VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 2, 2013) - ALPHA MINERALS INC. ("
Alpha" or the "
Company") (TSX VENTURE:AMW)(FRANKFURT:E2GA) is pleased to report that the previously announced plan of arrangement (the "
Arrangement") with Fission Uranium Corp. ("Fission"), as described in the joint news release dated November 28, 2013, has been approved by the Court of Queen's Bench of Alberta. On completion of the Arrangement, each Alpha shareholder will hold: (i) 5.725 common shares of Fission; and (ii) one-half of one common share of Alpha Exploration Inc. (an "
AEX Share").
The Arrangement is subject to final approval by the TSX Venture Exchange (the "TSX-V"). Completion of the Arrangement is expected to occur on December 6, 2013. The Alpha shares will commence trading on the TSX-V on an "ex-distribution" basis at the open of market on December 3, 2013, as of which date purchasers of Alpha shares will no longer have an attaching right to receive AEX Shares in accordance with the Arrangement. Upon completion of the Arrangement, all of shares of Alpha shall be owned by Fission, and Alpha shares will be de-listed from trading on the TSX-V.
Under the Arrangement, Alpha Exploration Inc. ("AEX") will be spun out and shall receive Alpha Minerals assets, other than its joint venture interest in the PLS property, and approximately $3,000,000 in cash. The current directors and officers of Alpha will substantially form the board and management of AEX, and will guide the exploration and development of the inherited portfolio of mineral properties located in Ontario (Mikwam), Saskatchewan (Hook, Cluff Lake-ACME, Cluff Lake-Logan, and Cluff Lake-Rio Tinto) and British Columbia (Donna), in conjunction with reviewing new opportunities under the normal course of business, whether by staking, acquisition or joint venture.
An application for listing of the AEX Shares on TSX-V has been filed, however listing is subject to final TSX-V acceptance.
Additional information regarding the terms of the Arrangement are set out in the Circular, which is available under Alpha's profile at www.sedar.com.