VANCOUVER, Dec. 31, 2015 /CNW/ - Alternative Earth
Resources Inc. ("AER") (TSX.V: AER) announced that it has
received notice from Black Sea Copper & Gold Corp. ("Black
Sea") and the securityholders of Black Sea that the agreement
for AER to acquire Black Sea is terminated. As a result, the
$480,000 private placement for AER
that was related to the Black Sea transaction is also
terminated.
AER is seeking recovery of the $100,000 loan made to Black Sea and,
notwithstanding termination of the Black Sea transaction, will
continue with its appeal of the decisions of the British Columbia
Supreme Court in the legal proceedings commenced by Jaguar
Financial Corporation against AER and its directors. Refer to
various AER News Releases issued in December, 2015 for additional
details concerning the Black Sea transaction and the Jaguar court
proceedings.
AER will continue to investigate other mineral exploration
acquisition opportunities and has convened an annual general
meeting of shareholders to be held on February 26, 2016.
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 outcome of the legal
proceedings.
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.