VAL D'OR, QUEBEC--(Marketwired - May 26, 2015) - Active Growth Capital Inc. (TSX VENTURE:ACK) ("ACK" or the "Corporation") today announced that it will not proceed with the proposed business combination (the " Business Combination") with Alliance Magnesium Inc., which was the subject of a letter of intent (the "Letter of Intent") that was previously announced on March 23, 2015. The Letter of Intent expired and, in the light of current market conditions, has not been further extended.
"Although ACK's management is disappointed to have let go of such a promising opportunity, we will now focus on our Portage Magnesium/Dolomite project, strategic alliances and acquisition of projects in this sector where demand is growing," said Marc Labrecque, the Corporation's President and CEO.
ACK will continue to update shareholders on the progress of future corporate news, financings, and project developments.
Trading of ACK's common shares had been halted by the TSX Venture Exchange ("TSXV") since the announcement of the proposed Business Combination and is expected to resume on or about May 28, 2015.
About Active Growth Capital
Active Growth is a TSXV listed junior mineral exploration issuer whose long-term objective is to build a diversified company focused on the acquisition, exploration and development of mineral properties. Additional information about the Corporation is available at www.activegrowthcapital.com and on SEDAR at www.sedar.com.
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 of this release.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements relating to the Corporation, including statements regarding the resumption of trading of the common shares and other statements that are not historical facts. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These assumptions, risks and uncertainties include, among other things: the state of the economy in general, and capital markets in particular, investor interest in the business and future prospects of ACK.
The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by applicable securities law, ACK disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, ACK undertakes no obligation to comment on the expectations of, or statements made, by third parties in respect of the matters discussed above.