions occurred off-market.
The acquisition of these shares in the Company was for investment purposes. Mr. Morabito has no current intention to acquire additional shares in the Company, but may decide from time to time in the future to increase or decrease its ownership of common shares of the Company.
SOURCE MARK J. MORABITO
For further information: For further information: concerning the foregoing or a copy of the Early Warning Report referred to in this release, please contact: Mark J. Morabito, Tel: (604) 681-8030