Alpha Minerals Inc. (TSXV:AMW,FWB:E2GA) received a non-binding proposal from Fission Uranium Corp., its joint venture partner on the Patterson Lake South project, on August 23, 2013. The Proposal outlined an offer in which Fission would be prepared to acquire all of the outstanding shares of the Company, and stipulated that it would expire on Sunday, August 25th at 5.00 pm Eastern Standard Time. Alpha provided Fission with a written response prior to the Expiry Time advising that the timing of the Proposal provided little opportunity for Alpha to consider the complex structure and content of the Proposal.
As quoted in the press release:
After a careful review of the Proposal by the Alpha directors and its special committee together with their legal and financial advisors, Alpha provided Fission with a written response prior to the Expiry Time advising that the timing of the Proposal provided little opportunity for Alpha to consider the complex structure and content of the Proposal. Alpha also raised concerns about the timing of the Proposal in relation to the on-going active and very material drill program at PLS. In light of these considerations, Alpha requested additional time from Fission beyond the Expiry Time to consider the Proposal and its implications to the Alpha shareholders.
Alpha has been an active participant in an ongoing dialogue with Fission over the past several months regarding consolidation. Alpha and its team of financial and legal advisors wish to review further the interest expressed by Fission in their Proposal forwarded on Friday. Alpha and its advisors look forward to continuing this dialogue with Fission on the matter of consolidating PLS, and maximizing shareholder value. Alpha will continue to update its shareholders on the progress of the Proposal as and when information is available.