|By Marketwired .||
|May 2, 2014 03:51 PM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 05/02/14 -- EPM Mining Ventures Inc. (TSX VENTURE: EPK)(OTCQX: EPKMF) ("EPM" or the "Company") is pleased to announce that it has completed its US$3,200,000 financing previously announced on April 7, 2014. The Company, Peak Minerals Canada Limited, Peak Minerals Inc. and Emerald Peak Mineral LLC entered into a credit agreement today with Extract Advisors LLC, an affiliate of Extract Capital LP, as agent to the lenders from time to time party thereto (the "Lenders"), providing for a US$2,500,000 loan (the "Extract Loan"). In addition, the Company, Peak Minerals Canada Limited, Peak Minerals Inc. and Emerald Peak Mineral LLC entered into a credit agreement with certain directors of the Company for a US$700,000 loan (the "Director Loan" and collectively with the Extract Loan, the "Financing"). Under the terms of the Financing, the Company provided a perfected senior security interest in substantially all of the Company's assets. The Financing will be used by the Company to fund operations and project-related activities for its Sevier Lake Playa Sulphate of Potash Project located in southwestern Utah.
Lance D'Ambrosio, Chief Executive Officer of EPM stated, "We are very pleased to have completed the Financing which provides important liquidity for the Company. It provides us the funds necessary to continue advancing the Sevier Lake Playa Sulphate of Potash Project and accomplish milestones related to our feasibility and permitting activities."
The Extract Loan has a term of 60 months. The Extract Loan will bear interest at a variable rate equal to U.S. 12-month LIBOR plus 650 basis points ("bps") per annum calculated on the outstanding principal on a 360-day/year basis. At the Company's option, it may elect to capitalize monthly interest at a rate of U.S. 12-month LIBOR plus 850 bps. LIBOR shall have a minimum of 200 bps for the purposes of interest rate calculation. The Lenders were paid $50,000 commitment fee and the agent received a $75,000 arrangement fee. Additionally, the Company issued to the Lenders 1,500,000 common shares and 750,000 common share purchase warrants (the "Extract Warrants"). The Extract Warrants have an exercise price of $0.36 per share and are exercisable until May 2, 2019, subject to adjustment in accordance with their terms. The Company also provided the Lenders with a production fee of US$1.70/tonne of production of sulphate of potash. The production fee may be repurchased at any time by the Company for a lump sum payment equal to: (a) US$250,000 if the Extract Loan is repaid in full on or before 6 months from today; (b) US$750,000 if the Extract Loan is repaid after 6 months and on or before 12 months from today; (c) US$1,000,000 if the Extract Loan is repaid after 12 months and on or before 18 months from today; and (d) US$1,500,000 if the Extract Loan is repaid after 18 months from today.
The Director Loan has a term of 24 months. Interest accrues monthly in arrears and shall be computed on a monthly basis at U.S. LIBOR (1 month) plus 175 bps ("Director's Rate") plus 850 bps per annum of the outstanding loan amount calculated on a 360-day/year basis. The Director's Rate shall have a minimum of 200 bps for calculation of the interest rate. Additionally, the Company issued the Directors an aggregate of 1,050,000 common share purchase warrants (the "Director Warrants"). The Director Warrants have an exercise price of $0.36 per share and are exercisable until May 2, 2016, subject to adjustment in accordance with their terms. For further details of the participation by the directors please refer to the press release of the Company dated April 7, 2014.
The securities issued under the Financing are subject to a hold period expiring September 3, 2014.
About EPM Mining Ventures
EPM Mining Ventures Inc. is an exploration-stage company focused on specialty fertilizers. Through Peak Minerals Inc., its indirect wholly-owned subsidiary, EPM controls directly or through agreement mineral leases on more than 124,000 acres on its Sevier Lake Playa property in Millard County, Utah. With a brine resource known to contain potassium, magnesium, sulphate, lithium and a suite of other beneficial minerals, EPM is targeting the development and production of specialty fertilizers, including SOP, through the use of a cost-effective solar evaporation process. SOP and other specialty fertilizers are used in the production of high value, chloride-sensitive crops such as fruits, vegetables, and tree nuts. With the recent completion of a Preliminary Feasibility Study, the Company is currently engaged in engineering and analysis designed to support a feasibility study, environmental permitting, and ultimately mineral production.
For more information, please visit our web site at www.epmmining.com.
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.
EPM Mining Ventures Inc.
Chief Executive Officer
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
Jan. 17, 2017 04:45 PM EST Reads: 3,027
IoT is at the core or many Digital Transformation initiatives with the goal of re-inventing a company's business model. We all agree that collecting relevant IoT data will result in massive amounts of data needing to be stored. However, with the rapid development of IoT devices and ongoing business model transformation, we are not able to predict the volume and growth of IoT data. And with the lack of IoT history, traditional methods of IT and infrastructure planning based on the past do not app...
Jan. 17, 2017 04:45 PM EST Reads: 541
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
Jan. 17, 2017 04:45 PM EST Reads: 647
In his session at DevOps Summit, Tapabrata Pal, Director of Enterprise Architecture at Capital One, will tell a story about how Capital One has embraced Agile and DevOps Security practices across the Enterprise – driven by Enterprise Architecture; bringing in Development, Operations and Information Security organizations together. Capital Ones DevOpsSec practice is based upon three "pillars" – Shift-Left, Automate Everything, Dashboard Everything. Within about three years, from 100% waterfall, C...
Jan. 17, 2017 04:30 PM EST Reads: 9,454
Fifty billion connected devices and still no winning protocols standards. HTTP, WebSockets, MQTT, and CoAP seem to be leading in the IoT protocol race at the moment but many more protocols are getting introduced on a regular basis. Each protocol has its pros and cons depending on the nature of the communications. Does there really need to be only one protocol to rule them all? Of course not. In his session at @ThingsExpo, Chris Matthieu, co-founder and CTO of Octoblu, walked through how Octob...
Jan. 17, 2017 04:30 PM EST Reads: 2,883
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, discussed the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports.
Jan. 17, 2017 04:15 PM EST Reads: 1,954
"We're bringing out a new application monitoring system to the DevOps space. It manages large enterprise applications that are distributed throughout a node in many enterprises and we manage them as one collective," explained Kevin Barnes, President of eCube Systems, in this SYS-CON.tv interview at DevOps at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jan. 17, 2017 03:30 PM EST Reads: 5,308
In 2014, Amazon announced a new form of compute called Lambda. We didn't know it at the time, but this represented a fundamental shift in what we expect from cloud computing. Now, all of the major cloud computing vendors want to take part in this disruptive technology. In his session at 20th Cloud Expo, John Jelinek IV, a web developer at Linux Academy, will discuss why major players like AWS, Microsoft Azure, IBM Bluemix, and Google Cloud Platform are all trying to sidestep VMs and containers...
Jan. 17, 2017 03:26 PM EST Reads: 253
Containers have changed the mind of IT in DevOps. They enable developers to work with dev, test, stage and production environments identically. Containers provide the right abstraction for microservices and many cloud platforms have integrated them into deployment pipelines. DevOps and containers together help companies achieve their business goals faster and more effectively. In his session at DevOps Summit, Ruslan Synytsky, CEO and Co-founder of Jelastic, reviewed the current landscape of Dev...
Jan. 17, 2017 02:45 PM EST Reads: 4,090
SYS-CON Events announced today that Catchpoint, a leading digital experience intelligence company, has been named “Silver 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. Catchpoint Systems is a leading Digital Performance Analytics company that provides unparalleled insight into your customer-critical services to help you consistently deliver an amazing customer experience. Designed for digital business, C...
Jan. 17, 2017 02:30 PM EST Reads: 1,731
"We formed Formation several years ago to really address the need for bring complete modernization and software-defined storage to the more classic private cloud marketplace," stated Mark Lewis, Chairman and CEO of Formation Data Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jan. 17, 2017 02:15 PM EST Reads: 6,312
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. 17, 2017 02:15 PM EST Reads: 3,624
@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. 17, 2017 02:15 PM EST Reads: 3,347
In his General Session at 17th Cloud Expo, Bruce Swann, Senior Product Marketing Manager for Adobe Campaign, explored the key ingredients of cross-channel marketing in a digital world. Learn how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects).
Jan. 17, 2017 02:00 PM EST Reads: 5,355
Updating DevOps to the latest production data slows down your development cycle. Probably it is due to slow, inefficient conventional storage and associated copy data management practices. In his session at @DevOpsSummit at 20th Cloud Expo, Dhiraj Sehgal, in Product and Solution at Tintri, will talk about DevOps and cloud-focused storage to update hundreds of child VMs (different flavors) with updates from a master VM in minutes, saving hours or even days in each development cycle. He will also...
Jan. 17, 2017 02:00 PM EST Reads: 1,065