Midlands Minerals Corporation ("Midlands") and Alder Resources Ltd. ("Alder") issued a press release on May 28, 2015 announcing that Midlands proposes to acquire all of the outstanding shares of Alder pursuant to a statutory plan of arrangement under the Business Corporations Act (Ontario) (the "Arrangement").
In the press release, it was also announced that Midlands would hold a meeting of its shareholders on July 9, 2015 to, among other things, ask shareholders to approve an anticipated name change and a consolidation of its common shares on the basis of one post-consolidation common share for each 10 pre-consolidation shares held.
The annual and special meeting of shareholders of Midlands has now been adjourned from July 9, 2015 to 10:00 a.m. EST on July 20, 2015 (to be held at the same location as the originally scheduled Midlands shareholders' meeting). As a result of the adjournment, Midlands and Alder anticipate that the Arrangement will be completed on or about July 24, 2015.
About Alder Resources Ltd.
Alder is a resource company focused on the development of gold and base metal projects throughout the Americas. Alder's current high priority Cu-Au-Ag supergene, skarn and porphyry target is the Rosita project in Nicaragua located 275 kilometres northeast of Managua. Alder has current Inferred mineral stock pile resources of 7.95 million tonnes grading 0.62% Cu, 0.46 g/t Au and 9.21 g/t Ag with numerous zones that have reasonable near term potential to add to and enhance these resources. See the technical report entitled "Rosita Cu-Au-Ag Project, RAAN, Nicaragua, NI 43-101 Technical Report on Mineral Resource Estimate of Rosita Stockpiles" effective as of May 8, 2012, which is available under Alder's profile at www.sedar.com.
In August 2011, Alder entered into an option agreement to acquire a 65% interest in the Rosita D concession from Calibre Mining Corp. by issuing 1,000,000 shares and incurring expenditures of $4,000,000 over four years. To date Alder has incurred approximately $3.5 million of the $4.0 million obligation and has until October 2015 to incur the remaining project expenditures and issue the remaining shares.
For additional information, please visit Alder's website at www.alderresources.ca. Qualified Person Don Dudek, P. Geo., Alder's President and CEO and a qualified person as defined by NI 43-101, has reviewed and approved the scientific and technical content of this news release.
About Midlands Minerals Corporation
Midlands is a Canadian resource company with common shares that trade on the TSX Venture Exchange under the symbol "MEX". Additional information on Midlands can be viewed under Midland's profile at www.sedar.com or on Midlands' website: www.midlandsminerals.com.