AEX-V & LK-V Alpha Receives Securityholder Approval for Plan of Arrangement and Lakeland Receives Shareholder Approval for Consolidation
VANCOUVER, Sept. 15, 2015 /CNW/ - Alpha Exploration Inc. ("AEX") (TSX.V: AEX) and Lakeland Resources Inc. ("LK") (TSX-V: LK; FSE: 6LL; OTCQX: LRESF) are pleased to announce that their respective shareholders have approved key elements of a previously announced business combination transaction.The shareholders and warrantholders of AEX (collectively, the "AEX Securityholders") approved a plan of arrangement (the "AEX Arrangement") at a special meeting held today. A special resolution approving the AEX Arrangement was approved by: (i) 96.01% of the votes cast by AEX shareholders; and (ii) 97.0% of the votes cast by AEX Securityholders, voting together as a single class.
The LK shareholders approved a share consolidation, on the basis of three old shares for one share, (the "LK Consolidation") at a special meeting held today. A special resolution approving the LK Consolidation was approved by 95.76% of the votes cast by LK shareholders. The LK Consolidation as well as a name change to "ALX Uranium Corp." shall be completed immediately prior to the AEX Arrangement becoming effective.
The AEX Arrangement remains subject to final approval by both the TSX Venture Exchange ("Exchange"), and the British Columbia Supreme Court (the "Court"). The hearing for the final Court order approving the AEX Arrangement is scheduled to take place on September 22, 2015, and final Exchange acceptance is expected onSeptember 23, 2015. Assuming such approvals are obtained on these dates, completion of the LK Consolidation and AEX Arrangement will become effective prior to the opening of the market on September 25, 2015.
Additional information regarding the terms of the AEX Arrangement are set out in AEX's management information circular dated August 10, 2015, which is available under AEX's profile at www.sedar.com.
Additional information regarding the terms of the LK Consolidation are set out in LK's management information circular dated August 11, 2015, which is available under LK's profile at www.sedar.com.
About Lakeland Resources Inc.
Lakeland Resources Inc. is a uranium and mineral exploration company focused on the Athabasca Basin inSaskatchewan, Canada, home to some of the world's largest and richest high-grade uranium deposits. Lakeland is well funded to carry out its near term exploration programs.
About Alpha Exploration Inc.
Alpha is a mineral exploration company focused on uranium in the Athabasca Basin in northern Saskatchewan, Canada. Alpha is based in Vancouver and its common shares are listed on the TSX Venture Exchange under the symbol "AEX". Alpha is well-financed to actively explore a portfolio of early-stage properties. Technical reports are available on SEDAR ( www.sedar.com) for three of the Company's active properties. Alpha continually and proactively reviews opportunities for new properties, whether by staking, joint venture or acquisition.
On Behalf of the Board of Directors
LAKELAND RESOURCES INC.
"Jonathan Armes"
Jonathan Armes
President, CEO and Director
On Behalf of the Board of Directors
ALPHA EXPLORATION INC.
"Michael Gunning"
Dr. Michael Gunning
President, CEO and Director
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