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Aberdeen International Inc
Symbol AAB
Shares Issued 87,349,422
Close 2014-11-19 C$ 0.17
Market Cap C$ 14,849,402
Recent Sedar Documents

Aberdeen Int'l says insiders following TSX rules

2014-11-20 08:57 ET - Shareholders Letter

Mr. David Stein reports

ABERDEEN CORRECTS INACCURATE SHAREHOLDER LETTER

Aberdeen International Inc. has responded to the material inaccuracies and false allegations in the public letter disseminated by Meson Capital Partners LLC on Nov. 18, 2014. In particular:

  1. The $2-million private placement financing previously announced on Nov. 11, 2014, is not substantially subscribed by insiders. Insiders have subscribed for approximately 19.1 per cent of the financing, which equals $382,000. Each insider has only participated for his or her pro rata shareholding percentage and thus no insider will increase his or her percentage interest in the company as a result of this financing. This level of insider participation is well below the permitted guidelines of the Toronto Stock Exchange. Further, Aberdeen confirms the private placement has been fully subscribed. Allegations by Meson Capital that the company's private placement violates the rules of the TSX are categorically untrue, misleading and ultimately prejudicial to the business of the company.
  2. The first time the company was made aware of Meson Capital's interest in the private placement financing was the evening of Nov. 16, 2014. In its letter to the company, Meson Capital proposed non-binding terms to acquire shares pursuant to a private placement and stated, "We have significantly increased our stake in the last two months as we believe that the upcoming liquidity event with Landmark should provide numerous shareholder-friendly capital allocation opportunities." Meson Capital has never provided the company with a binding term sheet or commitment to finance. Further, from its Nov. 16, 2014, letter it became apparent to us that Meson Capital was acting in an opportunistic manner with an ultimate view to disrupting and altering the business activities of the company for its own selfish benefit and without regard to the interests of Aberdeen or its other shareholders. Aberdeen has always maintained, as set out in its press release dated Sept. 16, 2014, announcing the non-binding term sheet with Landmark, that substantially all of the proceeds from the transaction would be used for future investments in preintial public offering and/or public resource companies, in keeping with its business model.
  3. African Thunder Platinum was formed to acquire certain platinum/palladium assets in South Africa. African Thunder Platinum is not a related party of Aberdeen. These allegations by Meson Capital are completely false. Great Lakes Capital is a wholly owned subsidiary of Aberdeen. Aberdeen currently has two representatives on the board of African Thunder Platinum to ensure that its interests are protected as the company is incubated and developed. Aberdeen further confirms that no officer, director, employee or consultant of Aberdeen has any economic interest or exposure to African Thunder.

The company believes it is in the best interest of shareholders to remain focused on its current business activities and investment opportunities rather than responding to these materially inaccurate and false allegations. However, given the potentially damaging effects of the actions of Meson Capital, management believes it is important to correct the public record so shareholders are not misled by these inaccurate statements.

We intend to continue to serve the best interests of our shareholders by focusing on our current business activities and investment opportunities.

We seek Safe Harbor.

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