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
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...
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, discussed the importance of WebRTC and how it enables companies to focus o...
"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.
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, discussed the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports.
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...
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.
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...
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...
"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.
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...
Things are changing so quickly in IoT that it would take a wizard to predict which ecosystem will gain the most traction. In order for IoT to reach its potential, smart devices must be able to work together. Today, there are a slew of interoperability standards being promoted by big names to make this happen: HomeKit, Brillo and Alljoyn. In his session at @ThingsExpo, Adam Justice, vice president and general manager of Grid Connect, will review what happens when smart devices don’t work togethe...
"There's a growing demand from users for things to be faster. When you think about all the transactions or interactions users will have with your product and everything that is between those transactions and interactions - what drives us at Catchpoint Systems is the idea to measure that and to analyze it," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York Ci...
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.