SYDNEY, NS, Jan. 15 /CNW Telbec/ - Atlantic Industrial Minerals Incorporated (TSXV:ANL.V) ("AIM") announced today that in connection with its previously announced agreement to sell its common shares of Kelly Rock Limited to Municipal Capital Incorporated, AIM has received an updated estimate valuation report from Grant Thornton LLP with respect to the value of the common shares of its subsidiary Kelly Rock Limited confirming that the common shares were estimated to have nil value as of December 31, 2008.
The proposed transaction is subject to final regulatory and shareholder approval, including approval by a majority of the votes cast at the meeting excluding votes attached to common shares held by MCI, Mr. MacKenna and any affiliated or related parties of MCI or Mr. MacKenna. A meeting of shareholders to consider the transaction has been scheduled for January 15, 2009. Shareholders should refer to the management information circular to be distributed in connection with the shareholders meeting for additional information regarding the transaction.
AIM is a natural resource company based in Sydney, Nova Scotia, engaged in the production and sale of industrial minerals. The common shares of AIM are listed on the TSX Venture Exchange.
Commentary regarding forward looking statements:
This news release may contain forward-looking statements, including in connection with the transactions contemplated by the Agreement. Such statements involve known and unknown risks, uncertainties, and other factors outside management's control including, but not limited to, receipt of required approvals for the completion of the transactions contemplated in the Agreement, that could cause actual results to differ materially from those expressed in the forward-looking statements. AIM does not assume responsibility for the accuracy and completeness of the forward-looking statements and does not undertake any obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.
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.