Welcome!

News Feed Item

Kaizen and ITOCHU Agree to Evaluate Opportunities to Explore and Develop Selected International Mineral Projects

Kaizen to receive CDN$5.1 million investment from ITOCHU

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 01/30/14 -- Matthew Hornor, Chief Executive Officer of Kaizen Discovery Inc. (TSX VENTURE: KZD), announced today that Kaizen and ITOCHU Corporation, a prominent Japanese trading and investment house, have signed a formal agreement to work together to evaluate opportunities to explore and develop selected, high-quality, international mineral projects.

ITOCHU will invest CDN$5.1 million in Kaizen through a private placement in exchange for 8.5 million Kaizen common shares at a price of CDN$0.60 per share. The transaction, which will give ITOCHU an ownership stake of approximately 6.35% in Kaizen, is expected to close on or about February 7, 2014.

In their framework agreement, Kaizen and ITOCHU declare a mutual desire to work together to identify and pursue areas of potential cooperation on projects, including possible joint ventures. Each company will present, for consideration by the other, a number of mineral exploration and development projects from their respective existing portfolios or lists of interest.

"Combining strengths with ITOCHU can set Kaizen on a unique growth trajectory as we advance Kaizen's existing portfolio of exploration projects and also evaluate new prospects in this market cycle when holders of a range of potentially attractive resource projects are seeking funding," said Mr. Hornor.

"Both companies share an interest in reviewing opportunities where we might use proprietary, best-in-class, geophysical survey technologies, which are provided through Kaizen's majority shareholder, HPX TechCo, and are designed to explore for deep, high-grade deposits.

"This framework agreement, and ITOCHU's investment, are a further validation of the Kaizen team's view that there is significant potential for discoveries of buried, world-scale mineral systems, both on greenfields prospects and around existing open-pit mines."

Other significant provisions include:


--  ITOCHU will receive an opportunity to participate in Kaizen's existing
    Fairholme copper-gold project in Australia and its Ebende nickel-copper-
    cobalt project in the Democratic Republic of Congo, at Kaizen's
    discretion, if the projects require further investment.

--  ITOCHU will use reasonable endeavours to arrange and facilitate non-
    recourse project financing and support from Japanese financial
    institutions for the development of Kaizen projects in which ITOCHU
    makes a direct or indirect (other than through Kaizen) investment.

--  ITOCHU will be entitled to the off-take of minerals, on commercial
    terms, from any project jointly developed with Kaizen, in proportion to
    ITOCHU's ownership interest in the project. ITOCHU can negotiate a
    greater share of off-take if it arranges project financing from Japanese
    sources.

--  Kaizen and ITOCHU will form a Technical Advisory Committee to facilitate
    information exchanges and recommend joint-venture exploration plans and
    budgets to Kaizen's board of directors.

--  ITOCHU will have the right to appoint one director to Kaizen's board of
    directors, subject to certain conditions.

--  ITOCHU will have the right to participate in subsequent Kaizen
    financings to maintain its percentage interest in Kaizen, subject to
    certain continuing ownership thresholds.

The framework agreement setting out the terms of the ITOCHU/Kaizen collaboration becomes effective on the closing of the placement. A copy will be filed under Kaizen's profile at www.sedar.com at that time.

About Kaizen Discovery

Kaizen is a Canadian technology-focused mineral exploration company that was formed in late 2013 through a combination of Concordia Resource Corp. and assets acquired from HPX TechCo, a 100%-owned subsidiary of High Power Exploration. Kaizen's existing portfolio of exploration projects consists of Ebende and Kabongo in the Democratic Republic of Congo, Fairholme in Australia and Kerboule in Burkina Faso. A strong management team and an experienced board, combined with the improved project portfolio and access to HPX TechCo's leading-edge, proprietary technology, plus the collaboration agreement with ITOCHU, will help enable Kaizen to more effectively identify and advance world-class mineral projects.

More information on Kaizen is available at www.kaizendiscovery.com

About ITOCHU Corporation

ITOCHU is one of the leading Japanese trading corporations, with approximately 130 bases in 66 countries. ITOCHU engages in domestic trading, import/export, and overseas trading of various products such as textile, machinery, metals, minerals, energy, chemicals, food, information and communications technology, realty, general products, insurance, logistics services, construction, and finance, as well as business investment in Japan and overseas.

More information on ITOCHU is available at www.itochu.co.jp/en

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.

FORWARD-LOOKING STATEMENTS

Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in the company's periodic filings with Canadian securities regulators. When used in this document, the words such as "will, could, plan, estimate, expect, intend, may, potential, should," and similar expressions, are forward-looking statements. Information provided in this document is necessarily summarized and may not contain all available material information.

All such forward-looking information and statements are based on certain assumptions and analyses made by members of Kaizen's management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors that they believe are appropriate in the circumstances. These statements, however, are subject to a variety of risks, uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information or statements. Readers are cautioned not to place undue reliance on forward-looking information or statements.

Contacts:
Kaizen Discovery Inc.
Bill Trenaman
+1 604 689 8765
www.kaizendiscovery.com

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
When you focus on a journey from up-close, you look at your own technical and cultural history and how you changed it for the benefit of the customer. This was our starting point: too many integration issues, 13 SWP days and very long cycles. It was evident that in this fast-paced industry we could no longer afford this reality. We needed something that would take us beyond reducing the development lifecycles, CI and Agile methodologies. We made a fundamental difference, even changed our culture...
The proper isolation of resources is essential for multi-tenant environments. The traditional approach to isolate resources is, however, rather heavyweight. In his session at 18th Cloud Expo, Igor Drobiazko, co-founder of elastic.io, drew upon his own experience with operating a Docker container-based infrastructure on a large scale and present a lightweight solution for resource isolation using microservices. He also discussed the implementation of microservices in data and application integrat...
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
Containers have changed the mind of IT in DevOps. They enable developers to work with dev, test, stage and production environments identically. Containers provide the right abstraction for microservices and many cloud platforms have integrated them into deployment pipelines. DevOps and containers together help companies achieve their business goals faster and more effectively. In his session at DevOps Summit, Ruslan Synytsky, CEO and Co-founder of Jelastic, reviewed the current landscape of Dev...
In his General Session at DevOps Summit, Asaf Yigal, Co-Founder & VP of Product at Logz.io, will explore the value of Kibana 4 for log analysis and will give a real live, hands-on tutorial on how to set up Kibana 4 and get the most out of Apache log files. He will examine three use cases: IT operations, business intelligence, and security and compliance. This is a hands-on session that will require participants to bring their own laptops, and we will provide the rest.
IoT is at the core or many Digital Transformation initiatives with the goal of re-inventing a company's business model. We all agree that collecting relevant IoT data will result in massive amounts of data needing to be stored. However, with the rapid development of IoT devices and ongoing business model transformation, we are not able to predict the volume and growth of IoT data. And with the lack of IoT history, traditional methods of IT and infrastructure planning based on the past do not app...
"LinearHub provides smart video conferencing, which is the Roundee service, and we archive all the video conferences and we also provide the transcript," stated Sunghyuk Kim, CEO of LinearHub, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
"We're bringing out a new application monitoring system to the DevOps space. It manages large enterprise applications that are distributed throughout a node in many enterprises and we manage them as one collective," explained Kevin Barnes, President of eCube Systems, in this SYS-CON.tv interview at DevOps at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
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...
@DevOpsSummit at Cloud taking place June 6-8, 2017, at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developm...
Updating DevOps to the latest production data slows down your development cycle. Probably it is due to slow, inefficient conventional storage and associated copy data management practices. In his session at @DevOpsSummit at 20th Cloud Expo, Dhiraj Sehgal, in Product and Solution at Tintri, will talk about DevOps and cloud-focused storage to update hundreds of child VMs (different flavors) with updates from a master VM in minutes, saving hours or even days in each development cycle. He will also...
In a recent research, analyst firm IDC found that the average cost of a critical application failure is $500,000 to $1 million per hour and the average total cost of unplanned application downtime is $1.25 billion to $2.5 billion per year for Fortune 1000 companies. In addition to the findings on the cost of the downtime, the research also highlighted best practices for development, testing, application support, infrastructure, and operations teams.
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
@DevOpsSummit taking place June 6-8, 2017 at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @DevOpsSummit at Cloud Expo New York Call for Papers is now open.
A look across the tech landscape at the disruptive technologies that are increasing in prominence and speculate as to which will be most impactful for communications – namely, AI and Cloud Computing. In his session at 20th Cloud Expo, Curtis Peterson, VP of Operations at RingCentral, will highlight the current challenges of these transformative technologies and share strategies for preparing your organization for these changes. This “view from the top” will outline the latest trends and developm...