Welcome!

News Feed Item

Cancana Announces Deferral of a Resolution from Upcoming Special Shareholders Meeting

TORONTO, ONTARIO -- (Marketwired) -- 04/16/14 -- Cancana Resources Corp. (TSX VENTURE:CNY) (the "Company" or "Cancana") announces that the board of directors of the Company, after discussions with Ferrometals (as defined below) and The Sentient Group, has determined to withdraw and defer the shareholder vote on the special resolution ("Resolution #2") with respect to the transfer of the Company's interest in MLB (as defined below) from the business to be voted on at the special meeting of the shareholders of Cancana (the "Meeting") to be held on Thursday, April 17, 2014, until the annual general meeting of the shareholders of the Company which will be scheduled to be held on or about July 17, 2014.

As further described in Cancana's management information circular dated March 18, 2014 (the "Circular"), at the Meeting shareholders of Cancana were to be asked to consider, and if thought fit, approve a special resolution relating to the transfer by the Company of 100% of its interest in M L B de Nogueira EPP (referred to as M.L.B. de Nogueira Mineracao Ltda in the Circular) ("MLB") to Rio Madeira Comercio Importacao e Exportacao de Minerios Ltda ("Rio Madeira"), in connection with the operation of Rio Madeira as a joint venture between Cancana and Ferrometals BV ("Ferrometals"), which is currently owned by Ferrometals, a special purpose vehicle established by The Sentient Group.

Cancana's board has determined to withdraw Resolution #2 after extensive discussions with Ferrometals in order for the Company to complete a restructuring of MLB in accordance with Brazilian law. This restructuring will allow Cancana to complete the disposition of the mining claims of MLB (the "MLB Mining Claims") into Rio Madeira in the most tax efficient manner, whether by way of a share or asset sale (the "Restructuring"). Cancana has a contractual agreement with a Brazilian national pursuant to which Cancana can exercise control and gain beneficial ownership of the MLB Mining Claims. The MLB Mining Claims are not currently held through the 100% ownership of the share capital of a Brazilian subsidiary known as M.L.B. de Nogueira Mineracao Ltda. as has been previously disclosed by Cancana. As part of the Restructuring, it is anticipated that Cancana will be completing the final steps in establishing a Brazilian corporate subsidiary entity pursuant to which the MLB Mining Claims will be transferred and this process is estimated to be completed in approximately 90 days.

Andrew Male, CEO of Cancana commented that "While it would have been ideal to complete the transfer of the mining claims of MLB into Rio Madeira concurrently with closing the financing with Ferrometals, the board of Cancana felt it imperative to defer this aspect of the Meeting until Cancana's interests are structured in the most optimal manner."

The withdrawal of this item of business will not affect the validity of the proxy form enclosed with the Circular. Shareholders wishing to complete and lodge a proxy in relation to the Meeting do not need to indicate their voting instructions on Resolution #2. Cancana confirms that, at the Meeting, the shareholders will be asked to vote on the first resolution set forth in the Circular with respect to the approval of the Rio Madeira joint venture, the creation of Ferrometals as a control person of the Company and the proposed financings of Cancana by Ferrometals which is anticipated to close on or before April 22, 2014 subsequent to shareholder approval.

About Cancana

Cancana is an exploration stage company that has transitioned into production in Brazil and Canada. The Company has been seeking projects that expand its resource base and provide for near term production and revenue. All available resource reports and information on the Company's properties are located on the Company website: www.cancanacorp.com.

Issued on behalf of the Board of Directors of Cancana Resources Corp.

Andrew Male, President, CEO and Director

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release contains forward-looking information under Canadian securities legislation. forward-looking information includes, but is not limited to, statements with respect to MLB, the development potential and timetable of the Rio Madeira project and Cancana's other assets in Brazil and Canada; Cancana's ability to raise additional funds necessary; the future price of manganese, the estimation of mineral reserves and mineral resources; conclusions of economic evaluation; the realization of mineral reserve estimates; the timing and amount of estimated future production, development and exploration; costs of future activities; capital and operating expenditures; success of exploration activities; mining or processing issues; currency exchange rates; government regulation of mining operations; and environmental risks. Generally, forward-looking statements 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 statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Cancana to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in the annual information form of Cancana and in its public documents filed on SEDAR from time to time. Although management of Cancana has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements 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 statements. Cancana does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.

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
The cloud competition for database hosts is fierce. How do you evaluate a cloud provider for your database platform? In his session at 18th Cloud Expo, Chris Presley, a Solutions Architect at Pythian, gave users a checklist of considerations when choosing a provider. Chris Presley is a Solutions Architect at Pythian. He loves order – making him a premier Microsoft SQL Server expert. Not only has he programmed and administered SQL Server, but he has also shared his expertise and passion with b...
"IoT is going to be a huge industry with a lot of value for end users, for industries, for consumers, for manufacturers. How can we use cloud to effectively manage IoT applications," stated Ian Khan, Innovation & Marketing Manager at Solgeniakhela, in this SYS-CON.tv interview at @ThingsExpo, held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA.
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...
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service. In his session at 19th Cloud Exp...
The cloud promises new levels of agility and cost-savings for Big Data, data warehousing and analytics. But it’s challenging to understand all the options – from IaaS and PaaS to newer services like HaaS (Hadoop as a Service) and BDaaS (Big Data as a Service). In her session at @BigDataExpo at @ThingsExpo, Hannah Smalltree, a director at Cazena, provided an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data professionals...
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
@GonzalezCarmen has been ranked the Number One Influencer and @ThingsExpo has been named the Number One Brand in the “M2M 2016: Top 100 Influencers and Brands” by Onalytica. Onalytica analyzed tweets over the last 6 months mentioning the keywords M2M OR “Machine to Machine.” They then identified the top 100 most influential brands and individuals leading the discussion on Twitter.
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 ...
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 smar...
"We are an all-flash array storage provider but our focus has been on VM-aware storage specifically for virtualized applications," stated Dhiraj Sehgal of Tintri 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.
In an era of historic innovation fueled by unprecedented access to data and technology, the low cost and risk of entering new markets has leveled the playing field for business. Today, any ambitious innovator can easily introduce a new application or product that can reinvent business models and transform the client experience. In their Day 2 Keynote at 19th Cloud Expo, Mercer Rowe, IBM Vice President of Strategic Alliances, and Raejeanne Skillern, Intel Vice President of Data Center Group and G...
"We are a modern development application platform and we have a suite of products that allow you to application release automation, we do version control, and we do application life cycle management," explained Flint Brenton, CEO of CollabNet, in this SYS-CON.tv interview at DevOps at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Information technology is an industry that has always experienced change, and the dramatic change sweeping across the industry today could not be truthfully described as the first time we've seen such widespread change impacting customer investments. However, the rate of the change, and the potential outcomes from today's digital transformation has the distinct potential to separate the industry into two camps: Organizations that see the change coming, embrace it, and successful leverage it; and...
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.
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...