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Attention Business Editors
Chrysalis Capital VII Corporation announces qualifying transaction
TSX Venture Exchange Symbol: SEV.P
TORONTO, March 11 /CNW/ - Chrysalis Capital VII Corporation ("Chrysalis
VII" or the "Corporation") is pleased to announce that it has entered into a
definitive acquisition agreement dated March 9, 2010 with Alexander Nubia Inc.
("ANI"), which sets forth the terms and conditions pursuant to which Chrysalis
VII will acquire all of the issued and outstanding shares in the capital of
ANI (the "Proposed Transaction").
Founded in late 2006, ANI is a Canadian company whose mission is to
implement the technical expertise of developed mineral-exploration
jurisdictions, such as that of Canada, in resource-rich Africa. Initially, ANI
has established Egypt as its platform country, focusing on the under-developed
Eastern Desert, where extensive historical mining of gold and copper dates
back to Pharaonic times.
In 2007, ANI was awarded two mineral concessions, one of which, the Abu
Marwat Concession, was previously held by Centamin (TSX:CEE). The total land
package of ANI's concessions encompasses an area of 3,115 km(2) and includes a
portfolio of mineral-exploration opportunities: three (3) past producing gold
mines, two (2) gold rich polymetallic deposits, one (1) zinc-rich volcanogenic
massive sulfide deposit and a number of additional early-stage targets.
Over the past several years, ANI has assembled an experienced management
team who brings industry-recognized technical and financial expertise
complemented with senior Egyptian-based military, corporate affairs and
operational expertise.
To date, approximately $3.5 million has been spent exploring the
concession package with the purpose of prioritizing and delineating targets
that can be advanced to the next stage of exploration. Detailed geological
mapping complemented by lithogeochemical and geophysics surveys have
identified two high-priority targets. The next stage of exploration will be to
explore these targets aggressively by means of a definition diamond-drill
program.
To help fund future growth, ANI has engaged ODL Securities Limited out of
London, England as lead agent, to assist in raising up to USD $15 million.
When completed, the Proposed Transaction will constitute Chrysalis VII's
qualifying transaction pursuant to the policies of the TSX Venture Exchange
(the "TSXV"), and is subject to compliance with all necessary regulatory and
other approvals and certain other terms and conditions. A comprehensive press
release with further particulars relating to the Proposed Transaction will
follow in accordance with the policies of the TSXV.
ABOUT CHRYSALIS CAPITAL VII CORPORATION
Chrysalis Capital VII Corporation is The Chrysalis Capital Group Inc.'s
("TCCG") seventh capital pool company ("CPC"). TCCG is entirely focused on
generating superior shareholder returns through the creation of a series of
unique CPCs. To date, TCCG has created seven Chrysalis branded CPCs and has
assisted in the creation of four additional CPCs under TCCG's partners
program. For more information about TCCG, please visit www.tccg.ca.
Completion of the proposed transaction is subject to a number of
conditions, including but not limited to, TSXV acceptance. There can be no
assurance that the transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the filing statement
to be prepared in connection with the proposed transaction, any information
released or received with respect to the proposed transaction may not be
accurate or complete and should not be relied upon. Trading in the securities
of a CPC should be considered highly speculative.
The TSXV has in no way passed upon the merits of the proposed transaction
and has neither approved nor disapproved the contents of this press release.
Neither the TSXV nor its Regulation Services Provider (as that term is defined
in the policies of the TSXV) accepts responsibility for the adequacy or
accuracy of this release.
Certain information in this press release may constitute forward-looking
information. This information is based on current expectations that are
subject to significant risks and uncertainties that are difficult to predict.
Actual results might differ materially from results suggested in any
forward-looking statements. The Corporation assumes no obligation to update
the forward-looking statements, or to update the reasons why actual results
could differ from those reflected in the forward looking-statements unless and
until required by securities laws applicable to the Corporation. Additional
information identifying risks and uncertainties is contained in the
Corporation's filings with the Canadian securities regulators, which filings
are available at www.sedar.com.
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/For further information: Chrysalis Capital VII Corporation: Robert
Munro, CEO/CFO, t: (877) 272-4073, e: contact@tccg.ca, w: www.tccg.ca;
Alexander Nubia Inc.: Don Cameron, CFO, t: (647) 504-4711, e:
donc@alexandernubia.com, w: www.alexandernubia.com/
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