VANCOUVER, Jan. 7, 2016 /CNW/ - Alternative Earth Resources Inc. ("AER") (TSX.V: AER) announced that on January 6, 2016, Jaguar Financial Corporation ("Jaguar") filed a second petition in the British Columbia Supreme Court (the "Court"), commencing new legal proceedings against AER and its directors (the "Second Petition"). Further, Jaguar has obtained an order for short notice from the Court that the matters raised in the Second Petition shall be heard by the Court on January 15, 2016.
The Second Petition alleges that various conduct since December 10, 2015, was oppressive or unfairly prejudicial to Jaguar, and seeks orders restricting AER's conduct in advance of the upcoming Annual General Meeting of shareholders (the "AGM") and relating to holding of the AGM itself. In AER's view, the Second Petition contains numerous false and misleading allegations against the AER directors (the "Board"), and seeks various orders all of which are intended to restrict the ability of the Board to effectively respond to an attempt by Jaguar to obtain control of the Board at the upcoming AGM. AER shall vigorously oppose the relief sought by Jaguar in the Second Petition.
AER also reported that the $100,000 loan that was made to Black Sea Copper & Gold Corp. ("Black Sea") in connection with the agreement (now terminated) for AER to acquire Black Sea has been repaid in full.
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: 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]