VANCOUVER, Dec. 31, 2015 /CNW/ - Alternative Earth Resources Inc. ("AER") (TSX.V: AER) announced that it has received notice from Black Sea Copper & Gold Corp. ("Black Sea") and the securityholders of Black Sea that the agreement for AER to acquire Black Sea is terminated. As a result, the $480,000 private placement for AER that was related to the Black Sea transaction is also terminated.
AER is seeking recovery of the $100,000 loan made to Black Sea and, notwithstanding termination of the Black Sea transaction, will continue with its appeal of the decisions of the British Columbia Supreme Court in the legal proceedings commenced by Jaguar Financial Corporation against AER and its directors. Refer to various AER News Releases issued in December, 2015 for additional details concerning the Black Sea transaction and the Jaguar court proceedings.
AER will continue to investigate other mineral exploration acquisition opportunities and has convened an annual general meeting of shareholders to be held on February 26, 2016.
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 outcome of the legal proceedings.
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: [email protected]; AER Investor Inquiries: Telephone: 604-688-1553, Toll Free: 866-688-0808, Email: [email protected]