|By Marketwired .||
|March 3, 2014 07:36 PM EST||
TORONTO, ONTARIO -- (Marketwired) -- 03/03/14 -- Viper Gold Ltd. (TSX VENTURE: VPR) ("Viper" or the "Company") announced today that it has entered into a Conditional Termination Agreement (the "Termination Agreement") with Duran Ventures Inc. ("Duran") which would effectively terminate the Joint Operating Agreement between Viper and Duran resulting in the disposition of the Company's 50% interest in certain mineral concessions in Peru known as the Corongo Project held by Corongo Exploraciones S.A.C., a subsidiary of Duran, which are currently the subject of a property option agreement among Duran, its wholly owned subsidiary Minera Aguila de Oro S.A.C. and Viper (the "Proposed Disposition"). Proceeds net to Viper from the Proposed Disposition are expected to be approximately US $200,000 upon satisfaction of certain conditions. The Proposed Disposition is expected to close concurrently with the disposition of other mining assets held by Duran in Peru to Minera Penoles de Peru S.A. ("Penoles"), a Peruvian subsidiary of Industrias Penoles S.A.B. de C.V. on or about April 15, 2014, and, in any event, not later than May 31, 2014.
The Proposed Disposition is expected to constitute a Reviewable Disposition as defined in Policy 5.3 - Acquisitions and Dispositions of Non-Cash Assets ("Policy 5.3") of the TSX Venture Exchange Inc. ("TSXV") and, as such, the Proposed Disposition remains subject to: (a) shareholder approval, which the Company proposes to obtain by way of a shareholders' meeting; and (b) regulatory approval by the TSXV. Completion of the transactions comprising the Proposed Disposition are also subject to additional conditions precedent, including the receipt of shareholder approvals and stock exchange approval and certain other conditions.
Viper intends to use the proceeds from the Proposed Disposition of its 50% interest in the Corongo Property to address its working capital deficiency, improve the Company's balance sheet, pursue other resource and mining opportunities and consider additional business opportunities outside of the mining and exploration field in the ordinary course of business. The Company sees the Proposed Disposition as an opportunity to increase its treasury without having a dilutive impact on its current shareholders while maintaining an attractive share structure to advance on targeted prospects. The Company believes it can take advantage of continuing poor market conditions in the junior resource sector.
The Company intends to seek the consent of its shareholders for the Proposed Disposition by means of convening a special meeting of shareholders, to be held on or before April 23, 2014 (the "Meeting"). In connection with reviewing the Proposed Disposition, the Board of Directors as a whole, excluding Joseph Del Campo, who is also a director of Duran, has determined that the transactions contemplated pursuant to the Termination Agreement are in the best interest of the Company and its shareholders and has recommended approval of the Proposed Disposition at the Meeting.
Trading of the Company's shares has been halted and is expected to remain halted pending receipt of satisfactory documentation by the TSXV. Further updates will be announced on the status of the trading halt, the Agreement, and the Proposed Disposition, as appropriate.
Viper Gold Ltd. is an emerging Canadian based junior exploration company focused on the precious metals potential of the "Gold Corridor" in Northern Peru.
Neither the 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.
Statements in this press release may contain forward-looking information, including expectations of the results of future exploration, the ability of the Company to identify and pursue new business opportunities, the conditional nature of the Termination Agreement, shareholder approval of the Proposed Disposition, the closing of the Proposed Disposition and the use of proceeds from the Proposed Disposition. The reader is cautioned that assumptions used in the preparations of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. These risks include, but are not limited to, the risks associated with the mining industry, commodity prices, exchange rate changes, income taxes, political risks in Peru and regulatory changes, and closing of Duran's disposition to Penoles. Industry related risks could include, but are not limited to, operational risks in exploration, development and production, delays or changes in plans, risks associated to the uncertainty of reserve estimates, health and safety risks and the uncertainty of estimates and projections of production, costs and expenses. There is a specific risk that the Company may incur expenses related to obtaining shareholder and regulatory approval of the Proposed Disposition, that the Proposed Disposition does not proceed and that the Company may not receive the estimated net proceeds of the Proposed Disposition following payment of all expenses related to the transactions referred to in this press release. The reader is cautioned not to place undue reliance on this forward-looking information.
Imagine having the ability to leverage all of your current technology and to be able to compose it into one resource pool. Now imagine, as your business grows, not having to deploy a complete new appliance to scale your infrastructure. Also imagine a true multi-cloud capability that allows live migration without any modification between cloud environments regardless of whether that cloud is your private cloud or your public AWS, Azure or Google instance. Now think of a world that is not locked i...
Mar. 29, 2017 09:15 AM EDT Reads: 510
SYS-CON Events announced today that Auditwerx 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. Auditwerx specializes in SOC 1, SOC 2, and SOC 3 attestation services throughout the U.S. and Canada. As a division of Carr, Riggs & Ingram (CRI), one of the top 20 largest CPA firms nationally, you can expect the resources, skills, and experience of a much larger firm combined with the accessibility and attent...
Mar. 29, 2017 09:00 AM EDT Reads: 526
In his session at @ThingsExpo, Eric Lachapelle, CEO of the Professional Evaluation and Certification Board (PECB), will provide an overview of various initiatives to certifiy the security of connected devices and future trends in ensuring public trust of IoT. Eric Lachapelle is the Chief Executive Officer of the Professional Evaluation and Certification Board (PECB), an international certification body. His role is to help companies and individuals to achieve professional, accredited and worldw...
Mar. 29, 2017 08:45 AM EDT Reads: 882
In his General Session at 16th Cloud Expo, David Shacochis, host of The Hybrid IT Files podcast and Vice President at CenturyLink, investigated three key trends of the “gigabit economy" though the story of a Fortune 500 communications company in transformation. Narrating how multi-modal hybrid IT, service automation, and agile delivery all intersect, he will cover the role of storytelling and empathy in achieving strategic alignment between the enterprise and its information technology.
Mar. 29, 2017 08:00 AM EDT Reads: 7,420
While DevOps most critically and famously fosters collaboration, communication, and integration through cultural change, culture is more of an output than an input. In order to actively drive cultural evolution, organizations must make substantial organizational and process changes, and adopt new technologies, to encourage a DevOps culture. Moderated by Andi Mann, panelists discussed how to balance these three pillars of DevOps, where to focus attention (and resources), where organizations might...
Mar. 29, 2017 06:30 AM EDT Reads: 6,255
In his session at 20th Cloud Expo, Scott Davis, CTO of Embotics, will discuss how automation can provide the dynamic management required to cost-effectively deliver microservices and container solutions at scale. He will discuss how flexible automation is the key to effectively bridging and seamlessly coordinating both IT and developer needs for component orchestration across disparate clouds – an increasingly important requirement at today’s multi-cloud enterprise.
Mar. 29, 2017 06:00 AM EDT Reads: 2,834
Microservices are a very exciting architectural approach that many organizations are looking to as a way to accelerate innovation. Microservices promise to allow teams to move away from monolithic "ball of mud" systems, but the reality is that, in the vast majority of organizations, different projects and technologies will continue to be developed at different speeds. How to handle the dependencies between these disparate systems with different iteration cycles? Consider the "canoncial problem" ...
Mar. 29, 2017 06:00 AM EDT Reads: 9,045
The essence of cloud computing is that all consumable IT resources are delivered as services. In his session at 15th Cloud Expo, Yung Chou, Technology Evangelist at Microsoft, demonstrated the concepts and implementations of two important cloud computing deliveries: Infrastructure as a Service (IaaS) and Platform as a Service (PaaS). He discussed from business and technical viewpoints what exactly they are, why we care, how they are different and in what ways, and the strategies for IT to transi...
Mar. 29, 2017 05:00 AM EDT Reads: 6,418
The Internet of Things is clearly many things: data collection and analytics, wearables, Smart Grids and Smart Cities, the Industrial Internet, and more. Cool platforms like Arduino, Raspberry Pi, Intel's Galileo and Edison, and a diverse world of sensors are making the IoT a great toy box for developers in all these areas. In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists discussed what things are the most important, which will have the most profound e...
Mar. 29, 2017 04:00 AM EDT Reads: 15,087
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...
Mar. 29, 2017 04:00 AM EDT Reads: 3,191
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
Mar. 29, 2017 03:45 AM EDT Reads: 2,144
My team embarked on building a data lake for our sales and marketing data to better understand customer journeys. This required building a hybrid data pipeline to connect our cloud CRM with the new Hadoop Data Lake. One challenge is that IT was not in a position to provide support until we proved value and marketing did not have the experience, so we embarked on the journey ourselves within the product marketing team for our line of business within Progress. In his session at @BigDataExpo, Sum...
Mar. 29, 2017 03:30 AM EDT Reads: 3,226
Niagara Networks exhibited at the 19th International Cloud Expo, which took place at the Santa Clara Convention Center in Santa Clara, CA, in November 2016. Niagara Networks offers the highest port-density systems, and the most complete Next-Generation Network Visibility systems including Network Packet Brokers, Bypass Switches, and Network TAPs.
Mar. 29, 2017 03:30 AM EDT Reads: 3,363
Virtualization over the past years has become a key strategy for IT to acquire multi-tenancy, increase utilization, develop elasticity and improve security. And virtual machines (VMs) are quickly becoming a main vehicle for developing and deploying applications. The introduction of containers seems to be bringing another and perhaps overlapped solution for achieving the same above-mentioned benefits. Are a container and a virtual machine fundamentally the same or different? And how? Is one techn...
Mar. 29, 2017 03:30 AM EDT Reads: 3,218
Extreme Computing is the ability to leverage highly performant infrastructure and software to accelerate Big Data, machine learning, HPC, and Enterprise applications. High IOPS Storage, low-latency networks, in-memory databases, GPUs and other parallel accelerators are being used to achieve faster results and help businesses make better decisions. In his session at 18th Cloud Expo, Michael O'Neill, Strategic Business Development at NVIDIA, focused on some of the unique ways extreme computing is...
Mar. 29, 2017 03:30 AM EDT Reads: 11,767