|By Marketwired .||
|January 10, 2013 07:40 PM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/11/13 -- Global Hunter Corp. (TSX VENTURE:BOB) (the "Company") is pleased to provide the following corporate update.
Extension of Convertible Loan
The Company has negotiated an extension of the time for repayment of the $2,500,000 loan (the "Loan") announced on October 12, 2010. The original agreement (the "Loan Agreement") provided that the Loan would be convertible for a period of 18 months into units ("Units") at the option (the "Conversion Option") of the lender at the price of $0.06 per Unit. Each Unit was to consist of one common share and one-half of a common share purchase warrant, and each full warrant (a "Conversion Warrant') was to be exercisable to purchase one additional share for $0.10. The Conversion Option expired on April 1, 2012 and the loan became due and payable on that date. In light of the state of the financial markets at that time, the Company was not in a position to repay the full amount of the Loan. The Lender agreed to an extension of the time for payment and other amendments to the Loan Agreement, subject to acceptance by the TSX Venture Exchange (the "TSXV").
The proposed amendments to the Loan Agreement provide for an extension of the time for repayment of the Loan on the following terms:
1. The lender would have the right to require payment of up to one-half of the Loan plus accrued interest on January 31, 2013. Absent notice requiring such payment by December 31, 2012, the payment obligation would automatically be deferred until at least October 1, 2013. 2. The lender would have the right to require payment of the balance of the Loan and accrued interest on October 1, 2013, but would also have the right to further extend the time for payment. 3. Loan principal would be convertible into Units at the price of $0.10 per Unit until October 1, 2015. 4. The Company would continue to have the right to repay the Loan and accrued interest at any time on thirty days' notice. 5. As consideration for the extension of the time for payment and the amendment to the conversion price, the Company would issue to the lender warrants (the "Detachable Warrants") exercisable to purchase up to 12,500,000 shares for $0.10 each until the earlier of: a. 4:30 p.m. (local Vancouver time) on October 1, 2015; and b. the time of repayment of that portion of the Loan principal in respect of which a Detachable Warrant would be issuable if such Detachable Warrant were a Conversion Warrant (so that, for example, if $1,250,000 of the Loan principal is repaid on October 1, 2013, then one-half of the Detachable Warrants would expire at the time of such repayment).
Any shares issued on exercise of Detachable Warrants would be subject to a four month hold period from the date of issue of the Detachable Warrants. The proposed amendments to the Loan Agreement are subject to acceptance by the TSXV. A filing has been made with the TSXV, but has not yet been accepted by the TSXV.
The lender has now given notice to the Company requiring payment of up to one-half of the Loan plus accrued interest on January 31, 2013. The Company is reviewing its alternatives regarding funding of that obligation.
Annual General Meeting
At the Company's Annual General Meeting held on November 20, 2012, Messrs. Rudiger (Rudy) Brauer, Gurminder Sangha, Michael Hibbits and Martin Wood were re-appointed as directors, Dale Matheson Carr-Hilton Labonte LLP was re-appointed auditor of the Company and the Company's Stock Option Plan was approved.
Consolidation of Share Capital
Also at the AGM, a special resolution was passed to authorize a consolidation of the Company's shares on the basis that each twenty common shares before consolidation be consolidated into one common share after consolidation, with any fractional shares resulting from such consolidation being converted into whole common shares without par value. The 20:1 consolidation was previously approved at the Company's 2011 AGM, but the directors exercised their right to postpone implementation of the consolidation pending the outcome of funding efforts and the re-negotiation of the terms of the Loan during 2012. Accordingly, the shareholders were asked to approve the proposed consolidation again at the 2012 AGM. The directors have now determined to proceed with the consolidation. The Company does not propose to change its name, but may be required to do so if stipulated by the TSXV as a condition of accepting the proposed consolidation.
Management believes that the share consolidation is necessary to provide the Company with a capital structure that will facilitate equity and/or debt financing. The Company's management has recommended the restructuring following consultation with financial advisors. The proposed share consolidation is expected to increase the market price of the Company's common shares on a per share basis by reducing the number of common shares outstanding. However, no assurance can be given as to the effect of the consolidation on the value of the Company's common shares. Completion of the share consolidation is subject to acceptance by the TSX Venture Exchange.
The Company currently has an aggregate of 280,761,137 common shares outstanding. After giving effect to the consolidation, it expects to have approximately 14,038,057 shares outstanding. The current outstanding share capital gives effect to a reduction from the share capital reflected in 2012 financial statements due to a return to treasury in December, 2012 of 5,400,000 shares issued for delivery against payment in connection with the Company's June, 2012 private placement, and for which payment was not ultimately received. The delay in the return to treasury was due to requirements imposed by the Company's transfer agent for written authorization from the subscribers.
The Company continues work on its flagship project, the La Corona de Cobre property, located in the coastal belt of the Andean Cordillera of Chile. Additional trenching has been carried out and assay results are pending. The Company is also pleased to announce that it has obtained a Chilean Court Order for the eviction from that property of several groups of illegal miners who were conducting mining operations on Las Posadas (the Abisinia concessions) at La Corona de Cobre project. The Company now has security on site to prevent a further occurrence of such a situation.
On September 18, 2012, the Company announced an updated NI 43-101 compliant resource estimate of 225 million pounds of copper oxide for the Las Posadas and a preliminary economic assessment ("PEA") with the following highlights:
-- Base Case NPV (5%) of $79.6 million -- Base Case IRR of 75.4% -- Estimated capital costs of $75 million -- Mining rate of 8,500 tonnes per day -- Base case life of mine copper production of 131.5 million pounds -- Mine life of 3.75 years
The updated Indicated and Inferred mineral resource estimate was prepared by GeoVector and is reported in accordance with Canadian Administrator's 43-101 and was estimated in conformity with generally accepted CIM "Estimation of Mineral Resource and Mineral Reserves Best practices" guidelines, including the critical requirement that all mineral resources "have reasonable prospects for economic extraction".
The next stage of exploration, which is dependent on additional financing, is intended to be pre-feasibility level studies which will include infill drilling in order bring all leach pad material within the pit boundaries to indicated or measured resource categories. This will also supply samples for further metallurgical testing. Other work will include environmental baseline monitoring, engineering studies of important infrastructure aspects including power supply, water supply and transportation as well as geotechnical and labour and equipment cost studies. In addition, again subject to financing, the Company plans to drill test several nearby shear zones. If successful, these targets could be developed into additional mineral resources. Additional funding will be required to accomplish these objectives and to repay the portion of the Loan which will become due on January 31, 2013. There can be no assurance that such funding will be available. A technical report in support of the PEA and revised resource estimate has been filed on SEDAR.
Allan Armitage, Ph.D., P.Geol., and Joe Campbell, B.Sc., P.Geo., of GeoVector Management Inc., are responsible for the technical comments related to the resource estimate and PEA and its parameters and each of them is an "independent qualified person" for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators and has verified the data disclosed in this release.
In addition the Company has its Rabbit South molybdenum project in south-central British Columbia, Canada. The Company has no plans for that property for 2013 at this time, as its principal focus is on debt reduction and financing the Corona de Cobre project.
On behalf of the Board of Directors,
Rudy Brauer, President, Global Hunter Corp.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions, and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The reader is cautioned not to place undue reliance on forward-looking statements.
Neither 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.
We're entering the post-smartphone era, where wearable gadgets from watches and fitness bands to glasses and health aids will power the next technological revolution. With mass adoption of wearable devices comes a new data ecosystem that must be protected. Wearables open new pathways that facilitate the tracking, sharing and storing of consumers’ personal health, location and daily activity data. Consumers have some idea of the data these devices capture, but most don’t realize how revealing and...
May. 6, 2016 04:00 PM EDT Reads: 850
As the rapid adoption of containers continues, companies are finding that they lack the operational tools to understand the behavior of applications deployed in these containers, and how to identify issues in their application infrastructure. For example, how are multiple containers within an application impacting each other’s performance? If an application’s service is degraded, which container is to blame? In the case of an application outage, what was the root cause of the outage?
May. 6, 2016 04:00 PM EDT Reads: 1,206
When it comes to IoT in the enterprise, namely the commercial building and hospitality markets, a benefit not getting the attention it deserves is energy efficiency, and IoT's direct impact on a cleaner, greener environment when installed in smart buildings. Until now clean technology was offered piecemeal and led with point solutions that require significant systems integration to orchestrate and deploy. There didn't exist a 'top down' approach that can manage and monitor the way a Smart Buildi...
May. 6, 2016 03:15 PM EDT Reads: 229
Cloud-based NCLC (No-code/low code) application builder platforms empower everyone in the organization to quickly build applications and executable processes that broaden access, deepen collaboration, and enhance transparency for all team members. Line of business owners (LOBO) and operations managers know best their part of the business and their processes. IT departments are beginning to leverage NCLC platforms to empower and enable LOBOs to lead the innovation, transform the organization, an...
May. 6, 2016 03:00 PM EDT Reads: 253
As enterprises around the world struggle with their digital transformation efforts, many are finding that innovative digital teams are moving much faster than their hidebound IT organizations. Rather than struggling to convince traditional IT to get with the digital program, executives are taking advice from IT research firm Gartner, and encouraging existing IT to continue in their desultory ways. However, many CIOs are realizing the dangers of following Gartner’s advice. The central challenge ...
May. 6, 2016 02:42 PM EDT Reads: 250
Unless you don’t use the internet, don’t live in California, or haven’t been paying attention to the recent news… you should be aware that self-driving cars are on their way to becoming a reality. I have seen them – they are real. If you believe in the future reality of self-driving cars, then continue reading on. If you don’t believe in the future possibilities, then I am not sure what to do to convince you other than discuss the very real changes that will roll out with the consumer producti...
May. 6, 2016 02:15 PM EDT Reads: 911
Cloud Object Storage is effectively infinitely scalable and boasts the lowest total costs. But cloud SLAs and T&Cs are traditionally optimized for huge customers like Netflix, so applications demanding better confidentiality or higher availability typically can’t reap the benefits of public cloud storage. In his session at 18th Cloud Expo, Don Martin, CTO of Security First Corp, will provide an overview of innovative technologies available today – secret sharing and information dispersal algori...
May. 6, 2016 02:02 PM EDT Reads: 250
There is an ever-growing explosion of new devices that are connected to the Internet using “cloud” solutions. This rapid growth is creating a massive new demand for efficient access to data. And it’s not just about connecting to that data anymore. This new demand is bringing new issues and challenges and it is important for companies to scale for the coming growth. And with that scaling comes the need for greater security, gathering and data analysis, storage, connectivity and, of course, the...
May. 6, 2016 01:45 PM EDT Reads: 1,373
The IETF draft standard for M2M certificates is a security solution specifically designed for the demanding needs of IoT/M2M applications. In his session at @ThingsExpo, Brian Romansky, VP of Strategic Technology at TrustPoint Innovation, will explain how M2M certificates can efficiently enable confidentiality, integrity, and authenticity on highly constrained devices.
May. 6, 2016 01:00 PM EDT Reads: 1,411
In the world of DevOps there are ‘known good practices’ – aka ‘patterns’ – and ‘known bad practices’ – aka ‘anti-patterns.' Many of these patterns and anti-patterns have been developed from real world experience, especially by the early adopters of DevOps theory; but many are more feasible in theory than in practice, especially for more recent entrants to the DevOps scene. In this power panel at @DevOpsSummit at 18th Cloud Expo, moderated by DevOps Conference Chair Andi Mann, panelists will dis...
May. 6, 2016 12:45 PM EDT Reads: 1,186
See storage differently! Storage performance problems have only gotten worse and harder to solve as applications have become largely virtualized and moved to a cloud-based infrastructure. Storage performance in a virtualized environment is not just about IOPS, it is about how well that potential performance is guaranteed to individual VMs for these apps as the number of VMs keep going up real time. In his session at 18th Cloud Expo, Dhiraj Sehgal, in product and marketing at Tintri, will discu...
May. 6, 2016 12:30 PM EDT Reads: 1,217
trust and privacy in their ecosystem. Assurance and protection of device identity, secure data encryption and authentication are the key security challenges organizations are trying to address when integrating IoT devices. This holds true for IoT applications in a wide range of industries, for example, healthcare, consumer devices, and manufacturing. In his session at @ThingsExpo, Lancen LaChance, vice president of product management, IoT solutions at GlobalSign, will teach IoT developers how t...
May. 6, 2016 12:00 PM EDT Reads: 842
The pace of innovation, vendor lock-in, production sustainability, cost-effectiveness, and managing risk… In his session at 18th Cloud Expo, Dan Choquette, Founder of RackN, will discuss how CIOs are challenged finding the balance of finding the right tools, technology and operational model that serves the business the best. He will discuss how clouds, open source software and infrastructure solutions have benefits but also drawbacks and how workload and operational portability between vendors...
May. 6, 2016 11:57 AM EDT Reads: 273
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, will provide tips on how to be successful in large scale machine lear...
May. 6, 2016 10:30 AM EDT Reads: 1,597
SYS-CON Events announced today that Peak 10, Inc., a national IT infrastructure and cloud services provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Peak 10 provides reliable, tailored data center and network services, cloud and managed services. Its solutions are designed to scale and adapt to customers’ changing business needs, enabling them to lower costs, improve performance and focus inter...
May. 6, 2016 10:00 AM EDT Reads: 1,532