Welcome!

News Feed Item

IEMR Announces Loans, Amendment to Outstanding Loan with Related Party and Convertible Note Financing with Related Party

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/17/14 -- Promissory Notes

IEMR Resources Inc. (TSX VENTURE: IRI) ("IEMR" or the "Company") wishes to announce that it has issued two promissory notes (the "New Notes") in respect of loans (the "New Loans") made to the Company by International Energy and Mineral Resources Investment (Hong Kong) Company Limited (the "Lender"), the first in the principal amount of Cdn$205,331.50 having a maturity date of January 23, 2017 and bearing interest at a rate of 6.5% per annum payable on such maturity date, and the second in the amount of Cdn$127,351.00 having a maturity date of February 28, 2017 and bearing interest at a rate of 6.5% per annum payable on such maturity date. The New Loans are unsecured.

In addition, the Company has amended and restated the promissory note (the "Amended and Restated Note") issued by the Company in respect of the Cdn$250,000 loan (the "August 2013 Loan") made by the Lender to the Company that was announced on August 2, 2013. The Amended and Restated Note now provides that the August 2013 Loan shall bear interest at a rate of 6% per annum accruing from August 1, 2013 and payable on August 1, 2016, the maturity date of the August 2013 Loan. The Amended and Restate Note also clarifies that the principal amount of the August 2013 Loan was advanced in Canadian dollars. The August 2013 Loan continues to be unsecured.

The Lender is a "Related Party" of the Company pursuant to the TSX Venture Exchange policies, as Mr. Hongxue Fu, Chief Executive Officer and director of the Company, holds a controlling interest in the Lender.

The New Loans, and the terms of the New Notes and the Amended and Restated Note were approved by the board of directors of the Company, other than Hongxue Fu, who declared his controlling interest in the Lender and abstained from voting with respect to the New Loans, the New Notes and the Amended and Restated Note. The board of directors believe that the New Loans are in the best interests of the Company.

Convertible Note Financing with Related Party

The Company also wishes to announce that, subject to the approval of the TSX Venture Exchange, it proposes to issue an unsecured convertible note (the "Convertible Note") to the Lender in the principal amount of US$800,000 having a maturity date of December 1, 2014 (the "Convertible Note Maturity Date") and bearing interest at a rate of 6% per annum payable on the Convertible Note Maturity Date. At the option of the Lender, the Convertible Note shall be convertible at any time prior to the Convertible Note Maturity Date, in whole or in part, into common shares of the Company at a price of Cdn$0.10 per common share.

The Convertible Note is being issued in consideration of the Lender waiving any and all of its powers, privileges and rights under the unsecured convertible note (the "2012 Note") issued by the Company to the Lender on January 3, 2012, as amended, in the principal amount of US$800,000 which bore interest at rate of 6% per annum, and which principal amount and interest were due and owing on December 1, 2013 but never repaid by the Company (see news release dated January 3, 2012).

The Lender is Hongxue Fu and as stated above is a "Related Party" of the Company pursuant to the TSX Venture Exchange policies, as Mr. Hongxue Fu, Chief Executive Officer and director of the Company, holds a controlling interest in the Lender. As such, the Convertible Note financing constitutes a "Related Party Transaction" under the policies of the TSX Venture Exchange. The Company is relying on exemptions from the formal valuation and minority approval requirements which are available to the Company

The terms of the Convertible Note were approved by the board of directors of the Company, other than Hongxue Fu, who declared his controlling interest in the Lender and abstained from voting with respect to the Convertible Note.

About IEMR Resources Inc.

IEMR is a junior mining company listed on the TSXV under the symbol "IRI". The Company is directly tied to and has been formed from capital sources in China and Canada. IEMR is devoted to taking full advantage of its capital by participating in mineral and energy projects ranging from exploration, development, production, processing, smeltering and mineral trade with a long-term view. The Company's emphasis is on the Chinese and Canadian markets utilizing the capital stemming from China and the resources and market of Canada to create a maximum return for shareholders. The Company's investment priorities ranked in order are copper, chromium, nickel, manganese, uranium, platinum silver, diamonds and molybdenum. Investment and or acquisitions in exploration projects, will be focused in chromium, manganese, uranium and potash. The Company has already formed alliances of cooperation with large smeltering steel, copper, lead, zinc and aluminum companies.

For further information on IEMR, please refer to the Company's profile on SEDAR at www.sedar.com or the Company's website at www.iemr.ca.

On behalf of the Board of Directors of IEMR RESOURCES INC.

Hongxue Fu, Chief Executive Officer

Cautionary Statement Regarding Forward-Looking Statements

Certain statements made and information contained herein may constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities legislation. These statements and information relate to future events, or the Company's future performance. Often, but not always, forward-looking statements or information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "does not anticipate" or "believes" or variations of such words and phrases or words and phrases that state or indicate that certain actions, events or results "may", "may have", "could", "would", "might" or "will" be taken, occur or be achieved. Although management believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that a forward-looking statement or information herein will prove to be accurate. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These statements speak only as of the date of the news release and are expressly qualified, in their entirety, by this cautionary statement.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV accepts responsibility for the adequacy or accuracy of this release.

Contacts:
IEMR Resources Inc.
Charles Yuen
Chief Financial Officer
(604) 877-8563
www.iemr.ca

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
With so much going on in this space you could be forgiven for thinking you were always working with yesterday’s technologies. So much change, so quickly. What do you do if you have to build a solution from the ground up that is expected to live in the field for at least 5-10 years? This is the challenge we faced when we looked to refresh our existing 10-year-old custom hardware stack to measure the fullness of trash cans and compactors.
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...
The emerging Internet of Everything creates tremendous new opportunities for customer engagement and business model innovation. However, enterprises must overcome a number of critical challenges to bring these new solutions to market. In his session at @ThingsExpo, Michael Martin, CTO/CIO at nfrastructure, outlined these key challenges and recommended approaches for overcoming them to achieve speed and agility in the design, development and implementation of Internet of Everything solutions wi...
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
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...
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, 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 opportuni...
Qosmos has announced new milestones in the detection of encrypted traffic and in protocol signature coverage. Qosmos latest software can accurately classify traffic encrypted with SSL/TLS (e.g., Google, Facebook, WhatsApp), P2P traffic (e.g., BitTorrent, MuTorrent, Vuze), and Skype, while preserving the privacy of communication content. These new classification techniques mean that traffic optimization, policy enforcement, and user experience are largely unaffected by encryption. In respect wit...
Identity is in everything and customers are looking to their providers to ensure the security of their identities, transactions and data. With the increased reliance on cloud-based services, service providers must build security and trust into their offerings, adding value to customers and improving the user experience. Making identity, security and privacy easy for customers provides a unique advantage over the competition.
Fact: storage performance problems have only gotten more complicated, as applications not only have become largely virtualized, but also have moved to cloud-based infrastructures. Storage performance in virtualized environments isn’t just about IOPS anymore. Instead, you need to guarantee performance for individual VMs, helping applications maintain performance as the number of VMs continues to go up in real time. In his session at Cloud Expo, Dhiraj Sehgal, Product and Marketing at Tintri, wil...
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, 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. Meanwhile, 94% of enterpri...
Enterprises have forever faced challenges surrounding the sharing of their intellectual property. Emerging cloud adoption has made it more compelling for enterprises to digitize their content, making them available over a wide variety of devices across the Internet. In his session at 19th Cloud Expo, Santosh Ahuja, Director of Architecture at Impiger Technologies, will introduce various mechanisms provided by cloud service providers today to manage and share digital content in a secure manner....
Smart Cities are here to stay, but for their promise to be delivered, the data they produce must not be put in new siloes. In his session at @ThingsExpo, Mathias Herberts, Co-founder and CTO of Cityzen Data, will deep dive into best practices that will ensure a successful smart city journey.
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
To leverage Continuous Delivery, enterprises must consider impacts that span functional silos, as well as applications that touch older, slower moving components. Managing the many dependencies can cause slowdowns. See how to achieve continuous delivery in the enterprise.
There is growing need for data-driven applications and the need for digital platforms to build these apps. In his session at 19th Cloud Expo, Muddu Sudhakar, VP and GM of Security & IoT at Splunk, will cover different PaaS solutions and Big Data platforms that are available to build applications. In addition, AI and machine learning are creating new requirements that developers need in the building of next-gen apps. The next-generation digital platforms have some of the past platform needs a...