|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)
In his General Session at DevOps Summit, Asaf Yigal, Co-Founder & VP of Product at Logz.io, will explore the value of Kibana 4 for log analysis and will give a real live, hands-on tutorial on how to set up Kibana 4 and get the most out of Apache log files. He will examine three use cases: IT operations, business intelligence, and security and compliance. This is a hands-on session that will require participants to bring their own laptops, and we will provide the rest.
Jan. 20, 2017 05:15 PM EST Reads: 4,933
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
Jan. 20, 2017 05:15 PM EST Reads: 3,797
@DevOpsSummit at Cloud taking place June 6-8, 2017, at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developm...
Jan. 20, 2017 05:15 PM EST Reads: 3,523
A look across the tech landscape at the disruptive technologies that are increasing in prominence and speculate as to which will be most impactful for communications – namely, AI and Cloud Computing. In his session at 20th Cloud Expo, Curtis Peterson, VP of Operations at RingCentral, will highlight the current challenges of these transformative technologies and share strategies for preparing your organization for these changes. This “view from the top” will outline the latest trends and developm...
Jan. 20, 2017 04:45 PM EST Reads: 1,067
"LinearHub provides smart video conferencing, which is the Roundee service, and we archive all the video conferences and we also provide the transcript," stated Sunghyuk Kim, CEO of LinearHub, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 20, 2017 03:00 PM EST Reads: 1,636
When you focus on a journey from up-close, you look at your own technical and cultural history and how you changed it for the benefit of the customer. This was our starting point: too many integration issues, 13 SWP days and very long cycles. It was evident that in this fast-paced industry we could no longer afford this reality. We needed something that would take us beyond reducing the development lifecycles, CI and Agile methodologies. We made a fundamental difference, even changed our culture...
Jan. 20, 2017 02:30 PM EST Reads: 1,113
Things are changing so quickly in IoT that it would take a wizard to predict which ecosystem will gain the most traction. In order for IoT to reach its potential, smart devices must be able to work together. Today, there are a slew of interoperability standards being promoted by big names to make this happen: HomeKit, Brillo and Alljoyn. In his session at @ThingsExpo, Adam Justice, vice president and general manager of Grid Connect, will review what happens when smart devices don’t work togethe...
Jan. 20, 2017 02:15 PM EST Reads: 584
"There's a growing demand from users for things to be faster. When you think about all the transactions or interactions users will have with your product and everything that is between those transactions and interactions - what drives us at Catchpoint Systems is the idea to measure that and to analyze it," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York Ci...
Jan. 20, 2017 01:30 PM EST Reads: 5,726
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
Jan. 20, 2017 01:30 PM EST Reads: 5,232
@DevOpsSummit taking place June 6-8, 2017 at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @DevOpsSummit at Cloud Expo New York Call for Papers is now open.
Jan. 20, 2017 01:30 PM EST Reads: 3,588
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...
Jan. 20, 2017 01:00 PM EST Reads: 2,573
WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web communications world. The 6th WebRTC Summit continues our tradition of delivering the latest and greatest presentations within the world of WebRTC. Topics include voice calling, video chat, P2P file sharing, and use cases that have already leveraged the power and convenience of WebRTC.
Jan. 20, 2017 12:30 PM EST Reads: 3,184
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Jan. 20, 2017 12:30 PM EST Reads: 4,345
Discover top technologies and tools all under one roof at April 24–28, 2017, at the Westin San Diego in San Diego, CA. Explore the Mobile Dev + Test and IoT Dev + Test Expo and enjoy all of these unique opportunities: The latest solutions, technologies, and tools in mobile or IoT software development and testing. Meet one-on-one with representatives from some of today's most innovative organizations
Jan. 20, 2017 12:30 PM EST Reads: 1,648
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in Embedded and IoT solutions, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 7-9, 2017, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/Big Data, HPC and E...
Jan. 20, 2017 12:15 PM EST Reads: 5,833