/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES/
TORONTO, Feb. 27, 2012 /CNW/ - Aldridge Minerals Inc. (TSX-V: AGM)
("Aldridge" or the "Company") is pleased to announce that, further to
the Company's press release dated February 8, 2012, it has executed a
definitive investment agreement with ANT Holding Anonim Sti ("ANT")
dated February 24, 2012 (the "Agreement"). Pursuant to the Agreement,
ANT has agreed to purchase, itself or through a group company,
16,000,000 common shares of the Company ("Shares") at a price of $0.70
per Share for gross proceeds of $11,200,000 (the "Private Placement").
The subscription price of $0.70 represents a premium of approximately
16.7% over the closing price of the Shares on February 7, 2012.
Upon closing of the Private Placement, ANT will hold approximately 30.1%
of the outstanding Shares, which will result in a new control person as
defined by the rules of the TSX Venture Exchange (the "Exchange").
Closing of the Private Placement (the "Closing") is subject to, among
other things, the approval of the shareholders of Aldridge and the
approval of the Exchange.
The significant terms of the Agreement include:
Two-Year Standstill, Lockup, and Voting Commitments - Subject to certain exceptions in the Agreement, for a period of two
years following Closing, ANT's ability to acquire and dispose of Shares
will be restricted. In certain circumstances, Aldridge will have the
right to seek purchasers of Shares that ANT proposes to sell.
Additionally, during that two-year period, ANT has agreed that it will
vote its Shares in favour of all matters requiring Shareholder approval
which are recommended to be approved by the board of directors of
Aldridge, provided that such matters do not impair its rights. These
commitments will underpin the strategic relationship between Aldridge
and ANT during the 2012 completion of the definitive feasibility study
of the Company's Yenipazar project in Turkey and will facilitate the
launch of the project financing process required for the development of
Board Nominees - ANT will be entitled to nominate three of nine directors to the board
of directors of Aldridge. If, at any time on or after the second
anniversary of Closing, ANT owns a number of Shares representing less
than 19% of the total number of Shares outstanding at such time, the
number of individuals that ANT will thereafter be entitled to nominate
for election as directors of Aldridge will be reduced to two. ANT's
right to nominate directors will terminate if, at any time on or after
the second anniversary of Closing, ANT owns a number of Shares
representing less than 9% of the total number of Shares outstanding at
Anti-Dilution Rights - ANT retains anti-dilution rights, which will allow ANT to
proportionately participate in future financings based on the ownership
interest it holds in Aldridge at the time of the financing. This right
will terminate if, at any time on or after the second anniversary of
Closing, ANT owns a number of Shares representing less than 10% of the
total number of Shares outstanding at such time.
Finder's Fee - The Company has agreed to pay a cash finder's fee equal to 5% of the
gross proceeds of the Private Placement to an arms-length Turkish-based
Closing - The parties intend to Close shortly after the Company's upcoming
annual and special meeting of shareholders (the "ASM"), subject to
receipt of final approval from the Exchange.
, CEO of Aldridge commented, "Aldridge has been seeking a
strategic partner in Turkey for some time and we are delighted to be
entering into this Agreement with ANT. We believe that the Agreement
will deliver Aldridge shareholders the benefits of a substantial
funding package at a premium to market and a major strategic partner
that brings strong relationships and operating expertise in Turkey. We
believe that ANT will be instrumental in supporting Aldridge with the
timely development of Yenipazar and we look forward to developing our
strategic relationship with ANT over the coming years."
, CEO of ANT added, "We are extremely pleased to be entering
into this Agreement with Aldridge and are excited about the future,
working together to build the Yenipazar project. As our first
investment in a Canadian company, we believe that Aldridge is the
ideal partner for ANT. As a privately held Turkish company, we believe
that we can offer value to Aldridge and we look forward to working with
Aldridge to build the next world class mine in Turkey."
Annual and Special Meeting
The ASM of Aldridge will be held at the offices of McCarthy Tétrault
LLP, Suite 5300, Toronto Dominion Bank Tower, Toronto, Ontario on
Tuesday, March 27, 2012 at 10:00 a.m. (Toronto time). Shareholders of
record as of February 21, 2012 will be entitled to vote on all matters
under consideration at the meeting, including the Private Placement.
About Aldridge Minerals Inc.
Aldridge is a publicly-traded junior exploration company focussed on
advancing its flagship Yenipazar polymetallic VMS deposit (Au, Ag, Cu,
Pb, Zn) in Turkey with a feasibility study, which is building on its
December 2010 Technical Report and Preliminary Economic Assessment. The
feasibility study is expected to be completed by the end of 2012. The
Yenipazar deposit is subject to an earn-in agreement with Alacer Gold
Corp., wherein Aldridge can earn a 100% working interest subject to
certain conditions, subject to a 6% net profit interest ("NPI",
revenues less operational costs) until revenues of US$165 million are
generated, and a 10% NPI from there on.
Aldridge also holds a 338 square kilometre exploration license in Papua
New Guinea known as
. The license area is prospective for
gold, silver and copper.
Additional information and corporate documents may be found on www.sedar.com and the Company's website, www.aldridgeminerals.ca.
About ANT Holding Anonim Sti
ANT was founded by Ahmet Taçyildiz in 2005 and is one of the leading
companies in Turkey. The ANT group of companies currently operate in
Finance, Energy, Services and, Commodities and International Trading.
The company has a strategic focus on growth and expansion in the coming
Caution Regarding Forward-Looking Information
This news release includes certain forward-looking statements within the
meaning of Canadian securities laws. Forward-looking statements involve
risks, uncertainties and other factors that could cause actual results,
performance, prospects and opportunities to differ materially from
those expressed in such forward-looking statements. Forward-looking
statements in this news release, include, but are not limited to, the
fact that completion of the Private Placement is subject to a number of
customary closing conditions, including receipt of the approval of
Aldridge's shareholders and approval of the Exchange, economic
performance, future plans and objectives of the Company and the other
factors discussed under the heading "Risk Factors" in the Company's
Management's Discussion and Analysis for the year ended November 30,
2011 and in other continuous disclosure filings made by the Company
with Canadian securities regulatory authorities and available at www.sedar.com. Any number of important factors could cause actual results to differ
materially from these forward-looking statements as well as future
results. Although Aldridge believes that the assumptions and factors
used in making the forward-looking statements are reasonable, undue
reliance should not be placed on these statements, which only apply as
of the date of this new release, and no assurance can be given that
such events will occur in the disclosed timeframes or at all. Aldridge
disclaims any intention or obligation to update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise.
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.