TORONTO, March 23, 2018 (GLOBE NEWSWIRE) -- Liberty Metals & Mining Holdings, LLC (“LMM”) announced today that it has disposed (the “Disposition”) of all 18,797,454 common shares (each, a “Share”) of Alderon Iron Ore Corp. (“Alderon”) held by it at a price of C$0.27 per Share for aggregate gross proceeds of C$5,075,312.58 by way of a private agreement. In connection with the Disposition, LMM did not pay any brokerage commission.
Before the Disposition, LMM owned 18,797,454 Shares, representing approximately 14.17% of the outstanding Shares, and 5,241,436 common share purchase warrants (each, a “Warrant”) of Alderon, with a weighted average exercise price of C$0.3425 per Share and a C$22 million secured convertible note (the “Note”) convertible into 9,259,259 Shares, representing approximately 22.63% of the outstanding Shares assuming the exercise of all of LMM’s Warrants and conversion of the Note. Following the Disposition, LMM beneficially holds approximately 9.86% of the outstanding Shares assuming the exercise of all of LMM’s Warrants and conversion of the Note.
The 18,797,454 Shares were disposed of for investment reasons. Depending on economic factors, market conditions, and LMM’s evaluation of Alderon’s business, prospects and performance, availability of other investment opportunities and other factors, LMM may from time to time acquire additional securities of Alderon or dispose of securities of Alderon in the open market, by private agreement or otherwise.
This press release is being issued pursuant to the requirements of National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues of the Canadian Securities Administrators. For further information and to obtain a copy of the early warning report that will be filed under applicable Canadian securities laws in connection with the transactions hereunder, please see Alderon’s profile on the SEDAR website www.sedar.com.
For further information or to obtain a copy of the early warning report please contact:
Liberty Metals & Mining Holdings, LLC
157 Berkeley Group Street, 22nd Floor
Boston, MA 02116