Virtus Mining and Aldridge Minerals close plan of arrangement

On Dec. 20, 2018, Aldridge Minerals Inc. (TSXV: AGM) announced that the previously announced plan of arrangement involving Virtus Mining Ltd. and Virtus Mining Acquisition Corp. had closed. Virtus was a British Virgin Islands company whose shareholders were Metallurgium Investment Limited and Trafigura Ventures V B.V.

The transaction was completed by way of a court-approved arrangement under the Canada Business Corporations Act, pursuant to which each holder of Aldridge common shares other than Virtus received C$0.10 in cash and each outstanding stock option of Aldridge was cancelled for a cash payment of C$0.005 per option.

Aldridge’s US$40,000,000 credit facility was also amended in connection with the completion of the transaction.

Gowling WLG advised Virtus in this transaction with a team that included Stuart Olley, Martin Mix and Zafar Jaffer.