TORONTO, Aug. 01, 2019 (GLOBE NEWSWIRE) -- O3 Mining Inc. (TSXV:OIII) (the "Corporation") announces that it has filed an early warning report in respect of its holdings in Alexandria Minerals Corporation ("Alexandria"). Earlier today, pursuant to a statutory plan of arrangement under the provisions of Section 192 of the Canada Business Corporations Act (the "Arrangement"), the Corporation acquired all of the outstanding shares of Alexandria ("Alexandria Shares") in exchange for 9,557,956 common shares of the Corporation.
As a result of the Arrangement, the Corporation now beneficially owns or controls, 529,790,966 Alexandria Shares, representing all of the issued and outstanding Alexandria Shares. The Corporation did not own or control, directly or indirectly, any shares in Alexandria prior to the Arrangement.
Pursuant to the Arrangement, holders of Alexandria Shares are entitled to receive 0.018041 of a common share of the Corporation in exchange for each Alexandria Share held immediately prior to the effective time of the Arrangement, representing an aggregate of 9,557,956 common shares of the Corporation.
Following the Arrangement, Alexandria is now a wholly-owned subsidiary of the Corporation. The Corporation will cause (i) the Alexandria Shares to be delisted from the TSX Venture Exchange, and (ii) Alexandria to submit an application to the securities regulators to cease to be a reporting issuer and to terminate its public reporting obligations.
This news release is being issued in accordance with National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of an early warning report dated August 1, 2019. The early warning report respecting this transaction has been filed on SEDAR (www.sedar.com) under Alexandria's issuer profile. To obtain a copy of the early warning report filed by the Corporation, please contact José Vizquerra Benavides at (416) 363-8653 or refer to SEDAR (www.sedar.com) under Alexandria's issuer profile.
For further information on the Corporation please contact:
José Vizquerra Benavides
President, Chief Executive Officer & Director
Telephone: (416) 363-8653
The Corporation's head office is located at 155 University Avenue, Suite 1440, Toronto, Ontario, Canada, M5H 3B7.