www.aldridgeminerals.ca
TSX-V: AGM
TORONTO, Dec. 20, 2018 /CNW/ - Aldridge Minerals Inc.
(TSX-V: AGM) ("Aldridge" or the "Company") today
announced that that all conditions to the acquisition of Aldridge
have been satisfied and that the plan of arrangement (the
"Arrangement") involving Virtus Mining Ltd.
("Virtus") and Virtus Mining Acquisition Corp. has closed on
the terms previously announced on September
18, 2018. Virtus is a company that has been established with
Metallurgium Investment Limited and Trafigura Ventures V B.V. as
shareholders.
The transaction was completed by way of a court approved
Arrangement under the Canada Business Corporations Act.
Under the Arrangement, each holder of Aldridge common shares other
than Virtus received $0.10 in cash
and each outstanding stock option of Aldridge was cancelled at the
effective time of the Arrangement for a cash payment of
$0.005 per option.
It is anticipated that the Aldridge common shares will cease to
be traded on the TSX Venture Exchange on or before December 27, 2018 and thereafter Aldridge will
make application to cease to be a reporting issuer in all
applicable jurisdictions of Canada.
In connection with the Arrangement, Gowling WLG (Canada) LLP acted as legal counsel to Virtus,
McCarthy Tétrault LLP acted as legal counsel to Aldridge and Pilot
Law LLP acted as legal counsel to the Special Committee to the
Board of Directors of Aldridge.
Complete details of the Arrangement are set out in the
Arrangement Agreement which is available on SEDAR under Aldridge's
profile at www.sedar.com.
Caution Regarding Forward-Looking Information
This news release contains forward-looking information within
the meaning of applicable securities laws that reflects the current
expectations, estimates and projections of management about the
future results, performance, achievements, prospects or
opportunities for the companies following the transaction and
expectations regarding whether a transaction will be consummated,
including whether conditions to the consummation of the transaction
will be satisfied, or the timing for completing the transaction.
When used in this press release, words such as "proposed", "may",
"would", "could", "will", "expect", "anticipate", "estimate",
"believe", "intend", "plan", and other similar expressions are
intended to identify forward-looking statements.
Forward-looking statements set out in this news release are
subject to a number of known and unknown risks, uncertainties and
other factors that could cause actual results, performance,
prospects and opportunities to differ materially from those
expressed in or implied by such forward-looking statements. Such
risks, uncertainties and factors, include, but are not limited to,
the timing of the delisting of the Aldridge common shares on the
TSX Venture Exchange and the timing of any application to terminate
Aldridge's status as a reporting issuer in the applicable Canadian
jurisdictions. Any number of important factors could cause actual
results to differ materially from these forward-looking statements
as well as future results.
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 news release.
SOURCE Aldridge Minerals Inc.