|By PR Newswire||
|April 7, 2014 06:08 PM EDT||
VANCOUVER, April 7, 2014 /PRNewswire/ - Cardero Resource Corp. ("Cardero" or the "Company") (TSX: CDU, OTCBB: CDYCF) announces that it has received $3,774,651 as a BC Mineral Exploration Tax Credit refund ("METC"). These funds, together with additional funds from its line of credit, were used to make the payment of USD 3,700,000, plus interest, due on or before March 14, 2014 under the terms of its outstanding senior secured notes. The Company also announces that all motions put forward for approval at its 2014 Annual General Meeting held April 4, 2014 in Vancouver, British Columbia ("AGM") passed with significant shareholder support.
Repayment of US$3.7 Million to Lenders
In March, 2014, the Company received a total of $3,774,651 (including interest) in connection with its application for the BC METC as discussed in its news release NR14-01 (March 3, 2014). The Company currently has outstanding senior secured notes ("Notes") and a secured line of credit ("Credit Line") from entities ("Lenders") controlled by Mr. Robert C. Kopple of Los Angeles, California. On receipt, the METC funds were used to make part of the payment of USD 3,906,794 (representing the USD 3,700,000 principle amount plus USD 206,794 in interest) due on or before March 14, 2014 under the Notes, with the balance of USD 545,838 in excess of the METC being paid from the Credit Line.
Election of Robert van Doorn as Director
At the AGM, Mr. Robert van Doorn was elected as a director. Mr. Van Doorn is a businessman with more than 20 years' experience in the mineral resource business. He was educated in the Netherlands, graduating with a Masters degree in Mining Engineering and subsequently in South Africa with a Masters in Business Administration.
Mr. Van Doorn is currently Executive Chairman of Namakwa Uranium, a private company developing gold and uranium projects in South Africa. He was previously Chairman, President & CEO of Mundoro Mining Inc. (a public company developing the Maoling Gold project in China), Executive Vice President of Business Development for Rio Narcea Gold Mines S.L. (a public company with projects in Spain and Mauritania), and Executive Vice President of Golden China Resources Corporation (a joint venture with Kingsway Capital, a Hong Kong merchant bank, involved with investments in the Chinese precious metals sector, evolving into a mid-tier exploration company). His career prior to 2002 includes positions as Senior Mining Analyst at Loewen, Ondaatje, McCutcheon, as Global Gold Analyst at Morgan Stanley and as Business Development Manager at Royal Dutch Shell.
In a distinguished career, Mr. Van Doorn's achievements include investment recommendations and financing of successful exploration companies such as Great Basin Gold, Pangea Minerals Ltd., Platexco Inc., Argentina Gold and Arequipa, whose discoveries have been developed into major mines. In addition he initiated gold equities coverage at Morgan Stanley in New York. His experience is extensive and global, particularly in the area of business development.
Mr. Van Doorn is currently a director of Romarco Minerals Inc. (a TSX-listed mineral exploration company) and was previously director of Leyenburg Platinum, Hana Mining, Golden China and Mundoro.
Mr. Henk Van Alphen, President and CEO of the Company, stated: "I am delighted to welcome Robert to the Board. His depth of experience and industry knowledge will be invaluable to us as we look forward to a metallurgical coal market recovery in the coming years."
2014 Annual General Meeting Results
In addition to the election of Robert Van Doorn, the following individuals were re-elected as the directors of the Company: Stephan Fitch, Leonard Harris, and the Company's President & CEO, Hendrik Van Alphen. All directors were re-elected with the support of over 97.67% of the votes cast.
PricewaterhouseCoopers, LLP, Chartered Accountants, were also re-appointed as the auditors of the Company for the fiscal year ending October 31, 2014.
The Company's shareholders approved, by 69% of the votes cast, the extension of the expiry date of an incentive stock option to purchase 350,000 common shares at a price of $0.78 held by Michael Hunter, the past President and Chief Executive Officer of the Company, to September 27, 2014 (unless sooner exercised) notwithstanding that Mr. Hunter sooner ceases, for any reason, to be qualified to hold incentive stock options under the 2012 Incentive Stock Option Plan of the Company.
The Company's shareholders approved, by 95.12% of the votes cast (excluding any votes cast by Robert C. Kopple or his affiliates or associates), each of the following matters:
- the issuance of warrants to purchase an additional 5,029,165 common shares to E.L. II Properties Trust and warrants to purchase an additional 5,029,165 common shares to the Kopple Family Partnership, LP. (such warrants having the same terms as those previously issued to the Lenders on December 5, 2013, see NR13-23), and thereby resulting in the Company having made issuable, within a three month period, a number of common shares in excess of 25% of the number of common shares outstanding at the commencement of such three month period;
- the reduction in the exercise price, from $0.139 to $0.10, of the aggregate of 38,417,398 common share purchase warrants issued to the Lenders on December 5, 2013 and to be issued under paragraph 1 above;
- the extension of the expiry date of certain incentive stock options to purchase 3,600,000 common shares of the Company at $0.10 held by Robert C. Kopple ("Kopple Options") to July 3, 2020 (unless sooner exercised) notwithstanding that Mr. Kopple sooner ceases, for any reason, to be qualified to hold incentive stock options under the 2012 Incentive Stock Option Plan of the Company; and
- the exercise, by Mr. Robert C. Kopple, and any of his associates or affiliates, including, without limitation, the Lenders, of the Kopple Option, the warrants to purchase up to 28,359,066 common shares at $0.095 issued to the Lenders on August 9, 2013 (NR13-18), the warrants to purchase up to 38,417,000 common shares issued on December 5, 2013 or to be issued under paragraph 1 above, which exercises may result in Robert C. Kopple, together with his associates and affiliates (including the Lenders), holding in excess of 19.99% of the then issued common shares of the Company, and the consequent creation of Robert C. Kopple as a control person of the Company.
The detailed proxy voting on all resolutions submitted to the shareholders at the 2014 Annual General Meeting, is contained in the "Report of Voting Results" for the AGM which is available under the Company's profile on SEDAR and on the Company's website or upon request by contacting the Company's Corporate Secretary at (604) 408-7488.
ABOUT CARDERO RESOURCE CORP.
The common shares of the Company are currently listed on the Toronto Stock Exchange (symbol CDU), the OTCBB (symbol CDYCF) and the Frankfurt Stock Exchange (symbol CR5). For further details on the Company readers are referred to the Company's web site (www.cardero.com), Canadian regulatory filings on SEDAR at www.sedar.com and United States regulatory filings on EDGAR at www.sec.gov.
On Behalf of the Board of Directors of
CARDERO RESOURCE CORP.
"Henk van Alphen" (signed)
Henk van Alphen, CEO and President
This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.
SOURCE Cardero Resource Corp.
Amazon and Google have built software-defined data centers (SDDCs) that deliver massively scalable services with great efficiency. Yet, building SDDCs has proven to be a near impossibility for ‘normal’ companies without hyper-scale resources. In his session at 17th Cloud Expo, David Cauthron, founder and chief executive officer of Nimboxx, will discuss the evolution of virtualization (hardware, application, memory, storage) and how commodity / open source hyper converged infrastructure (HCI) so...
Aug. 31, 2015 04:45 PM EDT
In their Live Hack” presentation at 17th Cloud Expo, Stephen Coty and Paul Fletcher, Chief Security Evangelists at Alert Logic, will provide the audience with a chance to see a live demonstration of the common tools cyber attackers use to attack cloud and traditional IT systems. This “Live Hack” uses open source attack tools that are free and available for download by anybody. Attendees will learn where to find and how to operate these tools for the purpose of testing their own IT infrastructu...
Aug. 31, 2015 04:30 PM EDT Reads: 442
The web app is agile. The REST API is agile. The testing and planning are agile. But alas, data infrastructures certainly are not. Once an application matures, changing the shape or indexing scheme of data often forces at best a top down planning exercise and at worst includes schema changes that force downtime. The time has come for a new approach that fundamentally advances the agility of distributed data infrastructures. Come learn about a new solution to the problems faced by software organ...
Aug. 31, 2015 04:30 PM EDT
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts...
Aug. 31, 2015 03:15 PM EDT
IBM’s Blue Box Cloud, powered by OpenStack, is now available in any of IBM’s globally integrated cloud data centers running SoftLayer infrastructure. Less than 90 days after its acquisition of Blue Box, IBM has integrated its Blue Box Cloud Dedicated private-cloud-as-a-service into its broader portfolio of OpenStack® based solutions. The announcement, made today at the OpenStack Silicon Valley event, further highlights IBM’s continued support to deliver OpenStack solutions across all cloud depl...
Aug. 31, 2015 03:00 PM EDT Reads: 243
Red Hat is investing in Tesora, the number one contributor to OpenStack Trove Database as a Service (DBaaS) also ranked among the top 20 companies contributing to OpenStack overall. Tesora, the company bringing OpenStack Trove Database as a Service (DBaaS) to the enterprise, has announced that Red Hat and others have invested in the company as a part of Tesora's latest funding round. The funding agreement expands on the ongoing collaboration between Tesora and Red Hat, which dates back to Febr...
Aug. 31, 2015 02:45 PM EDT Reads: 350
The Internet of Things (IoT) is about the digitization of physical assets including sensors, devices, machines, gateways, and the network. It creates possibilities for significant value creation and new revenue generating business models via data democratization and ubiquitous analytics across IoT networks. The explosion of data in all forms in IoT requires a more robust and broader lens in order to enable smarter timely actions and better outcomes. Business operations become the key driver of I...
Aug. 31, 2015 02:30 PM EDT Reads: 411
While many app developers are comfortable building apps for the smartphone, there is a whole new world out there. In his session at @ThingsExpo, Narayan Sainaney, Co-founder and CTO of Mojio, will discuss how the business case for connected car apps is growing and, with open platform companies having already done the heavy lifting, there really is no barrier to entry.
Aug. 31, 2015 02:30 PM EDT Reads: 141
With the proliferation of connected devices underpinning new Internet of Things systems, Brandon Schulz, Director of Luxoft IoT – Retail, will be looking at the transformation of the retail customer experience in brick and mortar stores in his session at @ThingsExpo. Questions he will address include: Will beacons drop to the wayside like QR codes, or be a proximity-based profit driver? How will the customer experience change in stores of all types when everything can be instrumented and a...
Aug. 31, 2015 02:30 PM EDT Reads: 453
WSM International, the pioneer and leader in server migration services, has announced an agreement with WHOA.com, a leader in providing secure public, private and hybrid cloud computing services. Under terms of the agreement, WSM will provide migration services to WHOA.com customers to relocate some or all of their applications, digital assets, and other computing workloads to WHOA.com enterprise-class, secure cloud infrastructure. The migration services include detailed evaluation and planning...
Aug. 31, 2015 02:00 PM EDT Reads: 179
SYS-CON Events announced today that DataClear Inc. will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. The DataClear ‘BlackBox’ is the only solution that moves your PC, browsing and data out of the United States and away from prying (and spying) eyes. Its solution automatically builds you a clean, on-demand, virus free, new virtual cloud based PC outside of the United States, and wipes it clean...
Aug. 31, 2015 01:45 PM EDT Reads: 413
Culture is the most important ingredient of DevOps. The challenge for most organizations is defining and communicating a vision of beneficial DevOps culture for their organizations, and then facilitating the changes needed to achieve that. Often this comes down to an ability to provide true leadership. As a CIO, are your direct reports IT managers or are they IT leaders? The hard truth is that many IT managers have risen through the ranks based on their technical skills, not their leadership ab...
Aug. 31, 2015 12:30 PM EDT Reads: 357
eCube Systems has released NXTmonitor, a full featured application orchestration solution. NXTmonitor, which inherited the code base of NXTminder, has been extended to support multi-discipline processes and will act as a DevOps utility in a heterogeneous enterprise environment. Previously, NXTminder was packaged with NXTera middleware to configure and manage Entera and NXTera RPC servers. “Since we are widening the focus of this solution to DevOps, we felt the need to change the name to NXTmon...
Aug. 31, 2015 12:15 PM EDT
Contrary to mainstream media attention, the multiple possibilities of how consumer IoT will transform our everyday lives aren’t the only angle of this headline-gaining trend. There’s a huge opportunity for “industrial IoT” and “Smart Cities” to impact the world in the same capacity – especially during critical situations. For example, a community water dam that needs to release water can leverage embedded critical communications logic to alert the appropriate individuals, on the right device, as...
Aug. 31, 2015 12:00 PM EDT
Everyone talks about continuous integration and continuous delivery but those are just two ends of the pipeline. In the middle of DevOps is continuous testing (CT), and many organizations are struggling to implement continuous testing effectively. After all, without continuous testing there is no delivery. And Lab-As-A-Service (LaaS) enhances the CT with dynamic on-demand self-serve test topologies. CT together with LAAS make a powerful combination that perfectly serves complex software developm...
Aug. 31, 2015 12:00 PM EDT Reads: 200