|By Marketwired .||
|March 4, 2014 12:31 PM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 03/04/14 -- Laurentian Goldfields Ltd. ("Laurentian" or the "Company") (TSX VENTURE: LGF) is pleased to announce it has closed its previously announced private placement for total gross proceeds of approximately C$18.6 million (the "Offering") and completed the purchase of the Madsen Gold Project (the "Acquisition") from Claude Resources Inc. ("Claude").
Darin Labrenz, President & CEO of Laurentian, stated that: "Laurentian is delighted to complete the acquisition of the Madsen Gold Project. The acquisition transforms Laurentian into a leading Red Lake gold exploration company under the direction and expertise of a proven leadership team. I would like to thank all stakeholders for their support in completing both the acquisition and the financing. The Madsen Gold Project represents the third largest land position and second largest historical production in one of North America's most prolific gold camps, and with the closing of the acquisition and private placement financing, Laurentian is now well funded to prioritize and advance several important exploration targets along the 12 km Madsen Mine Trend."
The Offering consisted of the issuance of 74,326,500 units at a price of C$0.25 per unit (a "Unit") with each Unit comprised of one common share of Laurentian and one-half of one common share purchase warrant. Each whole warrant shall entitle its holder to subscribe for one common share during a period of 30 months following the date of its issuance, at a price of C$0.50. Following completion of the Offering and Acquisition, Laurentian will have approximately 96.7 million basic shares outstanding.
The initial purchase price for the Madsen Gold Project consisted of C$3.75 million in cash, paid from the net proceeds of the Offering, and the issuance to Claude of 9,776,885 common shares of Laurentian, representing approximately 10.1% of Laurentian's issued and outstanding shares at closing. In addition Claude was to receive cash consideration of C$2.5 million payable in three months and cash or share consideration (at Laurentian's option) of C$2.5 million payable in six months. Laurentian agreed to accelerate the payment of the initial C$2.5 million and such amount was also paid at closing, leaving only the payment due in six months remaining outstanding.
As disclosed on January 14, 2014, Laurentian has entered into a Letter of Intent ("LOI") to acquire a 100% interest in the Newman-Madsen Gold Property ("Newman-Madsen") from Sabina Gold & Silver Corp. ("Sabina"). Closing of the Newman-Madsen transaction is expected in March 2014, subject to all required shareholder, regulatory, and third party consents and satisfaction of customary closing conditions. The addition of the Newman Madsen Project presents a unique opportunity to further consolidate the Madsen Mine Trend and provide exposure to numerous additional exploration targets.
In addition to the closing of the acquisition, Laurentian is pleased to announce the appointment of Mark O'Dea, Graeme Currie and Lenard Boggio to its Board of Directors as it advances its wholly-owned Madsen Gold Project in Red Lake, Ontario. In connection with the appointment of the foregoing directors, Brian Fowler and Greg Hall will be stepping down from the Laurentian Board.
"I am pleased to welcome Mark, Graeme and Len to the Board of Laurentian," said Darin Labrenz, President and CEO. "They bring a wealth of Red Lake knowledge along with proven technical and capital markets expertise and will play a vital role in advancing the newly-acquired Madsen Gold Project. Additionally, I would personally like to thank Brian Fowler and Greg Hall for their commitment to Laurentian and contributions over the years."
In addition to these appointments, it is anticipated that Troy Fierro will join the Laurentian Board following receipt of shareholder approval to expand the size of the Board, while Rob Pease is expected to join the Board following the close of the Newman-Madsen acquisition and shareholder approval of the expanded board.
The Offering was conducted through a syndicate of agents, led by Macquarie Capital Markets Canada Ltd. and including Canaccord Genuity Corp. and Axemen Resource Capital Ltd. (the "Agents") and included a partial exercise of C$3.6 million of the agents' option. In connection with the Offering, the Company will pay the Agents a cash commission equal to 6.0% of the gross proceeds of the Offering and grant the Agents broker warrants totalling 6.0% of the number of Units sold pursuant to the Offering. All securities of the Company issued in connection with the Offering are subject to a hold period in Canada expiring on July 5, 2014.
Macquarie Capital Markets Canada Ltd. acted as financial advisor to Laurentian in connection with the acquisition of the Madsen Gold Project and will receive a fee of C$300,000 in cash and 1,200,000 common shares of Laurentian. Oxygen Capital Corp. will also receive a success fee of C$500,000, payable in 2,000,000 Units of Laurentian.
ON BEHALF OF THE BOARD OF DIRECTORS,
Darin Labrenz, P.Geo., President and CEO
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.
Cautionary Statement on Forward-Looking Information
This press release contains certain forward-looking statements, such statements include, without limitation, Laurentian's plans to advance exploration targets along the Madsen Mine Trend and Laurentian's plans and objectives to acquire the Newman-Madsen Gold Property. All statements, other than statements of historical facts, are forward-looking statements. The words "believe", "expect", "anticipate", "contemplate", "target", "plan", "intends", "continue", "budget", "estimate", "may", "will" and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include, but are not limited to, fluctuations in the price of gold and other commodities, changes in government legislation, taxation, controls, regulations and political or economic developments in Canada, risks associated with mining or development activities, the speculative nature of exploration and development, including the risk of obtaining necessary licenses and permits and the inability of Laurentian to complete the acquisition of the Newman-Madsen Gold Property. Many of these uncertainties and contingencies can affect the Company's actual performance and could cause actual performance to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company. Readers are cautioned that forward-looking statements are not guarantees of future performance. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those acknowledged in such statements.
The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except to the extent required by applicable laws.
Laurentian Goldfields Ltd.
President and CEO
(604) 646-8088 (FAX)
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...
Dec. 7, 2016 10:30 PM EST Reads: 835
"Once customers get a year into their IoT deployments, they start to realize that they may have been shortsighted in the ways they built out their deployment and the key thing I see a lot of people looking at is - how can I take equipment data, pull it back in an IoT solution and show it in a dashboard," stated Dave McCarthy, Director of Products at Bsquare Corporation, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 7, 2016 10:00 PM EST Reads: 1,188
In his session at Cloud Expo, Robert Cohen, an economist and senior fellow at the Economic Strategy Institute, provideed economic scenarios that describe how the rapid adoption of software-defined everything including cloud services, SDDC and open networking will change GDP, industry growth, productivity and jobs. This session also included a drill down for several industries such as finance, social media, cloud service providers and pharmaceuticals.
Dec. 7, 2016 09:15 PM EST Reads: 342
In IT, we sometimes coin terms for things before we know exactly what they are and how they’ll be used. The resulting terms may capture a common set of aspirations and goals – as “cloud” did broadly for on-demand, self-service, and flexible computing. But such a term can also lump together diverse and even competing practices, technologies, and priorities to the point where important distinctions are glossed over and lost.
Dec. 7, 2016 08:45 PM EST Reads: 1,632
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.
Dec. 7, 2016 08:15 PM EST Reads: 2,207
Enterprise IT has been in the era of Hybrid Cloud for some time now. But it seems most conversations about Hybrid are focused on integrating AWS, Microsoft Azure, or Google ECM into existing on-premises systems. Where is all the Private Cloud? What do technology providers need to do to make their offerings more compelling? How should enterprise IT executives and buyers define their focus, needs, and roadmap, and communicate that clearly to the providers?
Dec. 7, 2016 07:15 PM EST Reads: 387
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...
Dec. 7, 2016 07:15 PM EST Reads: 1,796
SYS-CON Events announced today that Dataloop.IO, an innovator in cloud IT-monitoring whose products help organizations save time and money, has been named “Bronze Sponsor” of 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. Dataloop.IO is an emerging software company on the cutting edge of major IT-infrastructure trends including cloud computing and microservices. The company, founded in the UK but now based in San Fran...
Dec. 7, 2016 07:00 PM EST Reads: 475
Join Impiger for their featured webinar: ‘Cloud Computing: A Roadmap to Modern Software Delivery’ on November 10, 2016, at 12:00 pm CST. Very few companies have not experienced some impact to their IT delivery due to the evolution of cloud computing. This webinar is not about deciding whether you should entertain moving some or all of your IT to the cloud, but rather, a detailed look under the hood to help IT professionals understand how cloud adoption has evolved and what trends will impact th...
Dec. 7, 2016 06:00 PM EST Reads: 2,664
In his session at 19th Cloud Expo, Claude Remillard, Principal Program Manager in Developer Division at Microsoft, contrasted how his team used config as code and immutable patterns for continuous delivery of microservices and apps to the cloud. He showed how the immutable patterns helps developers do away with most of the complexity of config as code-enabling scenarios such as rollback, zero downtime upgrades with far greater simplicity. He also demoed building immutable pipelines in the cloud ...
Dec. 7, 2016 06:00 PM EST Reads: 1,872
"We are the public cloud providers. We are currently providing 50% of the resources they need for doing e-commerce business in China and we are hosting about 60% of mobile gaming in China," explained Yi Zheng, CPO and VP of Engineering at CDS Global Cloud, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 7, 2016 05:45 PM EST Reads: 1,104
Businesses and business units of all sizes can benefit from cloud computing, but many don't want the cost, performance and security concerns of public cloud nor the complexity of building their own private clouds. Today, some cloud vendors are using artificial intelligence (AI) to simplify cloud deployment and management. In his session at 20th Cloud Expo, Ajay Gulati, Co-founder and CEO of ZeroStack, will discuss how AI can simplify cloud operations. He will cover the following topics: why clou...
Dec. 7, 2016 05:15 PM EST Reads: 930
"We are a custom software development, engineering firm. We specialize in cloud applications from helping customers that have on-premise applications migrating to the cloud, to helping customers design brand new apps in the cloud. And we specialize in mobile apps," explained Peter Di Stefano, Vice President of Marketing at Impiger Technologies, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 7, 2016 05:15 PM EST Reads: 359
IoT solutions exploit operational data generated by Internet-connected smart “things” for the purpose of gaining operational insight and producing “better outcomes” (for example, create new business models, eliminate unscheduled maintenance, etc.). The explosive proliferation of IoT solutions will result in an exponential growth in the volume of IoT data, precipitating significant Information Governance issues: who owns the IoT data, what are the rights/duties of IoT solutions adopters towards t...
Dec. 7, 2016 05:15 PM EST Reads: 273
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...
Dec. 7, 2016 05:15 PM EST Reads: 1,753