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
With the introduction of IoT and Smart Living in every aspect of our lives, one question has become relevant: What are the security implications? To answer this, first we have to look and explore the security models of the technologies that IoT is founded upon. In his session at @ThingsExpo, Nevi Kaja, a Research Engineer at Ford Motor Company, discussed some of the security challenges of the IoT infrastructure and related how these aspects impact Smart Living. The material was delivered interac...
Artificial intelligence, machine learning, neural networks. We’re in the midst of a wave of excitement around AI such as hasn’t been seen for a few decades. But those previous periods of inflated expectations led to troughs of disappointment. Will this time be different? Most likely. Applications of AI such as predictive analytics are already decreasing costs and improving reliability of industrial machinery. Furthermore, the funding and research going into AI now comes from a wide range of com...
"When we talk about cloud without compromise what we're talking about is that when people think about 'I need the flexibility of the cloud' - it's the ability to create applications and run them in a cloud environment that's far more flexible,” explained Matthew Finnie, CTO of Interoute, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
When growing capacity and power in the data center, the architectural trade-offs between server scale-up vs. scale-out continue to be debated. Both approaches are valid: scale-out adds multiple, smaller servers running in a distributed computing model, while scale-up adds fewer, more powerful servers that are capable of running larger workloads. It’s worth noting that there are additional, unique advantages that scale-up architectures offer. One big advantage is large memory and compute capacity...
The financial services market is one of the most data-driven industries in the world, yet it’s bogged down by legacy CPU technologies that simply can’t keep up with the task of querying and visualizing billions of records. In his session at 20th Cloud Expo, Karthik Lalithraj, a Principal Solutions Architect at Kinetica, discussed how the advent of advanced in-database analytics on the GPU makes it possible to run sophisticated data science workloads on the same database that is housing the rich...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend 21st Cloud Expo October 31 - November 2, 2017, at the Santa Clara Convention Center, CA, and June 12-14, 2018, at the Javits Center in New York City, NY, and learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
In his session at Cloud Expo, Alan Winters, an entertainment executive/TV producer turned serial entrepreneur, presented a success story of an entrepreneur who has both suffered through and benefited from offshore development across multiple businesses: The smart choice, or how to select the right offshore development partner Warning signs, or how to minimize chances of making the wrong choice Collaboration, or how to establish the most effective work processes Budget control, or how to ma...
Amazon started as an online bookseller 20 years ago. Since then, it has evolved into a technology juggernaut that has disrupted multiple markets and industries and touches many aspects of our lives. It is a relentless technology and business model innovator driving disruption throughout numerous ecosystems. Amazon’s AWS revenues alone are approaching $16B a year making it one of the largest IT companies in the world. With dominant offerings in Cloud, IoT, eCommerce, Big Data, AI, Digital Assista...
SYS-CON Events announced today that Cloud Academy named "Bronze Sponsor" of 21st International Cloud Expo which will take place October 31 - November 2, 2017 at the Santa Clara Convention Center in Santa Clara, CA. Cloud Academy is the industry’s most innovative, vendor-neutral cloud technology training platform. Cloud Academy provides continuous learning solutions for individuals and enterprise teams for Amazon Web Services, Microsoft Azure, Google Cloud Platform, and the most popular cloud com...
IoT solutions exploit operational data generated by Internet-connected smart “things” for the purpose of gaining operational insight and producing “better outcomes” (for example, create new business models, eliminate unscheduled maintenance, etc.). The explosive proliferation of IoT solutions will result in an exponential growth in the volume of IoT data, precipitating significant Information Governance issues: who owns the IoT data, what are the rights/duties of IoT solutions adopters towards t...
No hype cycles or predictions of zillions of things here. IoT is big. You get it. You know your business and have great ideas for a business transformation strategy. What comes next? Time to make it happen. In his session at @ThingsExpo, Jay Mason, Associate Partner at M&S Consulting, presented a step-by-step plan to develop your technology implementation strategy. He discussed the evaluation of communication standards and IoT messaging protocols, data analytics considerations, edge-to-cloud tec...
What's the role of an IT self-service portal when you get to continuous delivery and Infrastructure as Code? This general session showed how to create the continuous delivery culture and eight accelerators for leading the change. Don Demcsak is a DevOps and Cloud Native Modernization Principal for Dell EMC based out of New Jersey. He is a former, long time, Microsoft Most Valuable Professional, specializing in building and architecting Application Delivery Pipelines for hybrid legacy, and cloud ...
DevOps at Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st 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 w...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend 21st Cloud Expo October 31 - November 2, 2017, at the Santa Clara Convention Center, CA, and June 12-14, 2018, at the Javits Center in New York City, NY, and learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.