Welcome!

News Feed Item

Apogee Announces Financing Transaction With Global Resources Investments Ltd.

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.

Contacts:
Apogee Silver Ltd.
Neil T. Ringdahl
Chief Executive Officer
+1 (647) 339-4484
[email protected]
www.apogeesilver.com

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
Dion Hinchcliffe is an internationally recognized digital expert, bestselling book author, frequent keynote speaker, analyst, futurist, and transformation expert based in Washington, DC. He is currently Chief Strategy Officer at the industry-leading digital strategy and online community solutions firm, 7Summits.
Digital Transformation is much more than a buzzword. The radical shift to digital mechanisms for almost every process is evident across all industries and verticals. This is often especially true in financial services, where the legacy environment is many times unable to keep up with the rapidly shifting demands of the consumer. The constant pressure to provide complete, omnichannel delivery of customer-facing solutions to meet both regulatory and customer demands is putting enormous pressure on...
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...
"Akvelon is a software development company and we also provide consultancy services to folks who are looking to scale or accelerate their engineering roadmaps," explained Jeremiah Mothersell, Marketing Manager at Akvelon, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
DXWorldEXPO LLC, the producer of the world's most influential technology conferences and trade shows has announced the 22nd International CloudEXPO | DXWorldEXPO "Early Bird Registration" is now open. Register for Full Conference "Gold Pass" ▸ Here (Expo Hall ▸ Here)
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...
IoT is rapidly becoming mainstream as more and more investments are made into the platforms and technology. As this movement continues to expand and gain momentum it creates a massive wall of noise that can be difficult to sift through. Unfortunately, this inevitably makes IoT less approachable for people to get started with and can hamper efforts to integrate this key technology into your own portfolio. There are so many connected products already in place today with many hundreds more on the h...
"We were founded in 2003 and the way we were founded was about good backup and good disaster recovery for our clients, and for the last 20 years we've been pretty consistent with that," noted Marc Malafronte, Territory Manager at StorageCraft, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Here are the Top 20 Twitter Influencers of the month as determined by the Kcore algorithm, in a range of current topics of interest from #IoT to #DeepLearning. To run a real-time search of a given term in our website and see the current top influencers, click on the topic name. Among the top 20 IoT influencers, ThingsEXPO ranked #14 and CloudEXPO ranked #17.
Without lifecycle traceability and visibility across the tool chain, stakeholders from Planning-to-Ops have limited insight and answers to who, what, when, why and how across the DevOps lifecycle. This impacts the ability to deliver high quality software at the needed velocity to drive positive business outcomes. In his general session at @DevOpsSummit at 19th Cloud Expo, Eric Robertson, General Manager at CollabNet, will discuss how customers are able to achieve a level of transparency that e...
"DivvyCloud as a company set out to help customers automate solutions to the most common cloud problems," noted Jeremy Snyder, VP of Business Development at DivvyCloud, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
In his session at 21st Cloud Expo, Michael Burley, a Senior Business Development Executive in IT Services at NetApp, described how NetApp designed a three-year program of work to migrate 25PB of a major telco's enterprise data to a new STaaS platform, and then secured a long-term contract to manage and operate the platform. This significant program blended the best of NetApp’s solutions and services capabilities to enable this telco’s successful adoption of private cloud storage and launching o...
Join IBM November 1 at 21st Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA, and learn how IBM Watson can bring cognitive services and AI to intelligent, unmanned systems. Cognitive analysis impacts today’s systems with unparalleled ability that were previously available only to manned, back-end operations. Thanks to cloud processing, IBM Watson can bring cognitive services and AI to intelligent, unmanned systems. Imagine a robot vacuum that becomes your personal assistant tha...
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
The Jevons Paradox suggests that when technological advances increase efficiency of a resource, it results in an overall increase in consumption. Writing on the increased use of coal as a result of technological improvements, 19th-century economist William Stanley Jevons found that these improvements led to the development of new ways to utilize coal. In his session at 19th Cloud Expo, Mark Thiele, Chief Strategy Officer for Apcera, compared the Jevons Paradox to modern-day enterprise IT, examin...