Aldridge Minerals announces
shareholder approval of the ANT Holdings Private Placement and the results of
its Annual and Special Meeting
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 yesterday.
Private Placement
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.
Mario Caron,
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 of Mario
Caron, John Cook, Daniella
Dimitrov, Ed Guimaraes,
Barry Hildred, Martin Oczlon, Meric Oktar, Ahmet Tacyildiz, and Hande Tacyildiz.
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 Kili Teke. 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.