/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES/
TORONTO, March 28, 2012 /CNW/ - Aldridge Minerals Inc. (TSXV: AGM) ("Aldridge" or the "Company") is pleased to announce the results of its
Annual and Special Meeting of shareholders (the "Meeting") held
Aldridge is pleased to announce that the Company's shareholders have
voted overwhelmingly in favour of approving the investment by ANT
Holding Anonim Sti ("ANT") by which ANT will purchase 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") (see news
release dated February 27, 2012). Upon closing of the Private
Placement, ANT will hold approximately 30.1% of the Company's
outstanding Shares. The Company's Shareholder Rights Plan has been
waived in respect of this transaction and otherwise remains in effect.
Closing of the Private Placement is expected to occur shortly after
final approval of the Toronto Venture Exchange.
, President & CEO, commented, "I am delighted that 100% of
the votes cast by shareholders were in favour of the Private Placement
with ANT. The Private Placement is the first step in forming a strong
relationship with a strategic Turkish partner that will assist us in
developing the Yenipazar project in a timely fashion."
Election of Directors
The number of directors has been set at nine and includes the election
, Martin Oczlon,
, Ahmet Tacyildiz, and Hande
Appointment of Auditor
PricewaterhouseCoopers LLP, Chartered Accountants, has been re-appointed
as auditor of the Company for the ensuing year and the board of
directors has been authorized to fix their remuneration.
Investor Relations Agreements
The Company also announces that its agreements with Renmark Financial
Communications Inc. and Profinnotiv AG were terminated effective
December 31, 2011 and February 29, 2012 respectively.
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.
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 the
Toronto Venture 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.