Welcome!

News Feed Item

Canadian Phoenix Releases Third Quarter Results and Issues Management Information Circular

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/21/12 -- CANADIAN PHOENIX RESOURCES CORP. (TSX VENTURE:CXP) ("Canadian Phoenix" or the "Corporation"), a junior oil and gas company, announces the results for the third quarter of its 2012 fiscal year and the release of a Management Information Circular.

2012 THIRD QUARTER HIGHLIGHTS


--  The Corporation held $78.1 million in cash and cash equivalents and
    maintained a working capital surplus of $78.0 million as at September
    30, 2012.
     
--  Net and comprehensive loss was $73 thousand, or $nil per share, and
    included a $90 thousand non-cash write-down of capitalized office
    leasehold costs.
     
--  The Corporation earned $290 thousand in interest income during the
    quarter.
     
--  The Corporation repurchased 422,400 of its common shares during the
    quarter at a volume-weighted average price of $1.14 per share by way of
    a Normal Course Issuer Bid, reducing the number of common shares issued
    and outstanding to 56,964,818 as at September 30, 2012.

The Corporation's unaudited condensed consolidated interim financial statements and related MD&A for the three and six months ended September 30, 2012 can be found at www.sedar.com and on the Corporation's website at www.canadian-phoenix.com.

SPECIAL MEETING OF SHAREHOLDERS

In connection with its previously announced plan of arrangement (the "Arrangement") with Renegade Petroleum Ltd ("Renegade"), Canadian Phoenix has scheduled a special meeting of its shareholders to be held on December 13, 2012 (the "Meeting"). The Notice of Meeting, Management Information Circular (the "Circular"), Form of Proxy and Letter of Transmittal were mailed on November 19, 2012 to the shareholders of record on November 9, 2012, and are available on the Corporation's website www.canadian-phoenix.com and on SEDAR at www.sedar.com.

At the Meeting, Canadian Phoenix Shareholders will be asked to consider and vote upon the Arrangement, which, through a series of steps outlined in the Circular, will result in:


1.  Canadian Phoenix providing $75 million of its cash and cash equivalents
    to Renegade to support its acquisition of oil-weighted oil assets in
    Saskatchewan and to transform to a dividend paying company;
     
2.  Canadian Phoenix shareholders receiving 0.5985 Renegade common shares
    for each Canadian Phoenix common share, while retaining a common share
    in the post-Arrangement Canadian Phoenix; and
     
3.  The completion of a $114.3 million private placement of subscription
    receipts (the "Private Placement") in Canadian Phoenix Acquisition Corp.
    ("AcquisitionCo), a newly created, wholly-owned subsidiary of Canadian
    Phoenix. Proceeds from the Private Placement were received in escrow on
    November 16, 2012. Upon approval and completion of the Arrangement, the
    Private Placement proceeds will be released from escrow, the
    subscription receipts will ultimately be converted to common shares of
    Renegade, and Renegade will take control of AcquisitionCo.

Canadian Phoenix is very pleased to be entering into this transaction with the team at Renegade. This transaction meets all the criteria for which the Canadian Phoenix Board of Directors has been searching over the past two and a half years:


--  Strong management team; 
--  Good valuation metrics; 
--  Excellent asset base; and 
--  Sustainable and defined business plan.

Michael Atkinson, Canadian Phoenix's president and CEO states, "We look forward to supporting Renegade's strong management team as they transform into a dividend paying corporation within the Canadian oil and gas industry. We are very pleased about the valuation metrics of Canadian Phoenix's investment and the solid business model that Renegade is deploying."

In addition to the Arrangement, at the Meeting, the Canadian Phoenix shareholders will also be asked to consider and vote upon the following items concerning the Corporation's post-Arrangement structure:


1.  A special resolution authorizing the change of name of Canadian Phoenix
    to "Knol Resources Corp.", or such other name as the directors of
    Canadian Phoenix determine is appropriate and which name change will not
    be implemented unless the Arrangement becomes effective
     
2.  A special resolution approving an amendment to the articles of
    incorporation of Canadian Phoenix to consolidate the issued and
    outstanding new common shares of Canadian Phoenix issued in connection
    with the Arrangement (the "Canadian Phoenix New Common Shares") on the
    basis of one (1) post-consolidation Canadian Phoenix New Common Share
    for up to every 10 pre-consolidation Canadian Phoenix New Common Shares
    and which consolidation will not be conducted unless the Arrangement
    becomes effective; and
     
3.  Subject to the Arrangement being completed, an ordinary resolution
    approving a post-Arrangement private placement of Canadian Phoenix New
    Common Shares and which private placement will not be conducted unless
    the Arrangement becomes effective.

About Canadian Phoenix

Canadian Phoenix Resources Corp. is a publicly-traded junior oil and gas company seeking investment opportunities in Western Canada. Canadian Phoenix's shares trade on the TSX Venture Exchange under the symbol "CXP".

FORWARD-LOOKING STATEMENTS: This news release may contain forward-looking information. All statements and information other than statements of historical fact are forward-looking information. In some cases, forward-looking information can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue", or the negative of these terms or other comparable terminology. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the control of Canadian Phoenix, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources. Readers are cautioned that actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits Canadian Phoenix will derive there from. The forward-looking statements and information contained in this news release are made as of the date hereof and Canadian Phoenix undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

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.

Contacts:
Canadian Phoenix Resources Corp.
Michael Atkinson
President & CEO
(604) 689-1428

Canadian Phoenix Resources Corp.
John Downes
Interim Chief Financial Officer
(604) 488-5415

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
Ayehu provides IT Process Automation & Orchestration solutions for IT and Security professionals to identify and resolve critical incidents and enable rapid containment, eradication, and recovery from cyber security breaches. Ayehu provides customers greater control over IT infrastructure through automation. Ayehu solutions have been deployed by major enterprises worldwide, and currently, support thousands of IT processes across the globe. The company has offices in New York, California, and Isr...
Tintri VM-aware storage is the simplest for virtualized applications and cloud. Organizations including GE, Toyota, United Healthcare, NASA and 6 of the Fortune 15 have said "No to LUNs." With Tintri they manage only virtual machines, in a fraction of the footprint and at far lower cost than conventional storage. Tintri offers the choice of all-flash or hybrid-flash platform, converged or stand-alone structure and any hypervisor. Rather than obsess with storage, leaders focus on the business app...
Addteq is one of the top 10 Platinum Atlassian Experts who specialize in DevOps, custom and continuous integration, automation, plugin development, and consulting for midsize and global firms. Addteq firmly believes that automation is essential for successful software releases. Addteq centers its products and services around this fundamentally unique approach to delivering complete software release management solutions. With a combination of Addteq's services and our extensive list of partners,...
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform and how we integrate our thinking to solve complicated problems. In his session at 19th Cloud Expo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and sh...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
Big Data, cloud, analytics, contextual information, wearable tech, sensors, mobility, and WebRTC: together, these advances have created a perfect storm of technologies that are disrupting and transforming classic communications models and ecosystems. In his session at @ThingsExpo, Erik Perotti, Senior Manager of New Ventures on Plantronics’ Innovation team, provided an overview of this technological shift, including associated business and consumer communications impacts, and opportunities it m...
For organizations that have amassed large sums of software complexity, taking a microservices approach is the first step toward DevOps and continuous improvement / development. Integrating system-level analysis with microservices makes it easier to change and add functionality to applications at any time without the increase of risk. Before you start big transformation projects or a cloud migration, make sure these changes won’t take down your entire organization.
WebRTC is about the data channel as much as about video and audio conferencing. However, basically all commercial WebRTC applications have been built with a focus on audio and video. The handling of “data” has been limited to text chat and file download – all other data sharing seems to end with screensharing. What is holding back a more intensive use of peer-to-peer data? In her session at @ThingsExpo, Dr Silvia Pfeiffer, WebRTC Applications Team Lead at National ICT Australia, looked at differ...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
SYS-CON Events announced today that IoT Now has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. IoT Now explores the evolving opportunities and challenges facing CSPs, and it passes on some lessons learned from those who have taken the first steps in next-gen IoT services.
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, discussed the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports.
SYS-CON Events announced today that WineSOFT will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Based in Seoul and Irvine, WineSOFT is an innovative software house focusing on internet infrastructure solutions. The venture started as a bootstrap start-up in 2010 by focusing on making the internet faster and more powerful. WineSOFT’s knowledge is based on the expertise of TCP/IP, VPN, SSL, peer-to-peer, mob...
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain.
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...