ARSMF - ARES Announces Update of Proposed Acquisition Transaction
(TheNewswire)
Vancouver, B.C. – TheNewswire - November 8 th , 2022 – A res StrategicMining Inc. (the “ Company ” or “ Ares ”)) (CSE:ARS ) ; ( OTC:ARSMP ) ; ( FRA:N81) announces that it entered into a bindingletter of offer (the “ BindingOffer ”) with a court-appointed monitor (the “ Monitor ”) to acquire (the “ CCAA Acquisition ”) certain mineralresources entities (the “ TargetEntities ”) pursuant to proceedings initiated by the TargetEntities under the Companies’Creditors Arrangement Act (Canada) (the “ CCAA Proceedings ”). Thefinancial terms of the CCAA Acquisition are subject to a sealing orderof the court administering the CCAA Proceedings. Closing of the CCAAAcquisition was subject to certain conditions, including delivery ofcertain funds to the Monitor pursuant to the Binding Offer andapproval of the court. The Company was late securing the necessaryfunding to complete the CCAA Acquisition within the deadlines set outin the Binding Offer, as extended between the parties. The Monitor hasterminated the Binding Offer on November 1, 2022. The Company notesthat the Monitor has alleged breaches of certain terms of the BindingOffer and put the Company on notice that it may pursue legalproceedings in respect thereof. The Company will work to redress anylegal consequences. Notwithstanding the foregoing, the Monitor andthe Company are in discussions to address certain key issues, with aview to reviving contractual arrangements with respect to the CCAAAcquisition.
ON BEHALF OF THE BOARD OF DIRECTORSOF
ARES STRATEGIC MINING INC.
_______________________
James Walker, CEO
For further information, please contact:
James Walker, CEO
Ares Strategic Mining Inc.
T: 604.345.1576
The CSE (operatedby CNSX Markets Inc.) has neither approved nor disapproved of thecontents of this press release .
Forward Looking Statements
Certain information in this newsrelease may contain forward-looking statements that involvesubstantial known and unknown risks and uncertainties. Forward-lookingstatements are often identified by terms such as “will”,“may”, “should”, “anticipate”, “expects” and similarexpressions. All statements other than statements of historical factincluded in this news release are forward-looking statements thatinvolve risks and uncertainties. There can be no assurance that suchstatements will prove to be accurate and actual results and futureevents could differ materially from those anticipated in suchstatements. Forward-looking statements in this news release include,but are not limited to, statements regarding the pursuit of legalproceedings by the Monitor. Important factors that could causeactual results to differ materially from the Company’s expectationsinclude, without limitation, risks related to the failure to obtain adequate financing on atimely basis and on acceptable terms; risks related to the outcome ofpotential legal proceedings; and other risks detailed from time totime in the filings made by the Company with the securities regulatoryauthorities. The reader is cautioned that assumptions used in thepreparation of any forward-looking information may prove to beincorrect. Events or circumstances may cause actual results to differmaterially from those predicted, as a result of numerous known andunknown risks, uncertainties, and other factors, many of which arebeyond the control of the Company. The reader is cautioned not toplace undue reliance on any forward-looking information. Suchinformation, although considered reasonable by management at the timeof preparation, may prove to be incorrect and actual results maydiffer materially from those anticipated. Forward-looking statementscontained in this news release are expressly qualified by thiscautionary statement. The forward-looking statements contained in thisnews release are made as of the date of this news release and theCompany disclaims any intention or obligation to update or revise suchinformation, except as required by applicable law.
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