VANCOUVER, Sept. 23, 2016 /CNW/ - Alternative Earth
Resources Inc. ("AER") (TSX.V: AER) is pleased to provide an
update concerning matters related to the transaction (the
"Acquisition") whereby AER will acquire Black Sea Copper and
Gold Corporation ("BSCG"), as disclosed in the Company's
news release dated August 31,
2016.
The Company has received conditional acceptance for the
Acquisition from the TSX Venture Exchange (the "Exchange")
and is in the process of addressing various Exchange comments.
Management of AER do not anticipate any problems with resolving
these comments.
The Consolidation of 1.24 existing shares for one
post-Consolidation share, as described in the August 31, 2016 news release, has been approved
by the Exchange and will take effect immediately prior to closing
of the Financing and Acquisition. The name of the Company will be
changed to "Black Sea Copper & Gold Corp." concurrently with
the Consolidation.
The private placement Financing, as described in the
August 31, 2016 news release, is
proceeding and is expected to generate gross proceeds of
approximately $2,000,000, subject to
final Exchange acceptance. The Financing will close concurrently
with the Acquisition.
In all other respects, the terms of the Acquisition are as
disclosed in the August 31, 2016 news
release. Management of AER anticipate that the Financing and the
Acquisition will close on or about September
28, 2016.
Further information concerning the progress of the
Acquisition and the Financing will be disclosed
in due course. Take note that the Acquisition contemplated by the
Agreement is subject to numerous conditions, and there is no
certainty that it will be completed on the schedule, or in
accordance with the terms described in this News Release, or at
all. Accordingly, investors should use caution when trading in the
securities of AER.
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 Financing and closing of the 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.
