TSXV: NEM
URUMQI, XINJIANG, PEOPLE'S REPUBLIC OF
CHINA, March 23, 2016 /CNW/
- New Era Minerals Inc. (the "Company") provides an
update with respect to the proposed sale to Lin Guang Ju, a director of the Company, of
5,250,000 common shares of the Company at a price of $0.20, which is the first tranche of a larger
sale of 10,500,000 common shares to Mr. Lin (the "Private
Placement").
The first tranche of the Private Placement is to close
concurrently with the completion of the share purchase transaction
announced in the Company's news release of November 27, 2015 (the "Share Purchase"),
between Mr. Lin and Cheng Kam On,
the controlling shareholder and former Chairman of the Company,
pursuant to which Mr. Lin is to acquire beneficial ownership of
51,333,333 common shares of the Company. The TSX Venture Exchange
has approved the change of control of the Company and disinterested
shareholders have also approved of the change of control and the
Private Placement by way of an ordinary resolution passed at the
Annual General Meeting held on February 9, 2016.
The Company is actively facilitating the closing of the Share
Purchase and expects to close the first tranche of the Private
Placement at the same time.
On behalf of the Board of Directors of
NEW ERA MINERALS INC.
Sun Tian Xiang
Chief Executive Officer
Neither 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.
Forward-looking Information
This news release includes certain statements that may be deemed
to be "forward-looking information" within the meaning of
applicable Canadian securities legislation that are based on the
belief of management and reflect the Company's current
expectation. All statements in this release, other than the
statements of historical facts, that address events or developments
that the Company expects to occur, are forward-looking
information. Forward-looking information are generally, but
not always, identified by the words "expects", "plans", "could" or
"should" occur.
Forward-looking information in this news release includes,
without limitation, all statements regarding the completion of the
Share Purchase, the Private Placement and the change of
control. By its nature, forward-looking information involve
known and unknown risks, uncertainties and other factors which may
cause our actual results, performance or achievements, or other
future events, to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking information. Such factors include, among other
things, the timeliness of receipt of regulatory approval to the
Private Placement, the Share Purchase and the change of control;
fluctuations in the Canadian dollar-Renminbi exchange rate; and
those factors disclosed in the Company's publicly filed
documents. Forward-looking information is also based on a
number of assumptions, including, but not limited to, that the
conditions in the agreement relating to the Share Purchase will be
satisfied and that all required shareholder, stock exchange and
other regulatory approvals to the Private Placement, the Share
Purchase and the change of control will be obtained.
Although the Company believes that the expectations expressed in
such forward-looking information are based on reasonable
assumptions, such forward-looking information are not guarantees of
future performance and actual results may differ materially from
those in forward-looking information. The forward-looking
information in this news release is provided as of the date of this
news release, and Company disclaims any intention or obligation to
update or revise such forward-looking information, except as
required by applicable law. Accordingly, readers should not place
undue reliance on forward-looking information.
SOURCE New Era Minerals Inc.