Alpha Exploration Inc. Receives Final Approvals for Plan of Arrangement and sets Effective Date
24.09.2015 | CNW
VANCOUVER, Sept. 23, 2015 - Alpha Exploration Inc. ("AEX") (TSX.V: AEX) and Lakeland Resources Inc. ("LK") (TSX-V: LK; FSE: 6LL; OTCQX: LRESF) are pleased to report that the previously announced plan of arrangement (the "Arrangement"), as described in the joint news releases dated July 22, 2015 and September 15, 2015, has received final approval from both the British Columbia Supreme Court, and the TSX Venture Exchange (the "Exchange"). Immediately prior to the effective time of the Arrangement, the common shares of LK shall be consolidated on a three (3) old for one (1) new basis, and the name of LK shall be changed to "ALX Uranium Corp." ("AL").
Trading in the AEX shares on the Exchange will be halted at the close of market on September 24, 2015, pending completion of the Arrangement, which shall be effective at 1:01 am on September 25, 2015. Upon completion of the Arrangement, shareholders of AEX shall receive 0.5 of an AL share for each AEX share, and AEX warrant holders shall receive 0.5 of an AL share upon exercise of their warrants.
As a result of this transaction, AEX shall become a wholly-owned subsidiary of AL, and the AEX shares shall be de-listed from trading on the Exchange. The common shares of ALX Uranium Corp. will commence trading on the Exchange on September 25, 2015, under the trading symbol "AL".
Additional information regarding the terms of the Arrangement are set out in the Circular, which is available under AEX's profile at www.sedar.com.
About Lakeland Resources Inc.
Lakeland Resources Inc. is a uranium and mineral exploration company focused on the Athabasca Basin in Saskatchewan, Canada, home to some of the world's largest and richest high-grade uranium deposits. Lakeland is well funded to carry out its near term exploration programs.
About Alpha Exploration Inc.
Alpha is a mineral exploration company focused on uranium in the Athabasca Basin in northern Saskatchewan, Canada. Alpha is based in Vancouver and its common shares are listed on the TSX Venture Exchange under the symbol "AEX". Alpha is well-financed to actively explore a portfolio of early-stage properties. Technical reports are available on SEDAR (www.sedar.com) for three of the Company's active properties. Alpha continually and proactively reviews opportunities for new properties, whether by staking, joint venture or acquisition.
On Behalf of the Board of Directors LAKELAND RESOURCES INC.
"Jonathan Armes"
Jonathan Armes, President, CEO and Director
On Behalf of the Board of Directors ALPHA EXPLORATION INC.
"Michael Gunning"
Dr. Michael Gunning, President, CEO and Director
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 of the effective date of the LK Consolidation and AEX Arrangement. Factors that could cause such differences include: the LK Consolidation and AEX Arrangement may not be completed for any reason whatsoever, including that the court and/or regulators may not approve them, the 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 (including court 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 Lakeland Resources Inc.
Contact
please visit the corporate website at www.lakelandresources.com or contact
Roger Leschuk, Corporate Communications at
Ph: 604.681.1568 or
TF: 1.877.377.6222 or
email: roger@lakelandresources.com
