VANCOUVER, Jan. 7,
2016 /CNW/ - Alternative Earth Resources Inc. ("AER")
(TSX.V: AER) announced that on January
6, 2016, Jaguar Financial Corporation ("Jaguar")
filed a second petition in the British Columbia Supreme Court (the
"Court"), commencing new legal proceedings against AER and
its directors (the "Second Petition"). Further, Jaguar has
obtained an order for short notice from the Court that the matters
raised in the Second Petition shall be heard by the Court on
January 15, 2016.
The Second Petition alleges that various conduct
since December 10, 2015, was
oppressive or unfairly prejudicial to Jaguar, and seeks orders
restricting AER's conduct in advance of the upcoming Annual General
Meeting of shareholders (the "AGM") and relating to holding
of the AGM itself. In AER's view, the Second Petition contains
numerous false and misleading allegations against the AER directors
(the "Board"), and seeks various orders all of which are
intended to restrict the ability of the Board to effectively
respond to an attempt by Jaguar to obtain control of the Board at
the upcoming AGM. AER shall vigorously oppose the relief sought by
Jaguar in the Second Petition.
AER also reported that the $100,000 loan that was made to Black Sea Copper
& Gold Corp. ("Black Sea") in connection with the
agreement (now terminated) for AER to acquire Black Sea has been
repaid in full.
Forward Looking Statements: This news release
contains forward looking statements that are subject to a number of
known and unknown risks, uncertainties and other factors that may
cause actual results to differ materially from those anticipated in
our forward looking statements. Forward-looking statements in this
release include statements regarding the outcome of the legal
proceedings.
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.
SOURCE Alternative Earth Resources Inc.