TORONTO, Nov. 12, 2018 /CNW/ - Virtus Mining Ltd. ("Virtus") announces that it has filed an early warning report with respect to the acquisition on November 9, 2018 of 62,278,053 common shares ("Common Shares") in the capital of Aldridge Minerals Inc. (TSX-V: AGM) ("Aldridge"), representing approximately 43.6% of the issued and outstanding Common Shares.
Virtus acquired ownership of the shares in consideration for shares of Virtus at a price of C$0.10 per share, for total consideration of C$6,227,805.30, pursuant to private purchase agreements with Mr. Ahmet Taçyildiz.
As more particularly described in the press release of Mr. Taçyildiz dated September 19, 2018, Virtus acquired the shares in connection with the proposed plan of arrangement (the "Arrangement") announced on September 18, 2018 involving Aldridge and Virtus, whereby Virtus would acquire all the Common Shares not owned by it for a price of C$0.10 per share. Please see the press release of Aldridge dated September 18, 2018 for more information regarding the Arrangement.
Virtus did not hold any Common Shares prior to the acquisition and Virtus, together with its affiliates, now owns or controls 62,278,053 Common Shares, representing 43.6% of the issued and outstanding Common Shares.
This news release is issued under the early warning provisions of applicable Canadian securities legislation. A copy of the early warning report filed by Virtus with applicable securities commissions in connection with this acquisition will be available for viewing under Aldridge's profile on SEDAR at www.sedar.com.
Aldridge's head office is located at 10 King Street East, Suite 300, Toronto, Ontario, Canada M5C 1C3.
SOURCE Aldridge Minerals Inc.
For further information: please contact: Virtus Mining Ltd., c/o Estera Corporate Services (BVI) Limited, Jayla Place, Wickhams Cay, Road Town, Tortola VG 1110, British Virgin Islands