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Mining announces Completes Acquisition of Alexandria Minerals

Mining News - Published on Mon, 05 Aug 2019

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Mining Inc and Alexandria Minerals Corporation announced the successful completion of their previously-announced business combination, pursuant to which 03 Mining acquired Alexandria by way of a court-approved plan of arrangement under the Canada Business Corporations Act. Alexandria is now a wholly-owned subsidiary of 03 Mining. Under the Arrangement, holders of common shares of Alexandria are entitled to receive 0.018041 of a common share of 03 Mining in exchange for each Alexandria Share held immediately prior to the effective time of the Arrangement. An aggregate of 9,557,956 common shares of 03 Mining are expected to be issued to former shareholders of Alexandria.

Further, under the Arrangement, holders of options and warrants to acquire Alexandria Shares outstanding immediately prior to the effective time of the Arrangement received replacement options and warrants, as the case may be, entitling the holders thereof to acquire common shares of 03 Mining, as adjusted based on the same exchange ratio of 0.018041. An aggregate of approximately 1,627,709 common shares of 03 Mining have been reserved for issuance upon exercises of options and warrants held by such former holders of options and warrants, as the case may be, of Alexandria.

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Posted By : Sanju Moirangthem on Mon, 05 Aug 2019
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