TORONTO, Feb. 13, 2018 /CNW/ - Eric Owens today
released the following letter to shareholders of Alexandria
Minerals Corporation (Alexandria or the Company) (TSX-V:
AZX; OTCQB: ALXDF; Frankfurt: A9D):
"Fellow Alexandria Shareholders:
Today, the board of directors of Alexandria (the Board) took the drastic
step of terminating me in response to my call for change at the
Company. For now, I may no longer be your CEO, but I will always be
your advocate. In the days and months to come, I will devote all my
energy to ensuring that a shareholder-focused Board is
installed.
Over the past months, I believe that a majority of the Board has
followed a path that disregards the best interests of Alexandria's shareholders. Under the guise of
"examining strategic alternatives," the Board's Special Committee
continues to examine misguided options for the Company.
Management has continually rejected these options, because I
believe they risk seriously under-valuing the Company—management
has made clear that the Special Committee's proposals are
unexecutable and unfair to shareholders.
As the process continues, I increasingly believe that the
Special Committee's pursuits—and its haste to explore strategic
alternatives before the release of the upcoming new resource
estimate and its potential impact on the value of Alexandria's assets—are not in the
best interests of the Company.
The Special Committee stated that their process promised a
"variety of outcomes or no outcome." I, however, propose a
clear path forward for Alexandria. First, I propose to bring
in the capital the Board had already budgeted last year, at as
accretive a level as possible. With the Board's knowledge, I was
putting together a financing (with hard-dollar and flow-through
portions) expected to raise over $20
million. Much of that money sits in trust, awaiting the
Board's approval to close the financing.
Second, I propose that the Company complete and release
Alexandria's upcoming NI 43-101
report, which will demonstrate the value of our Company's
assets.
Third—and only after the NI 43-101 report is released—I propose
to look for partners and M&A opportunities. But I will pursue
only options that are in the best interests of shareholders and
properly value the Company that I as co-founder and CEO, and we as
shareholders, have built.
I plan to spend the coming days and months continuing my fight
to ensure that a shareholder-focused Board is installed. Thank you
for your support. I look forward to getting the job done
together."
SOURCE Concerned Shareholders of Alexandria Minerals
Corporation