ALDRIDGE MINERALS INC. ANNOUNCES
RESULTS OF ANNUAL GENERAL MEETING AND GRANTS OPTIONS
TORONTO,
June 16, 2011 /CNW/ - Aldridge
Minerals Inc. (TSX Venture: AGM) ("Aldridge" or the
"Company") is pleased to announce the results of its Annual General
Meeting (the "Meeting") held yesterday. Jacob Willoughby,
President & Director, commented, "I would
like to thank our shareholders for their continued support, our board of
directors for their guidance over the past year, and our employees for their
dedication to Aldridge. We are all committed to creating value for shareholders
and intend to do so as the Company advances to feasibility at the Yenipazar deposit in Turkey
and as we continue to explore our extensive land position in Papua
New Guinea."
Election
of Directors
The
number of directors has been set at seven and includes the election of Jean-Pierre
Colin, Martin Oczlon, Jacob
Willoughby, Daniella Dimitrov, Barry Hildred,
John Cook and Ed Guimaraes.
At the Meeting, Mark Monaghan did not stand for re-election
and was thanked by Jean-Pierre Colin, Chairman, for all his great
accomplishments at Aldridge over the term of his tenure and his support.
Appointment of Auditor
PricewaterhouseCoopers
LLP, Chartered Accountants, has been re-appointed as auditor of the
Company for the ensuing year and the board of directors has been authorized to
fix their remuneration.
Amendments
to the Stock Option Plan
The
Amended and Restated Stock Option Plan (the "Option Plan") attached
as Schedule "E" to the Information Circular of the Company dated May
18, 2011 (the "Circular") has been approved. The purpose of
this Option Plan is to promote the interests of the Company, which is achieved
by providing certain directors, officers, employees and consultants of the
Company with greater incentive to further develop and promote the business and
financial success of the Company.
Shareholder
Rights Plan
The
Company's shareholder rights plan (the "SRP"), which was approved by
the board of directors on April 28, 2011, was ratified at the
Meeting. The SRP became effective on May 11, 2011. The SRP is
designed to provide the shareholders of the Company and the board of directors additional time to assess an unsolicited take-over
bid for the Company and, where appropriate, to give the board of directors
additional time to pursue alternatives for maximizing shareholder value.
Grant
of Options
Aldridge
announced today that the Company has granted a total of 400,000 options to two
new directors of the Company. All options are exercisable at a price of $1.25 per
common share, which reflects the closing price of Aldridge shares on June
15, 2011. One quarter of the options vest immediately, one quarter on
the first anniversary, one quarter on the second anniversary and the balance on
the third anniversary. They expire in 5 years. This grant of options is subject
to acceptance by the TSX Venture Exchange.
About Aldridge
Minerals Inc.
Aldridge
is focused on mineral opportunities in Turkey
where the Company is advancing to feasibility on an ambitious development
program at its flagship Yenipazar polymetallic
VMS deposit. Aldridge also holds a 338 square kilometre exploration license in Papua
New Guinea where a systematic exploration program is underway
The Yenipazar deposit is subject to an earn-in agreement with Alacer Gold Corp., wherein Aldridge can earn a
100% working interest subject to certain conditions, subject to a 6 % net
proceeds interest ("NPI", revenues less operational costs) until
revenues of US$ 165 million are generated, and a 10 % NPI
from there on.
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.
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. Forward-looking statements in this news release,
include, but are not limited to, economic performance and future plans and
objectives of the Company. Any number of important factors could cause actual
results to differ materially from these forward-looking statements as well as
future results. 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 timeframes 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.