Click here to close now.


News Feed Item

Yoho Announces Acquisition of Common Shares of Storm Resources

CALGARY, ALBERTA -- (Marketwired) -- 01/31/14 -- Yoho Resources Inc. ("Yoho" or the "Company") (TSX VENTURE:YO) announces that, in connection with the transaction described below, Yoho's direct and indirect wholly-owned subsidiary, Yoho Resources Partnership (the "Partnership"), acquired ownership and control of 13,629,442 common shares (the "Storm Shares") in the capital of Storm Resources Ltd. (TSX VENTURE:SRX) ("Storm") with a deemed value of $4.25 per share, being the closing price of the Storm Shares on the TSX Venture Exchange ("TSXV") on January 30, 2014 (the trading date immediately prior to the date the Partnership acquired the Strom Shares pursuant to the terms of the Asset Purchase Agreement (as defined below)).

The 13,629,442 Storm Shares were acquired from the treasury of Storm pursuant to the terms and conditions of an asset purchase and sale agreement dated January 22, 2014 (the "Asset Purchase Agreement") among the Partnership, Yoho and Storm pursuant to which Storm acquired all of Yoho's Montney acreage in the Nig area of Northeast British Columbia for total consideration of approximately $87.9 million, comprised of 13,629,442 Storm Shares having an aggregate deemed value of approximately $57.9 million, based on the closing price of the Storm Shares on the TSXV on January 30, 2014 of $4.25 per share, and $30.0 million in cash (before adjustments), which transaction closed on January 31, 2014 (the "Disposition").

Following the completion of the Disposition, the Partnership (including any "joint actors" of the Partnership) owns or exercises control or direction over an aggregate of 13,629,442 Storm Shares representing approximately 13.48% of the current issued and outstanding Storm Shares (on a non-diluted basis).

In connection with the Disposition, Yoho and the Partnership have entered into an arrangement agreement pursuant to which they will undertake a plan of arrangement (the "Arrangement") under the Business Corporations Act (Alberta). Pursuant to the Arrangement, a new class of common shares of Yoho (the "New Yoho Shares") will be created and each currently issued and outstanding common share (the "Yoho Shares") of Yoho will then be exchanged for one (1) New Yoho Share and a portion of the Storm Shares received by the Partnership pursuant to the Asset Purchase Agreement. Based on the 50,638,687 Yoho Shares issued and outstanding as at the date hereof (on a non-diluted basis), holders of Yoho Shares shall be entitled to receive one (1) New Yoho Share and 0.2691 of a Storm Share, for each Yoho Share held at the time the Arrangement is completed. The final exact allocation of the Storm Shares will be determined at the time the Arrangement is completed based on the number of Yoho Shares then issued and outstanding.

An early warning report has been filed on SEDAR and will be available for review at under Storm's profile. A copy of the early warning report can be obtained from the contact below.

Yoho Resources Inc.
Wendy Woolsey
Vice-President Finance & Chief Financial Officer
(403) 537-1771 x102

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
Most of the IoT Gateway scenarios involve collecting data from machines/processing and pushing data upstream to cloud for further analytics. The gateway hardware varies from Raspberry Pi to Industrial PCs. The document states the process of allowing deploying polyglot data pipelining software with the clear notion of supporting immutability. In his session at @ThingsExpo, Shashank Jain, a development architect for SAP Labs, discussed the objective, which is to automate the IoT deployment proces...
Culture is the most important ingredient of DevOps. The challenge for most organizations is defining and communicating a vision of beneficial DevOps culture for their organizations, and then facilitating the changes needed to achieve that. Often this comes down to an ability to provide true leadership. As a CIO, are your direct reports IT managers or are they IT leaders? The hard truth is that many IT managers have risen through the ranks based on their technical skills, not their leadership ab...
In his General Session at DevOps Summit, Asaf Yigal, Co-Founder & VP of Product at, explored the value of Kibana 4 for log analysis and provided a hands-on tutorial on how to set up Kibana 4 and get the most out of Apache log files. He examined three use cases: IT operations, business intelligence, and security and compliance. Asaf Yigal is co-founder and VP of Product at log analytics software company In the past, he was co-founder of social-trading platform Currensee, which...
The revocation of Safe Harbor has radically affected data sovereignty strategy in the cloud. In his session at 17th Cloud Expo, Jeff Miller, Product Management at Cavirin Systems, discussed how to assess these changes across your own cloud strategy, and how you can mitigate risks previously covered under the agreement.
Countless business models have spawned from the IaaS industry – resell Web hosting, blogs, public cloud, and on and on. With the overwhelming amount of tools available to us, it's sometimes easy to overlook that many of them are just new skins of resources we've had for a long time. In his general session at 17th Cloud Expo, Harold Hannon, Sr. Software Architect at SoftLayer, an IBM Company, broke down what we have to work with, discussed the benefits and pitfalls and how we can best use them ...
We all know that data growth is exploding and storage budgets are shrinking. Instead of showing you charts on about how much data there is, in his General Session at 17th Cloud Expo, Scott Cleland, Senior Director of Product Marketing at HGST, showed how to capture all of your data in one place. After you have your data under control, you can then analyze it in one place, saving time and resources.
The Internet of Things (IoT) is growing rapidly by extending current technologies, products and networks. By 2020, Cisco estimates there will be 50 billion connected devices. Gartner has forecast revenues of over $300 billion, just to IoT suppliers. Now is the time to figure out how you’ll make money – not just create innovative products. With hundreds of new products and companies jumping into the IoT fray every month, there’s no shortage of innovation. Despite this, McKinsey/VisionMobile data...
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.
As organizations realize the scope of the Internet of Things, gaining key insights from Big Data, through the use of advanced analytics, becomes crucial. However, IoT also creates the need for petabyte scale storage of data from millions of devices. A new type of Storage is required which seamlessly integrates robust data analytics with massive scale. These storage systems will act as “smart systems” provide in-place analytics that speed discovery and enable businesses to quickly derive meaningf...
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, rich desktop and tuned mobile experiences can now be created with a single codebase – without compromising functionality, performance or usability. In his session at DevOps Su...
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
In his General Session at 17th Cloud Expo, Bruce Swann, Senior Product Marketing Manager for Adobe Campaign, explored the key ingredients of cross-channel marketing in a digital world. Learn how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects).
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
In recent years, at least 40% of companies using cloud applications have experienced data loss. One of the best prevention against cloud data loss is backing up your cloud data. In his General Session at 17th Cloud Expo, Sam McIntyre, Partner Enablement Specialist at eFolder, presented how organizations can use eFolder Cloudfinder to automate backups of cloud application data. He also demonstrated how easy it is to search and restore cloud application data using Cloudfinder.
The Internet of Everything is re-shaping technology trends–moving away from “request/response” architecture to an “always-on” Streaming Web where data is in constant motion and secure, reliable communication is an absolute necessity. As more and more THINGS go online, the challenges that developers will need to address will only increase exponentially. In his session at @ThingsExpo, Todd Greene, Founder & CEO of PubNub, exploreed the current state of IoT connectivity and review key trends and t...