|By Marketwired .||
|February 10, 2014 03:26 PM EST||
TORONTO, ONTARIO -- (Marketwired) -- 02/10/14 -- Apogee Silver Ltd. ("Apogee" or the "Company") (TSX VENTURE:APE) is pleased to announce that it has entered into a share exchange agreement with Global Resources Investments Ltd. ("GRIL"), an arm's length party to the Company. Currently, GRIL is conditionally approved for listing on the London Stock Exchange ("LSE") and upon listing it will become re-registered as a public company and constituted as a UK Investment Trust under the name Global Resources Investment Trust Plc ("GRIT").
Pursuant to the terms of the agreement, upon the successful listing of the GRIT shares on the LSE, the Company will issue an aggregate of 73,000,000 units at a price of CDN$0.05 (approx. GBP 1,977,462) per unit (a "Unit") and in consideration shall acquire 1,977,462 common shares of GRIT at GBP 1.0 per share (the "GRIT Shares") at a deemed value of GBP 1,977,462 (approx. CDN $3,650,000). Each Unit will consist of one common share of Apogee (a "Common Share") and one common share purchase warrant entitling the holder thereof to acquire a Common Share at a price of $0.05 for a period of 60 months (a "Warrant"). Upon completion of GRIT's going public transaction, Apogee may sell all or a portion of its GRIT Shares through the facilities of the LSE in order to realize the private placement proceeds.
GRIL has been established to exploit investment opportunities in the junior mining and natural resources sector worldwide, with an investment objective to generate mediumand long term capital growth.
Neil Ringdahl, President and CEO commented, "We are extremely pleased to be entering into this transaction with GRIL. GRIL has an extensive track record of successfully identifying excellent projects within the global natural resources sector and we welcome their expertise and involvement in the Company going forward."
Closing of the transaction is subject to a number of conditions precedent, including approval of the TSX Venture Exchange, and GRIT successfully listing on the LSE. The Common Shares, Warrants and the shares underlying the Warrants shall be subject to a four month and one day statutory hold period.
Upon completion of the private placement, Apogee will have 450,816,059 Common Shares issued and outstanding and GRIT will hold approximately 16% of the Company on a non-diluted basis. Assuming the full exercise of the Warrants, GRIT would hold approximately 27.8% of the Company. Accordingly, GRIT has agreed that it shall not exercise any portion of the Warrants which would result in GRIT holding greater than 19.9% of the Company on a partially diluted basis.
In addition, the Company announces that it has received notice from the Servicio de Impuestos Nacionales, the national tax authority in Bolivia, that its indirectly held Bolivian subsidiary ASC Bolivia LDC Surcusal Bolivia (the "Subsidiary") owes approximately Bs36,573,270 (USD$ 5,254,780) as of July 2011 relating to a historical tax liability which occurred in 2004, prior to the Company acquiring the Subsidiary in 2011.
The Company was not aware of this historical liability, originally assessed by the tax authority at a amount equivalent to approx. CAD$837,236 in 2004, and believes that this notice was improperly provided by the tax authority. The Company is currently investigating the merits and legitimacy of this assessment. The Company has hired local counsel in Bolivia to investigate the matter and pursue all avenues of recourse available to the Company.
About Apogee Silver Ltd.
Apogee Silver Ltd. is a mineral exploration and development stage company listed on the TSX Venture Exchange under the symbol APE. Apogee targets advanced, high grade silver-zinc-lead projects in South America that demonstrate potential to be developed to production. Currently its projects are located in the historic silver producing regions of southwest Bolivia and northern Chile.
Apogee's most advanced project is the 100% controlled Pulacayo-Paca project in Bolivia for which a positive feasibility study has been completed, and contains 60 millon silver ounces in the Indicated Resource category, including 27 million silver ounces in Probable Reserve category, not including base metal credits. The Company has already conducted test mining and toll milling activies at Pulacayo. This project includes the property that covered the second-largest silver mine in the history of Bolivia with a historical estimate of over 600 million silver ounces of past production.
Seven kilometers to the north of Pulacayo lies the Paca project which contains 25 million silver ounces in the Inferred Resource category. In Chile, the Cachinal project contains over 18 million silver ounces in the Indicated Resource category, not including gold and base metal credits.
Cautionary Note Regarding Forward-Looking Information:
This press release contains "forward looking information" within the meaning of applicable Canadian securities legislation. Forward looking information includes, but is not limited to, statements made with respect to the proposed transaction, the timing with respect to the proposed transaction, the ability of GRIT to complete its going public transaction, the ability for the Company to sell its GRIT shares the future financial or operating performance of the Company, the ability of the Company to resolve the impending tax liability and the ability of the Company to satisfy its debt obligations in the event the issue is not resolved, its subsidiaries and its projects, the development of and the anticipated timing with respect to the Pulacayo-Paca project, the ability to obtain financing and/or financial partners; and the impact of concerns relating to permitting, reusltation, governmental and local community relations. Generally, forward looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Estimates underlying the results of the feasibility study arise from engineering, geological and costing work of TWP Sudamerica, Mercator Geological Services, P&E Mining Consultants and the Company. See the technical report relating to the feasibility study for a description of all relevant estimates, assumptions and parameters. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; other risks of the mining industry and the risks described in the annual information form of the Company. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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.
What sort of WebRTC based applications can we expect to see over the next year and beyond? One way to predict development trends is to see what sorts of applications startups are building. In his session at @ThingsExpo, Arin Sime, founder of WebRTC.ventures, will discuss the current and likely future trends in WebRTC application development based on real requests for custom applications from real customers, as well as other public sources of information,
Mar. 28, 2017 12:45 AM EDT Reads: 954
Interoute has announced the integration of its Global Cloud Infrastructure platform with Rancher Labs’ container management platform, Rancher. This approach enables enterprises to accelerate their digital transformation and infrastructure investments. Matthew Finnie, Interoute CTO commented “Enterprises developing and building apps in the cloud and those on a path to Digital Transformation need Digital ICT Infrastructure that allows them to build, test and deploy faster than ever before. The int...
Mar. 28, 2017 12:00 AM EDT Reads: 1,226
Whether you like it or not, DevOps is on track for a remarkable alliance with security. The SEC didn’t approve the merger. And your boss hasn’t heard anything about it. Yet, this unruly triumvirate will soon dominate and deliver DevSecOps faster, cheaper, better, and on an unprecedented scale. In his session at DevOps Summit, Frank Bunger, VP of Customer Success at ScriptRock, discussed how this cathartic moment will propel the DevOps movement from such stuff as dreams are made on to a practic...
Mar. 28, 2017 12:00 AM EDT Reads: 8,351
ChatOps is an emerging topic that has led to the wide availability of integrations between group chat and various other tools/platforms. Currently, HipChat is an extremely powerful collaboration platform due to the various ChatOps integrations that are available. However, DevOps automation can involve orchestration and complex workflows. In his session at @DevOpsSummit at 20th Cloud Expo, Himanshu Chhetri, CTO at Addteq, will cover practical examples and use cases such as self-provisioning infra...
Mar. 27, 2017 11:30 PM EDT Reads: 3,057
"My role is working with customers, helping them go through this digital transformation. I spend a lot of time talking to banks, big industries, manufacturers working through how they are integrating and transforming their IT platforms and moving them forward," explained William Morrish, General Manager Product Sales at Interoute, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Mar. 27, 2017 09:45 PM EDT Reads: 3,634
The cloud competition for database hosts is fierce. How do you evaluate a cloud provider for your database platform? In his session at 18th Cloud Expo, Chris Presley, a Solutions Architect at Pythian, gave users a checklist of considerations when choosing a provider. Chris Presley is a Solutions Architect at Pythian. He loves order – making him a premier Microsoft SQL Server expert. Not only has he programmed and administered SQL Server, but he has also shared his expertise and passion with budd...
Mar. 27, 2017 09:45 PM EDT Reads: 3,050
Apache Hadoop is emerging as a distributed platform for handling large and fast incoming streams of data. Predictive maintenance, supply chain optimization, and Internet-of-Things analysis are examples where Hadoop provides the scalable storage, processing, and analytics platform to gain meaningful insights from granular data that is typically only valuable from a large-scale, aggregate view. One architecture useful for capturing and analyzing streaming data is the Lambda Architecture, represent...
Mar. 27, 2017 08:15 PM EDT Reads: 6,317
SYS-CON Events announced today that Ocean9will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Ocean9 provides cloud services for Backup, Disaster Recovery (DRaaS) and instant Innovation, and redefines enterprise infrastructure with its cloud native subscription offerings for mission critical SAP workloads.
Mar. 27, 2017 07:45 PM EDT Reads: 2,194
With billions of sensors deployed worldwide, the amount of machine-generated data will soon exceed what our networks can handle. But consumers and businesses will expect seamless experiences and real-time responsiveness. What does this mean for IoT devices and the infrastructure that supports them? More of the data will need to be handled at - or closer to - the devices themselves.
Mar. 27, 2017 07:30 PM EDT Reads: 4,592
In his session at DevOps Summit, Tapabrata Pal, Director of Enterprise Architecture at Capital One, will tell a story about how Capital One has embraced Agile and DevOps Security practices across the Enterprise – driven by Enterprise Architecture; bringing in Development, Operations and Information Security organizations together. Capital Ones DevOpsSec practice is based upon three "pillars" – Shift-Left, Automate Everything, Dashboard Everything. Within about three years, from 100% waterfall, C...
Mar. 27, 2017 06:45 PM EDT Reads: 12,928
Adding public cloud resources to an existing application can be a daunting process. The tools that you currently use to manage the software and hardware outside the cloud aren’t always the best tools to efficiently grow into the cloud. All of the major configuration management tools have cloud orchestration plugins that can be leveraged, but there are also cloud-native tools that can dramatically improve the efficiency of managing your application lifecycle.
Mar. 27, 2017 06:00 PM EDT Reads: 3,011
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
Mar. 27, 2017 03:45 PM EDT Reads: 1,429
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 Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
Mar. 27, 2017 03:30 PM EDT Reads: 2,969
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
Mar. 27, 2017 02:45 PM EDT Reads: 1,980
Some people worry that OpenStack is more flash then substance; however, for many customers this could not be farther from the truth. No other technology equalizes the playing field between vendors while giving your internal teams better access than ever to infrastructure when they need it. In his session at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will talk through some real-world OpenStack deployments and look into the ways this can benefit customers of all sizes....
Mar. 27, 2017 02:30 PM EDT Reads: 4,344