/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES/
TORONTO, March 28, 2012 /CNW/ - Aldridge Minerals Inc. (TSXV: AGM) ("Aldridge" or the "Company") is pleased to announce the results of its Annual and Special Meeting of shareholders (the "Meeting") held yesterday.
Aldridge is pleased to announce that the Company's shareholders have voted overwhelmingly in favour of approving the investment by ANT Holding Anonim Şti ("ANT") by which ANT will purchase 16,000,000 common shares of the Company ("Shares") at a price of $0.70 per Share for gross proceeds of $11,200,000 (the "Private Placement") (see news release dated February 27, 2012). Upon closing of the Private Placement, ANT will hold approximately 30.1% of the Company's outstanding Shares. The Company's Shareholder Rights Plan has been waived in respect of this transaction and otherwise remains in effect. Closing of the Private Placement is expected to occur shortly after final approval of the Toronto Venture Exchange.
Mario Caron, President & CEO, commented, "I am delighted that 100% of the votes cast by shareholders were in favour of the Private Placement with ANT. The Private Placement is the first step in forming a strong relationship with a strategic Turkish partner that will assist us in developing the Yenipazar project in a timely fashion."
Election of Directors
The number of directors has been set at nine and includes the election of Mario Caron, John Cook, Daniella Dimitrov, Ed Guimaraes, Barry Hildred, Martin Oczlon, Meric Oktar, Ahmet Tacyildiz, and Hande Tacyildiz.
Appointment of Auditor
PricewaterhouseCoopers LLP, Chartered Accountants, has been re-appointed as auditor of the Company for the ensuing year and the board of directors has been authorized to fix their remuneration.
Investor Relations Agreements
The Company also announces that its agreements with Renmark Financial Communications Inc. and Profinnotiv AG were terminated effective December 31, 2011 and February 29, 2012 respectively.
About Aldridge Minerals Inc.
Aldridge is a publicly-traded junior exploration company focussed on advancing its flagship Yenipazar polymetallic VMS deposit (Au, Ag, Cu, Pb, Zn) in Turkey with a feasibility study, which is building on its December 2010 Technical Report and Preliminary Economic Assessment. The feasibility study is expected to be completed by the end of 2012. The Yenipazar deposit is subject to an earn-in agreement with Alacer Gold Corp., wherein Aldridge can earn a 100% working interest subject to certain conditions, subject to a 6% net profit interest ("NPI", revenues less operational costs) until revenues of US$165 million are generated, and a 10% NPI from there on.
Aldridge also holds a 338 square kilometre exploration license in Papua New Guinea known as Kili Teke. The license area is prospective for gold, silver and copper.
Caution Regarding Forward-Looking Information
This news release includes certain forward-looking statements within the meaning of Canadian securities laws. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed in such forward-looking statements. Forward-looking statements in this news release, include, but are not limited to, the fact that completion of the Private Placement is subject to a number of customary closing conditions, including receipt of the approval of the Toronto Venture Exchange, economic performance, future plans and objectives of the Company and the other factors discussed under the heading "Risk Factors" in the Company's Management's Discussion and Analysis for the year ended November 30, 2011 and in other continuous disclosure filings made by the Company with Canadian securities regulatory authorities and available at www.sedar.com. Any number of important factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although Aldridge believes that the assumptions and factors used in making the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this new release, and no assurance can be given that such events will occur in the disclosed timeframes or at all. Aldridge disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
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.
For further information:
President & CEO, Director
Aldridge Minerals Inc.
Manager Investor Relations
Aldridge Minerals Inc.