Alternative Energy | Alternative Energy Partners, Inc. (AEGY) Announces New Acquisition Agreement
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Alternative Energy | Alternative Energy Partners, Inc. (AEGY) Announces New Acquisition Agreement

MERRITT ISLAND, FLORIDA–(Marketwire – Oct 25, 2012) – Alternative Energy Partners, Inc. ( AEGY ) announced today that it has entered into an agreement to acquire Safford Acquisition I Corp., which has contracted to acquire a mineral lease on 160 acres of land in Safford, AZ., which it intends to develop, mine and extract gold and other precious metals identified on the site,and then refine and sell the resulting metals.An existing independent appraisal of the ore in place on the site is in excess of $600 million. Closing is subject, among other items, to full due diligence by AEGY, verification of the ore in place by independent assay and verification of the costs of extraction. Closing also is subject to completion of a 1:100 reverse split by AEGY and the amendment of its Articles to increase the authorized common stock.


As consideration for the acquisition, AEGY will issue 100 million shares of post-split common stock, valued at $5 million based on the closing price of AEGY on October 22; will provide all of the working capital to develop the site; will retain the original seller of the mineral interest to develop and mine the site in exchange for 1/3 of the net profit; and will pay a royalty of 10 percent of net profits to the seller. The acquisition is expected to close no later than November 30.

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