VANCOUVER, Sept. 23, 2016 /CNW/ - Alternative Earth Resources Inc. ("AER") (TSX.V: AER) is pleased to provide an update concerning matters related to the transaction (the "Acquisition") whereby AER will acquire Black Sea Copper and Gold Corporation ("BSCG"), as disclosed in the Company's news release dated August 31, 2016.

The Company has received conditional acceptance for the Acquisition from the TSX Venture Exchange (the "Exchange") and is in the process of addressing various Exchange comments. Management of AER do not anticipate any problems with resolving these comments.

The Consolidation of 1.24 existing shares for one post-Consolidation share, as described in the August 31, 2016 news release, has been approved by the Exchange and will take effect immediately prior to closing of the Financing and Acquisition. The name of the Company will be changed to "Black Sea Copper & Gold Corp." concurrently with the Consolidation. 

The private placement Financing, as described in the August 31, 2016 news release, is proceeding and is expected to generate gross proceeds of approximately $2,000,000, subject to final Exchange acceptance. The Financing will close concurrently with the Acquisition.

In all other respects, the terms of the Acquisition are as disclosed in the August 31, 2016 news release. Management of AER anticipate that the Financing and the Acquisition will close on or about September 28, 2016.

Further information concerning the progress of the Acquisition and the Financing will be disclosed in due course. Take note that the Acquisition contemplated by the Agreement is subject to numerous conditions, and there is no certainty that it will be completed on the schedule, or in accordance with the terms described in this News Release, or at all. Accordingly, investors should use caution when trading in the securities of AER.

Forward Looking Statements: This news release contains forward looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward looking statements. Forward-looking statements in this release include statements regarding the timing and completion of the Financing and closing of the Acquisition. Factors that could cause such differences include: the Financing and the Acquisition may not be completed for any reason whatsoever, including that the regulators may not approve them, changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry. In addition to other factors and assumptions which may be identified in this press release, assumptions have been made regarding and are implicit in, among other things, the timely receipt of any required regulatory approvals. Although we believe the expectations reflected in our forward looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Alternative Earth Resources Inc.