VANCOUVER, Dec. 7, 2015 /CNW/ - Alternative Earth
Resources Inc. ("AER") (TSX.V: AER) announced that a hearing
before the Supreme Court of British
Columbia (the "Court") with respect to legal
proceedings commenced by Jaguar Financial Corp. ("Jaguar")
against AER and its directors in connection with the proposed
acquisition by AER of Black Sea Copper & Gold Corp.
("BSCG") was held on December 4,
2015. The hearing was not completed within the time
allotted, therefore the hearing has been adjourned until
Thursday December 10, 2015. The Court
ruled that AER cannot complete the acquisition of BSCG until the
hearing is completed. Refer to the AER News Releases dated
November 26, 2015, and December 3, 2015 for additional details.
An NI 43-101 technical report on the Alankoy Project is being
reviewed by the TSX Venture Exchange (the "Exchange") and
AER is proceeding with arrangements to complete the acquisition of
BSCG, and the related private placement, on December 18, 2015, subject to the outcome of the
Jaguar Court proceedings and receipt of final Exchange
acceptance.
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 private placement, the execution of the definitive agreement,
closing of the BSCG acquisition, and the outcome of the Court
proceedings. Factors that could cause such differences include: an
order issued by the Court; 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.