VANCOUVER, Sept. 15, 2015 /CNW/ - Alpha Exploration Inc.
("AEX") (TSX.V: AEX) and Lakeland Resources Inc. ("LK") (TSX-V: LK;
FSE: 6LL; OTCQX: LRESF) are pleased to announce that their
respective shareholders have approved key elements of a previously
announced business combination transaction.
The shareholders and warrantholders of AEX (collectively, the
"AEX Securityholders") approved a plan of arrangement (the "AEX
Arrangement") at a special meeting held today. A special resolution
approving the AEX Arrangement was approved by: (i) 96.01% of the
votes cast by AEX shareholders; and (ii) 97.0% of the votes cast by
AEX Securityholders, voting together as a single class.
The LK shareholders approved a share consolidation, on the basis
of three old shares for one share, (the "LK Consolidation") at a
special meeting held today. A special resolution approving
the LK Consolidation was approved by 95.76% of the votes cast by LK
shareholders. The LK Consolidation as well as a name change
to "ALX Uranium Corp." shall be completed immediately prior to the
AEX Arrangement becoming effective.
The AEX Arrangement remains subject to final approval by both
the TSX Venture Exchange ("Exchange"), and the British Columbia
Supreme Court (the "Court"). The hearing for the final Court
order approving the AEX Arrangement is scheduled to take place on
September 22, 2015, and final
Exchange acceptance is expected on September
23, 2015. Assuming such approvals are obtained on these
dates, completion of the LK Consolidation and AEX Arrangement will
become effective prior to the opening of the market on September 25, 2015.
Additional information regarding the terms of the AEX
Arrangement are set out in AEX's management information circular
dated August 10, 2015, which is
available under AEX's profile at www.sedar.com.
Additional information regarding the terms of the LK
Consolidation are set out in LK's management information circular
dated August 11, 2015, which is
available under LK'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 final Court
order and 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.