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
JULY 31, 2014 – Toronto, Ontario – 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 June 27, 2014 (the “Meeting”).
At the Meeting, the shareholders of the Company voted in favour of resolutions: (i) electing A. Alexander Massoud, Mark Campbell, Giles Baynham and Bill Koutsouras as directors of the Company; (ii) approving the re-appointment of Davidson & Company LLP, Chartered Accountants, as the auditors of the Company; and (iii) approving the Company’s rolling stock option plan.
In addition, disinterested shareholders also voted in favour of resolutions: (i) approving certain amendments to performance agreements between the Company and certain officers, employees and consultants to the Company; (ii) approving the issuance of common shares of the Company to certain non-arm’s length creditors in exchange for the settlement and cancellation of certain debts; and (iii) approving the issuance of up to 2,500,000 bonus common shares to certain directors, officers, employees and consultants of the Company. All common shares issued in connection with the shares for debt transaction and the bonus share transaction are subject to a four month statutory hold period, expiring December 1, 2014.
Pursuant to resolutions passed at the Meeting in respect of settlement of certain shares for debt transactions and a bonus share issuance (the “Shares”), disinterested shareholders approved the Company’s Chief Executive Officer, A. Alexander Massoud acquisition of an aggregate of 5,500,000 common shares in the Company at a deemed price of $0.05 per share, This acquisition represents 3.74% of the Company’s current issued and outstanding common shares and an approximate 28.57% increase to Mr. Massoud’s ownership of Alexander Nubia. Prior to this transaction, Mr. Massoud owned and controlled an aggregate of 19,253,330 common shares, 1,000,000 share purchase warrants and 1,751,890 stock options of the Company. Mr. Massoud now owns and controls 24,753,330 common shares, representing, in aggregate, prior to the exercise of any convertible securities held by Mr. Massoud, approximately 16.81% of the issued and outstanding common shares of the Company. On a partially diluted basis after the exercise of all of the convertible securities held by Mr. Massoud only, he would own and control approximately 18.34% of the share capital of Alexander Nubia.
All securities issued to Mr. Massoud are subject to a four month hold period expiring on December 1, 2014.
The transaction was made for investment purposes and in exchange for the settlement of certain debt outstanding to Mr. Massoud by the Issuer, and as a bonus granted by the Issuer to Mr. Massoud. Mr.
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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 May 29, 2014, 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 (AAN: TSX.V), is an Egypt-focused multi-commodity (gold, copper, zinc, and silver) exploration and development company. It is focused on exploration within the Abu Marawat Concession, which contains its two main properties, the Hamama volcanogenic massive sulphide (“VMS”) deposit and the Abu Marawat mesothermal vein deposit, the latter with an NI 43-101-compliant inferred gold-copperrich resource. In addition, Alexander Nubia's two large concessions, which have a long history of gold and copper mining dating back to the Pharaonic era, include three past-producing gold mines that were operational during the 20th century.
Alexander Nubia’s flagship project, Hamama VMS, has a number of characteristics that are similar to other major VMS deposits in the Arabian Nubian Shield: Bisha (Nevsun Resources), Hassaï (La Mancha), Jabal Sayid (Barrick Gold). Drilling at Hamama intersected high-grade semi-massive and massive volcanogenic sulphide mineralization, which includes a broad zone of VMS gossan with highgrade gold and silver (an oxidized “gold cap”) above a primary zinc-gold-silver-rich exhalite horizon, and an extensive mineralized footwall stringer and breccia zone. The main Gold Cap extends 650 metres along strike, averages 43.8 metres wide, and grades 2.05 g/t gold and 44.7 g/t silver. Drilling has confirmed an oxidized zone extending 30 to 45 metres in depth.
The land package is enhanced by excellent and nearby infrastructure, which includes access to highway and railway, a high‐capacity electricity grid, and nearby major cities: Qena, on the Nile River, and Port of Safaga, on the Red Sea.
A copy of the Early Warning Report will appear with Alexander Nubia’s documents on the System for Electronic Document Analysis and Retrieval at www.sedar.com.
For more information on Alexander Nubia visit us at www.alexandernubia.com or please contact:
A. Alexander Massoud President and Chief Executive Officer Egypt: +2 (0) 22 287 6914 Email: [email protected]
General Information Canada: +1 (604) 727-1813
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Email: [email protected]
ON BEHALF OF THE BOARD Signed “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.