Aldridge Strengthens Board with the Appointment of Two New Directors
Aldridge Minerals Inc. (TSX-V: AGM) (“Aldridge” or the “Company”) today announced the appointment of Jeremy South and Gage Jull as independent directors to the Company’s board of directors (the “Board”).
“On behalf of the Board and senior management, I would like to welcome Jeremy and Gage to the Aldridge team,” said Han Ilhan, President & CEO. “Jeremy and Gage bring a wealth of mining and capital markets experience to Aldridge and we look forward to benefiting from their extensive industry knowledge as we advance the development of the Yenipazar Project.”
Mr. South is currently Managing Partner of a Canadian-based private equity group. He has over 30 years of experience in M&A, capital markets and private equity in Europe, North America and Australia, including senior positions in investment banking at Deutsche Bank, NatWest Markets and Deloitte. For 10 years ended December 2016, Mr. South was Global Leader, Mining M&A Advisory at Deloitte. He was also the Asia Pacific Leader M&A, Energy & Resources. Based in Beijing for four years, he has advised leading Asian trading houses and financial investors on mining M&A, financing and strategy, and he counted some of Asia’s largest companies as clients. Mr. South is a Chartered Accountant and he holds a Bachelor of Economics from Monash University (Aust).
Mr. Jull is a co-founder and Principal of Bordeaux Capital. He has over two decades of experience in corporate finance covering the oil and gas, fertilizer and agriculture, mining, technology and industrial sectors. Mr. Jull has acted as lead underwriter on numerous cross border equity and debt offerings involving assets around the world with capital sourced in Canada, the U.S. and the U.K. His experience in finding demand and leading financing transactions in several jurisdictions has been a key element in completing significant financings for his clients in Canada, the UK and the U.S. He has completed over 200 such financings and M&A transactions in the course of his career. Mr. Gage holds a B.Sc. degree from the University of Toronto, an MBA from the University of Western Ontario, and holds both P.Eng. and CFA designations.
Stock Option Grant
The Company has granted 200,000 stock options to each of Mr. South and Mr. Jull. The options are exercisable at a price of C$0.13 per common share and expire in 5 years. One quarter vest immediately upon grant and one quarter vest on each of the first, second, and third anniversaries. This grant of options is subject to acceptance by the TSX Venture Exchange.
About Aldridge
Aldridge is a development-stage mining company focused on its wholly owned and permitted Yenipazar polymetallic VMS Project (Gold, Silver, Copper, Lead, Zinc) in Turkey. Aldridge completed the Yenipazar Optimization Study and filed the related NI 43-101 compliant technical report in May 2014, which updated the original May 2013 Feasibility Study. The Optimization Study demonstrated that the Yenipazar Project is highly robust with an after-tax NPV of US$330 million at a 7% discount rate and an after-tax IRR of approximately 32%. The Company is currently advancing the Yenipazar Project on key aspects including land acquisition and financing.
Caution Regarding Forward-Looking Information
This news release includes certain forward-looking statements within the meaning of Canadian securities laws. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed in such forward-looking statements. When used in this press release, words such as “proposed”, “may”, “would”, “could”, “will”, “expect”, “anticipate”, “estimate”, “believe”, “intend”, “plan”, and other similar expressions are intended to identify forward-looking statements. Such risks, uncertainties and factors, include, but are not limited to, the ability of the Company to raise additional debt or equity financing on acceptable terms or at all; the risk that the Company’s failure to raise additional capital will have a material adverse effect on the Company’s liquidity, capital resources, results of operations, assets, properties and prospects, the ability of the Company to fund the purchase of the remaining land required to develop the Yenipazar Project, its ability to complete the land acquisition in 2017, and its ability to otherwise advance the development of the project; the ability of the Company to pay its outstanding debts when due; economic performance; mineral prices; the future plans and objectives of the Company; and the other factors discussed under the heading “Risk Factors” in the Company’s Management’s Discussion and Analysis for the year ended December 31, 2016 and in other continuous disclosure filings made by the Company with Canadian securities regulatory authorities and available at www.sedar.com. Any number of important factors could cause actual results to differ materially from these forward-looking statements as well as future results.
Forward-looking information is based on a number of factors and assumptions which have been used to develop such information but which may prove to be incorrect, including, but not limited to, assumptions in connection with the continuance of Aldridge and its subsidiaries as a going concern, general economic, political and market conditions, mineral prices, and the accuracy of mineral resource estimates. Although Aldridge believes that the assumptions and factors used in making the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Aldridge disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise unless required by law.
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 news release.
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