TORONTO, March 10, 2015 /CNW/ - Alexandria Minerals Corporation (TSXV: AZX) (Frankfurt: A9D) ("Alexandria") and Murgor Resources Inc. (TSXV: MGR) ("Murgor") are pleased to announce today the completion of Murgor's previously-announced arrangement (the "Arrangement") under the Canada Business Corporations Act. The Arrangement was approved on February 24, 2015 by holders of Murgor common shares and Murgor stock options. The Superior Court of Québec granted its final order approving the Arrangement on February 25, 2015.
Pursuant to the Arrangement, Alexandria acquired all of the Murgor Shares not already owned by it in exchange for 0.5 of a common share of Alexandria per Murgor common share (the "Share Consideration").
Eric Owens, President and CEO of Alexandria, said, "We are excited about the future of this acquisition, as the property assets acquired are complementary to ours. Apart from the immediate increase in resources, and the strategic location in well-known mining districts in Quebec, Ontario and Manitoba, we expect to see further growth and positive results from the combined assets in 2015."
Upon surrender to Equity Financial Trust Company (the "Depositary") of certificates representing Murgor common shares that were outstanding immediately prior to the effective time of the Arrangement, together with a duly completed and executed Letter of Transmittal, registered holders of such shares are entitled to receive the Share Consideration pursuant to, and subject to the terms and conditions of, the Plan of Arrangement.
Non-registered holders of Murgor common shares that were outstanding immediately prior to the effective time of the Arrangement should contact their nominee (i.e., broker, trust company, bank or other registered holder) which holds the certificates representing such securities, on their behalf to arrange for surrender and payment pursuant to the Arrangement.
It is expected that the Murgor Shares will be delisted from the TSX Venture Exchange later this week. Murgor intends to apply to the relevant securities regulatory authorities to cease to be a reporting issuer in each of the jurisdictions in Canada in which it is currently reporting.
This press release contains forward-looking statements relating to the Arrangement. Statements based on the current expectations of Murgor's management contain known and unknown inherent risks and uncertainties and no assurance can be given that potential future results or circumstances will be achieved or will occur. In particular, the timing and completion of the proposed Arrangement are subject to certain conditions, termination rights and other risks and uncertainties. Accordingly, there can be no assurance that the proposed Arrangement will occur, or that it will occur on the timetable or on the terms and conditions contemplated. The reader should not place undue faith on forward-looking information. Management disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or circumstances.
About Alexandria Minerals Corporation
Alexandria Minerals Corporation is a Toronto-based junior gold exploration and development company with one of the largest portfolios of gold properties along the prolific, Cadillac Break in Val d'Or, Québec. Agnico Eagle, which is actively developing the Akasaba West Zone, purchased from Alexandria, which is likely to become Quebec's next gold mine. Further information about Alexandria is available on Alexandria's website or our social media sites listed below:
About Murgor Resources
Murgor Resources Inc. is a mineral exploration and development company focused on gold and copper exploration in Canada. Murgor owns a 100% interest in two gold-copper deposits in the Snow Lake and Flin Flon mining districts of Manitoba. Murgor further owns a portfolio of high-potential gold properties in proven mining districts of Canada, such as the Gullrock property and its newly-acquired Wydee Property in Ontario.
Neither 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 Murgor Resources Inc.
For further information: Alexandria Minerals Corporation, Eric Owens, President & CEO, Tel.: (416) 363-9372; Mary Vorvis, Vice President, Corporate Development and Investor Relations, Tel.: (416) 305-4999, E-mail: [email protected]