VANCOUVER, Dec. 11, 2015 /CNW/ - Alternative Earth
Resources Inc. ("AER") (TSX.V: AER) announced that the Supreme
Court of British Columbia (the
"Court") has rendered its decision with respect to legal
proceedings commenced by Jaguar Financial Corp. ("Jaguar")
against AER and its directors in connection with the proposed
acquisition by AER of Black Sea Copper & Gold Corp.
("BSCG"). In a verbal decision rendered on December 10, 2015, the Court ruled, among other
things, that AER cannot complete the acquisition of BSCG until the
transaction has been approved by the shareholders of AER at a
special meeting of the shareholders. The Court will hear further
submissions concerning a recent loan made by AER to BSCG. Refer to
the AER News Releases dated November 26,
2015, and December 3, 2015 for
additional details.
Management of AER and BSCG shall meet to consider the
consequences of the decision of the Court, including a potential
appeal, and whether the proposed BSCG transaction, which will
expire on December 18, 2015, will be
allowed to terminate.
Forward Looking Statements: This news release contains
forward looking statements that are subject to a number of known
and unknown risks, uncertainties and other factors that may cause
actual results to differ materially from those anticipated in our
forward looking statements. Forward-looking statements in this
release include statements regarding the timing and completion of
the private placement, the execution of the definitive agreement
and closing of the BSCG acquisition. Factors that could cause such
differences include: the financing and the acquisition may not be
completed for any reason whatsoever, including that the regulators
may not approve them, changes in world commodity markets, equity
markets, costs and supply of materials relevant to the mining
industry, change in government and changes to regulations affecting
the mining industry. In addition to other factors and assumptions
which may be identified in this press release, assumptions have
been made regarding and are implicit in, among other things, the
timely receipt of any required regulatory approvals. Although we
believe the expectations reflected in our forward looking
statements are reasonable, results may vary, and we cannot
guarantee future results, levels of activity, performance or
achievements.
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.
SOURCE Alternative Earth Resources Inc.