Alexander Nubia International Inc. Announces Results of Annual and Special Meeting of Shareholders; A. Alexander Massoud to File Early Warning Report
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FOR IMMEDIATE RELEASE
ALEXANDER NUBIA INTERNATIONAL INC. ANNOUNCES RESULTS OF ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS;
A. ALEXANDER MASSOUD TO FILE EARLY WARNING REPORT
AUGUST 14, 2015 – Vancouver, British Columbia – Alexander Nubia International Inc. (the "Company" or “Alexander Nubia”) (TSX-V: AAN) is pleased to announce the voting results from its annual and special meeting of shareholders held on July 31, 2015 (the “Meeting”).
At the Meeting, the shareholders of the Company voted in favour of resolutions:
(i) Electing as directors of the Company:
1. A. Alexander Massoud - 99.99% in favour;
2. Mark Campbell – 97.99% in favour;
3. Giles Baynham – 89.38% in favour; and
4. Bill Koutsouras – 96.02% in favour.
(ii) Approving the re-appointment of Davidson & Company LLP, Chartered Accountants, as the auditors of the Company – 100% in favour.
(iii) Approving the Company’s rolling stock option plan – 100% in favour.
(iv) Approving an advance notice by-law – 100% in favour.
(v) Approving a change in the Company’s registered office, from Ontario to British Columbia – 99.99% in favour.
In addition, disinterested shareholders also voted in favour of resolutions:
(i) Approving the issuance of common shares of the Company to a certain non-arm’s length creditor of the Company in exchange for the settlement and cancellation of certain debts as set out in more detail below – 99.91% in favour.
(ii) Approving a mechanism by which the Company is authorized to compensate its directors, officers, employees and consultants (each, a “Consultant”) in cash or a combination of cash and common shares, provided that the number of common shares issued to a Consultant will not exceed 50% of the base salary, director fees or consulting fees, as applicable, payable to the Consultant in any given year – 100% in favour.
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At the Meeting, the Company obtained disinterested shareholder approval to issue to the Company's President and Chief Executive Officer, A. Alexander Massoud, an aggregate of 2,260,000 common shares in the Company at a deemed price of $0.125 per share to settle outstanding debts in the aggregate amount of $282,500, representing unpaid management fees in excess of $2,500 per month accrued over a period of 27 months. This acquisition by Mr. Massoud represents 5.12% of the Company’s current issued and outstanding common shares and an approximate 29.16% increase to Mr. Massoud’s ownership of Alexander Nubia. Prior to this transaction, Mr. Massoud owned and controlled an aggregate of 5,490,666 common shares and 350,378 stock options of the Company. Mr. Massoud now owns and controls 7,750,666 common shares, representing, in aggregate, prior to the exercise of any stock options held by Mr. Massoud, approximately 17.56% of the issued and outstanding common shares of the Company. On a partially diluted basis after the exercise of all of the stock options held by Mr. Massoud only, he would own and control approximately 18.21% of the share capital of Alexander Nubia.
All securities issued to Mr. Massoud are subject to a four month hold period expiring on December 15, 2015.
The acquisition was made in connection with the settlement of debts in the aggregate amount of $282,500 relating to compensation amounts deferred by Mr. Massoud over the past 27 months, and owing to Mr. Massoud by the Company. Mr. Massoud could increase or decrease his investment in Alexander Nubia depending on market conditions or any other relevant factors.
For details regarding the above-noted matters, please refer to the Company’s management information circular dated June 26, 2015, which is filed under the Company’s profile on SEDAR at www.sedar.com.
This press release is issued pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which also requires a report to be filed with regulatory authorities in each of the jurisdictions in which Alexander Nubia is a reporting issuer containing information with respect to the foregoing matters (the "Early Warning Report").
About Alexander Nubia International Inc.:
Alexander Nubia (TSX-V: AAN) is in the business of exploring for and development of economic gold and copper deposits in the Central Eastern Desert of the ANS. The Company’s 100%-owned concessions, Abu Marawat and Fatiri, between them cover 2,772 km2 of underexplored ground. Evidence of gold and copper mining on the concessions dates the many surface workings to pre-historic (Copper Age) and Old Kingdom (Pharaonic) age, through Ptolemaic and Roman and into Early Arab times. Several historic gold mines and numerous gold showings and gossans occur within the two concessions.
The Eastern Desert is host to a number of historically-significant gold mines. The world’s oldest gold mine map for Wadi Hamad, the Turin Papyrus Map, was prepared for Ramesses IV; it dates to 1,160 BC and describes the wadi (dry river bed) routes to these important gold mine sites. The Sukari gold mine, controlled by Centamin [TSX: CEE] was a historical gold mine, dating back to New Kingdom/Ptolemaic and Roman age. (Source: Klemm and Klemm (2013): Gold and Gold Mining in Ancient Egypt and Nubia, Springer-Verlag, 649 pp) Sukari, located 300 km to the South of Abu Marawat Concession, contains 7.7
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Moz of proven and probable gold reserves at 1.05 g/t Au. Gold production began at Sukari in 2009; forecasted production for 2015 is 420,000 ounces of gold at a cash cost of $700 per ounce. Gold recovery is 88% and head grade is 1.40 g/t Au. Gold mineralization at Sukari has been intersected to depths of 1,350 m below the wadi surface (source: Centamin website).
Abu Marawat and the Fatiri concessions are underlain by a Proterozoic-aged Pan-African greenstone belt of the ANS, which has been intruded by at least two main ages of granodiorite intrusions. Goldsulphide mineralization is of the mesothermal (orogenic), quartz-carbonate vein-type and is associated with major NNW and NE trending shear-zones. Alteration includes epidote (distal), carbonate (intermediate) and sericite-quartz (proximal). Similar geological settings include the greenstone belts of the Yilgarn of Western Australia, the Birimian of West Africa and the Abitibi in Quebec, Canada.
The ANS covers both sides of the Red Sea and includes parts of Egypt, Saudi Arabia, The Sudan, Eritrea and Ethiopia. Significant VMS deposits in the ANS include Barrick [TSX: ABX] and Ma’aden 50:50% JV of Jabal Sayid in Saudi Arabia, Nevsun [TSX: NSU] Bisha Main and Harena in Eritrea, La Mancha’s Hassai and Hadal Awatib in the Sudan, and Sunridge [TSX: SGC] Emba Derho, Debarwa and Adi Nefas in Eritrea.
An example of the size and grade of these deposits is La Mancha’s Hadal Awatib East, which has 54.2 Mt of Indicated Resources in primary sulphide mineralization at grades of 1.0% Cu, 1.11 g/t Au and 0.8% Zn, and 13.25 Mt of Inferred Resources at 1.2% Cu, 1.0 g/t Au and 0.5% Zn and has a strike length of 2,500m, mineralization widths of up to 100 m, has been drilled to 400 m and geophysics-projected depths of mineralization to 900 m.
Cautionary notes: The QP has been unable to verify the information reported for Hadal Awatib East and that the information is not necessarily indicative of the mineralization of the Company’s property. Mineral reserves and or resources present on other VMS properties does not imply that similar resources or mineralization will be identified on the Company’s properties.
The Company’s land package is located some 400 km southeast of Cairo and is enhanced by expanding infrastructure, including access to two four-lane highways, railway right-of-way, high-voltage power lines, and nearby major cities; Qena, on the Nile River, 70 km to the West, and the Port of Safaga, on the Red Sea, only 50 km to the East.
Qualifying Person:
The technical information contained in this News Release was prepared by Danae A. Voormeij, MSc, PGeo, Exploration Manager for Alexander Nubia Inc. Ms Voormeij is a qualified person under CIM’s National Instrument 43-101 Standards of Disclosure for Mineral Projects.
For more information on Alexander Nubia visit us at www.alexandernubia.com or please contact:
General Information Canada: + 1 (778) 806-5151 Email: [email protected]
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ON BEHALF OF THE BOARD Signed “A. Alexander Massoud”
Alexander Massoud, Chief Executive Officer
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 news release.
The securities of Alexander Nubia International Inc. described herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Cautionary Note Regarding Forward-Looking Statements
Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions; by their very nature they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.