Click here to close now.




















Welcome!

News Feed Item

RB Energy Announces Completion of Business Combination

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 01/31/14 -- RB Energy Inc. ("RB Energy") is pleased to announce the completion of the previously announced arrangement (the "Arrangement") involving Sirocco Mining Inc. (TSX:SIM) ("Sirocco") and Canada Lithium Corp. (TSX:CLQ)(OTCQX:CLQMF) ("Canada Lithium").

Under the Arrangement, Canada Lithium acquired all of the issued and outstanding common shares of Sirocco, such that Sirocco became a wholly-owned subsidiary of Canada Lithium, for consideration consisting of 1.175 common shares of Canada Lithium on a pre-consolidation basis (representing approximately 0.3916 common shares of Canada Lithium on a post-consolidation basis) for each outstanding common share of Sirocco (the "Exchange Ratio") and Sirocco and Canada Lithium then amalgamated. Additionally, outstanding options to acquire Sirocco common shares were deemed to be exchanged for options to acquire Canada Lithium common shares, adjusted to reflect the Exchange Ratio. As a result of the Arrangement, Canada Lithium issued approximately 294 million common shares on a pre-consolidation basis (representing approximately 98 million common shares on a post-consolidation basis). The total consideration payable pursuant to the Arrangement valued Sirocco's equity at approximately C$120 million.

Upon completion of and in connection with the Arrangement, Canada Lithium consolidated its outstanding common shares (including the common shares issued to former shareholders of Sirocco under the Arrangement) on the basis of one new common share for every three existing common shares and changed its name to RB Energy Inc. (including Energie RB Inc. in its French form).

Both the Sirocco common shares and the Canada Lithium common shares (on a pre-consolidation basis) are expected to continue to trade, as applicable, on the Toronto Stock Exchange (the "TSX") and the OTCQX Marketplace (the "OTCQX") until on or about February 4, 2014. Following this time, the Sirocco common shares will be de-listed from the TSX and applications will be made for Sirocco to cease to be a reporting issuer in the applicable jurisdictions. The Canada Lithium common shares are expected to commence trading on the TSX and the OTCQX on a post-consolidation basis under the name "RB Energy Inc." on or about February 5, 2014. The new stock symbol for RB Energy Inc. will be "RBI" on the TSX. The new OTCQX symbol is not yet known at this time.

RB Energy will be hosting a conference call at 10:00 a.m. (EST) / 7:00 a.m. (PST) on Tuesday, February 4, 2014 to review the Arrangement transaction, discuss current operations and expectations of RB Energy going forward. To access the call, please dial:

Canada & US: 416-340-2216

International: 866-223-7781

A replay of the conference call will be available until February 12, 2014 by dialing either 905-694-9451 (From Canada & the U.S.) or 800-408-3053 (Internationally) and entering passcode "3210496".

Registered Sirocco shareholders should send their completed and executed letters of transmittal and Sirocco certificates to the depositary for the Arrangement, Equity Financial Trust Company, as soon as possible in order to receive the RB Energy common shares to which they are entitled under the Arrangement. A copy of the Sirocco letter of transmittal is available under Sirocco's profile on SEDAR at www.sedar.com.

Registered Canada Lithium shareholders should similarly send their completed and executed letters of transmittal and Canada Lithium certificates to the depositary for the consolidation, Equity Financial Trust Company, as soon as possible in order to receive certificates representing their RB Energy common shares. A copy of the Canada Lithium letter of transmittal is available under RB Energy's profile on SEDAR at www.sedar.com.

Sirocco shareholders approved the Arrangement at a special meeting held on January 28, 2014, and Canada Lithium shareholders approved the continuation of Canada Lithium from the Business Corporations Act (Ontario) to the Canada Business Corporations Act, the issuance of Canada Lithium common shares pursuant to the Arrangement, the consolidation of Canada Lithium common shares on a 3-for-1 basis, and the change of Canada Lithium's name to "RB Energy Inc." (including "Energie RB Inc." in its French form) at a special meeting held on the same day as the Sirocco special meeting. The Arrangement was approved by the Supreme Court of British Columbia pursuant to a final order dated January 29, 2014, following which Sirocco and Canada Lithium completed the transactions described above.

Further information regarding the Arrangement and the transactions related thereto is available under the profiles of Sirocco and RB Energy on SEDAR at www.sedar.com.

About RB Energy

RB Energy Inc. is a Canadian company formed pursuant to the arrangement involving Sirocco Mining Inc. and Canada Lithium Corp. It currently owns Aguas Blancas, an iodine producing mine in northern Chile, and the Quebec Lithium Project near Val d'Or, the geographical heart of the Quebec mining industry. The Aguas Blancas mine is currently in production. The Quebec Lithium Project has completed construction and is in the commissioning phase of an open-pit mine and on-site processing plant. For more information regarding RB Energy, Sirocco, or Canada Lithium, please refer to their respective public filings available at www.sedar.com.

Forward-Looking Statements

Certain information contained in this news release, including any information relating to the benefits of the Arrangement, trading of the RB Energy common shares on the TSX and OTCQX, RB Energy's expectations and RB Energy's plans for its properties are "forward-looking statements". These forward-looking statements relate to future events or future performance and reflect RB Energy's expectations regarding the Arrangement, and the future growth, results of operations, business prospects and opportunities of RB Energy. These forward-looking statements also reflect RB Energy's current internal projections, expectations or beliefs and are based on information currently available to RB Energy. In some cases forward-looking information can be identified by terminology such as "may", "will", "should", "expect", "intend", "plan", "anticipate", "believe", "estimate", "projects", "potential", "scheduled", "forecast", "budget" or the negative of those terms or other comparable terminology. The estimates and assumptions of RB Energy underlying the forward-looking statements in this news release which may prove to be incorrect include, but are not limited to, the various assumptions set forth in the Sirocco and Canada Lithium December 24, 2013 management information circulars. Assumptions upon which such forward looking information regarding the Arrangement and the transactions related thereto also include the assessment of RB Energy's management of the effects of the Arrangement and the transactions related thereto on the business of RB Energy, the trading of RB Energy common shares on the TSX and OTCQX, the accuracy of RB Energy's mineral reserve and mineral resource estimates and the viability, expansion and development of RB Energy's material mineral project sites as well as financial predictions premised on such assumptions. Although RB Energy believes that the forward-looking information contained in this news release is based on reasonable assumptions, readers cannot be assured that actual results will be consistent with such statements. Accordingly, readers are cautioned against placing undue reliance on forward-looking information. RB Energy expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, events or otherwise, except in accordance with applicable securities laws.

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
"We've just seen a huge influx of new partners coming into our ecosystem, and partners building unique offerings on top of our API set," explained Seth Bostock, Chief Executive Officer at IndependenceIT, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
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.
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
For IoT to grow as quickly as analyst firms’ project, a lot is going to fall on developers to quickly bring applications to market. But the lack of a standard development platform threatens to slow growth and make application development more time consuming and costly, much like we’ve seen in the mobile space. In his session at @ThingsExpo, Mike Weiner, Product Manager of the Omega DevCloud with KORE Telematics Inc., discussed the evolving requirements for developers as IoT matures and conducte...
The Software Defined Data Center (SDDC), which enables organizations to seamlessly run in a hybrid cloud model (public + private cloud), is here to stay. IDC estimates that the software-defined networking market will be valued at $3.7 billion by 2016. Security is a key component and benefit of the SDDC, and offers an opportunity to build security 'from the ground up' and weave it into the environment from day one. In his session at 16th Cloud Expo, Reuven Harrison, CTO and Co-Founder of Tufin,...
With SaaS use rampant across organizations, how can IT departments track company data and maintain security? More and more departments are commissioning their own solutions and bypassing IT. A cloud environment is amorphous and powerful, allowing you to set up solutions for all of your user needs: document sharing and collaboration, mobile access, e-mail, even industry-specific applications. In his session at 16th Cloud Expo, Shawn Mills, President and a founder of Green House Data, discussed h...
Mobile, social, Big Data, and cloud have fundamentally changed the way we live. “Anytime, anywhere” access to data and information is no longer a luxury; it’s a requirement, in both our personal and professional lives. For IT organizations, this means pressure has never been greater to deliver meaningful services to the business and customers.
Container technology is sending shock waves through the world of cloud computing. Heralded as the 'next big thing,' containers provide software owners a consistent way to package their software and dependencies while infrastructure operators benefit from a standard way to deploy and run them. Containers present new challenges for tracking usage due to their dynamic nature. They can also be deployed to bare metal, virtual machines and various cloud platforms. How do software owners track the usag...
The Internet of Everything (IoE) brings together people, process, data and things to make networked connections more relevant and valuable than ever before – transforming information into knowledge and knowledge into wisdom. IoE creates new capabilities, richer experiences, and unprecedented opportunities to improve business and government operations, decision making and mission support capabilities.
Puppet Labs has announced the next major update to its flagship product: Puppet Enterprise 2015.2. This release includes new features providing DevOps teams with clarity, simplicity and additional management capabilities, including an all-new user interface, an interactive graph for visualizing infrastructure code, a new unified agent and broader infrastructure support.
Chuck Piluso presented a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. Prior to Secure Infrastructure and Services, Mr. Piluso founded North American Telecommunication Corporation, a facilities-based Competitive Local Exchange Carrier licensed by the Public Service Commission in 10 states, serving as the company's chairman and president from 1997 to 2000. Between 1990 and 1997, Mr. Piluso served as chairman & founder of International Te...
There are many considerations when moving applications from on-premise to cloud. It is critical to understand the benefits and also challenges of this migration. A successful migration will result in lower Total Cost of Ownership, yet offer the same or higher level of robustness. In his session at 15th Cloud Expo, Michael Meiner, an Engineering Director at Oracle, Corporation, analyzed a range of cloud offerings (IaaS, PaaS, SaaS) and discussed the benefits/challenges of migrating to each offe...
One of the hottest areas in cloud right now is DRaaS and related offerings. In his session at 16th Cloud Expo, Dale Levesque, Disaster Recovery Product Manager with Windstream's Cloud and Data Center Marketing team, will discuss the benefits of the cloud model, which far outweigh the traditional approach, and how enterprises need to ensure that their needs are properly being met.
SYS-CON Events announced today that MobiDev, a software development company, will exhibit at the 17th International Cloud Expo®, which will take place November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software development company with representative offices in Atlanta (US), Sheffield (UK) and Würzburg (Germany); and development centers in Ukraine. Since 2009 it has grown from a small group of passionate engineers and business managers to a full-scale mobi...
Learn how to solve the problem of keeping files in sync between multiple Docker containers. In his session at 16th Cloud Expo, Aaron Brongersma, Senior Infrastructure Engineer at Modulus, discussed using rsync, GlusterFS, EBS and Bit Torrent Sync. He broke down the tools that are needed to help create a seamless user experience. In the end, can we have an environment where we can easily move Docker containers, servers, and volumes without impacting our applications? He shared his results so yo...