Alexandria Minerals (AZX-V) Feb 25, '15 is pleased to report that the securityholders of Murgor Resources (MGR-V) voted yesterday at a Special Securityholders meeting held in Montreal, in favour of the acquisition of Murgor by Alexandria, a transaction previously announced on December 23, 2014.
Pursuant to the terms of the arrangement agreement (the "Arrangement Agreement"), Alexandria will acquire all of the outstanding common shares of Murgor (the "Murgor Shares") by way of a plan of arrangement under the Canada Business Corporations Act (the "Arrangement"). With shareholder approval, the transaction is to now be approved by the Superior Court of Québec, expected on February 25, 2015. The effective date of the Arrangement is expected to be March 10, 2015.
Eric Owens, President and CEO of Alexandria Minerals Corp., stated, "We are excited about the possibilities this transaction brings to Alexandria and to the shareholders of both companies, including the purchase price, effectively at $3.50 per ounce of gold equivalent, the significant increase in mineral resources under one roof, and near term growth potential of those resources."
One of the early goals with the newly acquired assets will be an updated resource estimate, compliant with National Instrument 43-101, for both the Hudvam and WIM Cu-Au-Zn-Ag deposits in northern Manitoba, as the resources estimated for those projects were last completed in 2008 at much lower metal prices.
The transaction is an all-share transaction, in which Alexandria will pay to Murgor shareholders 0.5 Alexandria share for each Murgor Share, representing a 50% premium over market price at the time of announcement. With more than 57 million shares voted, the transaction received 99.77% approval by Murgor securityholders at the meeting.
Summary of Transaction Benefits
Combination of the two companies each with significant mineral resources will lead to a substantial increase in mineral resources for the combined company The increase in resources resulting from the combination will occur at a substantially lower cost than equivalent exploration In addition to exploration properties in the well-known and prolific mining camps of Red Lake, Ontario, and Flin Flon- Snow Lake, Manitoba, larger combined strategic land packages will form in Matachewan, Ontario, Chibougamau, Québec and Val d'Or, Québec where both companies have land assets Management with a successful track record of capitalizing exploration projects as demonstrated by Alexandria's discovery and sale of the West Zone Au-Cu deposit (Alexandria Press Release January 13, 2014) Maintaining a Made-in-Canada approach, one of the world's safest and most reliable jurisdictionsFurther information about the Company is available on the Company's website, www.azx.ca, or our social media sites listed below:
Facebook: https://www.facebook.com/pages/Alexandria-Minerals-Corporation- AZXTSXV/186115074772628
Twitter: https://twitter.com/azxmineralscorp
YouTube: http://www.youtube.com/AlexandriaMinerals
Flickr: http://www.flickr.com/alexandriaminerals/
About Alexandria Minerals Corporation
Alexandria Minerals Corporation is a Toronto-based junior gold exploration and development company with one of the largest portfolio of properties along the prolific, gold-producing Cadillac Break in Val d'Or, Quebec. Its gold resources are distributed between three projects on its Cadillac Break Property package, at Akasaba, Sleepy, and Orenada, the details of which can be found on the Company's website at www.azx.ca. Agnico-Eagle Mines Ltd., with four producing gold mines in the region, owns roughly 8% of the Company.
Alexandria Minerals Corporation
Eric Owens, PGeo
President/CEO
416-363-9372
Alexandria Minerals Corporation
Mary Vorvis
Vice-President Corporate Development & Investor Relations
(416) 305-4999
info@azx.ca
www.azx.ca |
