VANCOUVER, Dec. 7, 2015 /CNW/ - Alternative Earth Resources Inc. ("AER") (TSX.V: AER) announced that a hearing before the Supreme Court of British Columbia (the "Court") with respect to legal proceedings commenced by Jaguar Financial Corp. ("Jaguar") against AER and its directors in connection with the proposed acquisition by AER of Black Sea Copper & Gold Corp. ("BSCG") was held on December 4, 2015. The hearing was not completed within the time allotted, therefore the hearing has been adjourned until Thursday December 10, 2015. The Court ruled that AER cannot complete the acquisition of BSCG until the hearing is completed. Refer to the AER News Releases dated November 26, 2015, and December 3, 2015 for additional details.
An NI 43-101 technical report on the Alankoy Project is being reviewed by the TSX Venture Exchange (the "Exchange") and AER is proceeding with arrangements to complete the acquisition of BSCG, and the related private placement, on December 18, 2015, subject to the outcome of the Jaguar Court proceedings and receipt of final Exchange acceptance.
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 timing and completion of the private placement, the execution of the definitive agreement, closing of the BSCG acquisition, and the outcome of the Court proceedings. Factors that could cause such differences include: an order issued by the Court; the financing and the acquisition may not be completed for any reason whatsoever, including that the regulators may not approve them, changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry. In addition to other factors and assumptions which may be identified in this press release, assumptions have been made regarding and are implicit in, among other things, the timely receipt of any required regulatory approvals. Although we believe the expectations reflected in our forward looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements.
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]