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
All clouds are not equal. To succeed in a DevOps context, organizations should plan to develop/deploy apps across a choice of on-premise and public clouds simultaneously depending on the business needs. This is where the concept of the Lean Cloud comes in - resting on the idea that you often need to relocate your app modules over their life cycles for both innovation and operational efficiency in the cloud. In his session at @DevOpsSummit at19th Cloud Expo, Valentin (Val) Bercovici, CTO of Soli...
“We're a global managed hosting provider. Our core customer set is a U.S.-based customer that is looking to go global,” explained Adam Rogers, Managing Director at ANEXIA, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smart...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his general session at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore...
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it! In her Day 2 Keynote at 17th Cloud Expo, Sandy Ca...
Tricky charts and visually deceptive graphs often make a case for the impact IT performance has on business. The debate isn't around the obvious; of course, IT performance metrics like website load time influence business metrics such as conversions and revenue. Rather, this presentation will explore various data analysis concepts to understand how, and how not to, assert such correlations. In his session at 20th Cloud Expo, Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Sys...
SYS-CON Events announced today that Technologic Systems Inc., an embedded systems solutions company, will exhibit at SYS-CON's @ThingsExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Technologic Systems is an embedded systems company with headquarters in Fountain Hills, Arizona. They have been in business for 32 years, helping more than 8,000 OEM customers and building over a hundred COTS products that have never been discontinued. Technologic Systems’ pr...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
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...
SYS-CON Events announced today that LeaseWeb USA, a cloud Infrastructure-as-a-Service (IaaS) provider, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LeaseWeb is one of the world's largest hosting brands. The company helps customers define, develop and deploy IT infrastructure tailored to their exact business needs, by combining various kinds cloud solutions.
Unsecured IoT devices were used to launch crippling DDOS attacks in October 2016, targeting services such as Twitter, Spotify, and GitHub. Subsequent testimony to Congress about potential attacks on office buildings, schools, and hospitals raised the possibility for the IoT to harm and even kill people. What should be done? Does the government need to intervene? This panel at @ThingExpo New York brings together leading IoT and security experts to discuss this very serious topic.
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, discussed the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
SYS-CON Events announced today that Catchpoint Systems, Inc., a provider of innovative web and infrastructure monitoring solutions, has been named “Silver Sponsor” of SYS-CON's DevOps Summit at 18th Cloud Expo New York, which will take place June 7-9, 2016, at the Javits Center in New York City, NY. Catchpoint is a leading Digital Performance Analytics company that provides unparalleled insight into customer-critical services to help consistently deliver an amazing customer experience. Designed ...
DevOps tends to focus on the relationship between Dev and Ops, putting an emphasis on the ops and application infrastructure. But that’s changing with microservices architectures. In her session at DevOps Summit, Lori MacVittie, Evangelist for F5 Networks, will focus on how microservices are changing the underlying architectures needed to scale, secure and deliver applications based on highly distributed (micro) services and why that means an expansion into “the network” for DevOps.
LogMeIn has completed its previously disclosed merger with Citrix Systems, Inc.’s GetGo, Inc. subsidiary, a wholly owned subsidiary consisting of Citrix’s GoTo family of service offerings. The merger officially closed after market hours on January 31, 2017. Effected through a Reverse Morris Trust transaction, the merger brings together two of the preeminent players in cloud connectivity to instantly create one of the world’s top 10 public SaaS companies, and a market leader with the scale, resou...