Empress Resources Corp. (‘Empress') and Alto Ventures Ltd. (‘Alto') announced they have executed a definitive agreement for a business combination which is to be effected pursuant to an arrangement under the Business Corporation Act. Empress will be acquired by Alto, and former Empress shareholders will hold 52% of the issued and outstanding shares of the combined entity (‘New Alto').

Empress Royalty Corp., a wholly owned subsidiary of Empress, Board of Directors will consist of six members, four of whom will be nominees of Empress, plus Rick Mazur and an additional nominee of Alto. Empress Royalty's CEO will be Alexandra Woodyer Sherron.