Alpha Minerals Receives Court Approval Plan of Arrangement, Including the Spin-Out of Alpha Exploration Inc.
03 December 2013 - 6:58AM
Marketwired
Alpha Minerals Receives Court Approval Plan of Arrangement,
Including the Spin-Out of Alpha Exploration Inc.
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 2, 2013) - ALPHA
MINERALS INC. ("Alpha" or the "Company")
(TSX-VENTURE:AMW)(FRANKFURT:E2GA) is pleased to report that the
previously announced plan of arrangement (the "Arrangement") with
Fission Uranium Corp. ("Fission"), as described in the joint news
release dated November 28, 2013, has been approved by the Court of
Queen's Bench of Alberta. On completion of the Arrangement, each
Alpha shareholder will hold: (i) 5.725 common shares of Fission;
and (ii) one-half of one common share of Alpha Exploration Inc. (an
"AEX Share").
The Arrangement is subject to final approval by the TSX Venture
Exchange (the "TSX-V"). Completion of the Arrangement is expected
to occur on December 6, 2013. The Alpha shares will commence
trading on the TSX-V on an "ex-distribution" basis at the open of
market on December 3, 2013, as of which date purchasers of Alpha
shares will no longer have an attaching right to receive AEX Shares
in accordance with the Arrangement. Upon completion of the
Arrangement, all of shares of Alpha shall be owned by Fission, and
Alpha shares will be de-listed from trading on the TSX-V.
Under the Arrangement, Alpha Exploration Inc. ("AEX") will be
spun out and shall receive Alpha Minerals assets, other than its
joint venture interest in the PLS property, and approximately
$3,000,000 in cash. The current directors and officers of Alpha
will substantially form the board and management of AEX, and will
guide the exploration and development of the inherited portfolio of
mineral properties located in Ontario (Mikwam), Saskatchewan (Hook,
Cluff Lake-ACME, Cluff Lake-Logan, and Cluff Lake-Rio Tinto) and
British Columbia (Donna), in conjunction with reviewing new
opportunities under the normal course of business, whether by
staking, acquisition or joint venture.
An application for listing of the AEX Shares on TSX-V has been
filed, however listing is subject to final TSX-V acceptance.
Additional information regarding the terms of the Arrangement
are set out in the Circular, which is available under Alpha's
profile at www.sedar.com.
About Alpha Minerals Inc.
Alpha Minerals Inc. is a mineral exploration company whose
principal focus is the exploration and development of uranium
properties in Athabasca Basin in northern Saskatchewan, Canada.
Common Shares are listed on the TSX Venture Exchange under the
symbol "AMW".
Additional information about Alpha is available on Alpha's
website at www.alphaminerals.ca or under its profile on SEDAR at
www.sedar.com.
On behalf of the Board of Directors of Alpha Minerals Inc.
Ben Ainsworth, President, CEO and Director
Neither 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.
Cautionary Statement: Certain information contained in this
press release constitutes "forward-looking information", within the
meaning of Canadian legislation concerning the completion of the
Arrangement. Generally, these forward-looking statements can be
identified by the use of forward-looking terminology such as
"plans", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words
and phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur", "be
achieved" or "has the potential to". Forward looking statements
contained in this press release may include statements regarding
our ability to complete the Arrangement and listing of Fission
Spinco Shares which involve known and unknown risks and
uncertainties which may not prove to be accurate. In particular,
this press release includes forward-looking information relating to
the anticipated dates with respect to the "due bill" procedure.
Actual results and outcomes may differ materially from what is
expressed or forecasted in these forward-looking statements. Such
statements are qualified in their entirety by the inherent risks
and uncertainties surrounding future expectations. Among those
factors which could cause actual results to differ materially are
the following: uncertainties as to the timing of the Arrangement
and satisfaction of the conditions thereto, market conditions and
other risk factors listed from time to time in our reports filed
with Canadian securities regulators on SEDAR at www.sedar.com. The
forward-looking statements included in this press release are made
as of the date of this press release and the Company disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as expressly required by applicable securities
legislation.
Alpha Minerals Inc.Robert (Bob) Meister(604) 629-0293 or Toll
Free: 1-866-629-8368(604) 684-9365www.alphaminerals.ca
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