/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES/
TORONTO, March 13, 2012 /CNW/ - Aldridge Minerals Inc. (TSX Venture: AGM) ("Aldridge" or the "Company") is pleased to announce that ISS Proxy Advisory Services ("ISS") and Glass Lewis & Co. ("Glass Lewis") have both recommended that its clients vote in favour of the ordinary resolution approving a private placement to issue 16,000,000 common shares at a price of $0.70 per share for gross proceeds of $11,200,000 to ANT Holding Anonim Şti ("ANT"), a strategic Turkish investor (the "Private Placement"). The subscription price of $0.70 represents a premium of approximately 16.7% over the closing price of the Company's shares on February 7, 2012. Upon completion of this private placement, ANT will hold approximately 30.1% of the resulting issued and outstanding common shares of Aldridge, as described in the Management Information Circular mailed to shareholders by the Company on February 29, 2012.
ISS and Glass Lewis are widely recognized as the leading independent proxy voting and corporate governance advisory firms. Their analyses and recommendations are relied upon by many major institutional investment firms, mutual funds and fiduciaries throughout North America.
In their reports recommending that their clients vote to approve the share issuance, ISS and Glass Lewis noted the placement of shares has been done at a premium, that the extent of dilution is considered reasonable, and that there is no overhang of future dilution in the form of warrants.
Mario Caron, CEO of Aldridge commented, "We are pleased that ISS and Glass Lewis, leading independent proxy research firms, have supported what Aldridge believes to be true - that the proposed financing is fair to shareholders and is in the best interest of the Company. ISS and Glass Lewis' support is welcome and we urge shareholders to vote their proxy shortly in order to ensure your vote is received in time to be counted at the Annual and Special Meeting scheduled for March 27, 2012."
About the Special Meeting
Aldridge will hold an Annual and Special Meeting of Shareholders (the "Meeting") to approve the ordinary resolution on Tuesday, March 27, 2012 at 10:00 a.m. (Toronto time) at the offices of McCarthy Tétrault LLP, Suite 5300 - 66 Wellington St. West, Toronto Dominion Bank Tower, Toronto Dominion Bank Tower, Toronto, Ontario.
Time is of the essence, and a proxy, to be effective, must be voted in advance of the Meeting and no later than 10:00 a.m. (Toronto time) on Friday, March 23, 2012 or, if the Meeting is adjourned, not later than such time on the date that is two business days prior to the date of the adjourned meeting.
Shareholders who require assistance in voting their proxy may direct their inquiry to Aldridge Minerals Inc.'s proxy solicitation agent, Phoenix Advisory Partners, toll-free in North America at 1-800-921-8867 or by email at [email protected].
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, economic performance and future plans and objectives of the Company. 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.
Permission to cite ISS and Glass Lewis reports was neither sought nor obtained.
For further information:
CEO and Director
Aldridge Minerals Inc.
Manager Investor Relations
Aldridge Minerals Inc.