Aldridge Announces Results of Annual Shareholders Meeting and Provides a Corporate Update
TORONTO--(BUSINESS WIRE)--Aldridge Minerals Inc. (TSX-V: AGM) (“Aldridge” or the “Company”) is pleased to announce the results of its 2018 Annual and Special Meeting of Shareholders (the “Meeting”), held on June 26, 2018 in Toronto, Ontario. Shareholders holding a total of 52,375,273 common shares of the Company attended the Meeting in person or were represented by proxy, representing 37.29% of the 140,459,214 common shares of the Company outstanding as of the record date.
Election of Directors
The following seven persons were elected as directors of the Company until the next annual shareholders meeting of the Company, with the 52,105,191 vote results shown below:
|Director||Votes For||% For||Votes Withheld||% Withheld|
|Baran Umut Baycan||51,505,656||98.85%||599,535||1.15%|
|Hüseyin Talha Özkul||51,505,656||98.85%||599,535||1.15%|
Re-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 of the Company has been authorized to fix their remuneration.
Stock Option Plan
The amended and restated stock option plan of the Company was re-approved, subject to the review and acceptance of the TSX Venture Exchange.
The Company’s Independent Committee’s independent and disinterested directors continue to lead and facilitate the process to obtain and evaluate financing and other strategic alternatives to address the Company’s liquidity needs, including refinancing or extending its $40,000,000 credit facility with Banka Kombetare Tregtare sh.a. (“BKT”) which matures September 16, 2018. The Company estimates, that, without additional financing, its present cash position will likely be depleted by the maturity date of the BKT credit facility.
The Company does not currently have any source of capital other than potential equity financings and/or a strategic transaction and there can be no assurance that any such financing or transaction will be available, or that the Company will be successful in re-financing the indebtedness owing under, or extending the maturity date of, the BKT Credit Facility, on acceptable terms or at all. The Company’s obligations under the BKT Credit Facility are secured by conventional security, including a pledge of all of the shares of the Company’s subsidiary in Turkey that owns or has the right to use the land on which the Company’s Yenipazar Project is located and a mortgage of the subsidiary’s mining licenses for the Yenipazar Project.
Aldridge is a development-stage mining company focused on its wholly owned and permitted Yenipazar polymetallic VMS Project (Gold, Silver, Copper, Lead, Zinc) in Turkey. Aldridge completed the Yenipazar Optimization Study and filed the related NI 43-101 compliant technical report in May 2014, which updated the original May 2013 Feasibility Study. The Optimization Study demonstrated that the Yenipazar Project is highly robust with an after-tax NPV of US$330 million at a 7% discount rate and an after-tax IRR of approximately 32%. The Company is currently advancing the Yenipazar Project on key aspects including land acquisition and financing.
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. When used in this press release, words such as “proposed”, “may”, “would”, “could”, “will”, “expect”, “anticipate”, “estimate”, “believe”, “intend”, “plan”, and other similar expressions are intended to identify forward-looking statements. Such risks, uncertainties and factors, include, but are not limited to, the ability of the Company to raise additional debt or equity financing on acceptable terms or at all; the risk that the Company’s failure to raise additional capital will have a material adverse effect on the Company’s liquidity, capital resources, results of operations, assets, properties and prospects, its ability to obtain approval to convert 48,388 m2 of pasture land to treasury land and thereby providing access to the remaining 0.5% of the project land area, and its ability to otherwise advance the development of the project; the ability of the Company to pay its outstanding debts when due; economic performance; mineral prices; the 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 December 31, 2017 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.
Forward-looking information is based on a number of factors and assumptions which have been used to develop such information but which may prove to be incorrect, including, but not limited to, assumptions in connection with the continuance of Aldridge and its subsidiaries as a going concern, general economic, political and market conditions, mineral prices, and the accuracy of mineral resource estimates. 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 news release, and no assurance can be given that such events will occur in the disclosed time frames 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 unless required by law.
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 news release.