Welcome!

News Feed Item

Primera Bioscience Announces Acquisition of Copenhagen Minerals Inc., Owner of the Storo Gold Project, Appointment of New Directors and Officers and Change of Name to Greenland Resources Inc.

TORONTO, ONTARIO -- (Marketwired) -- 05/20/14 -- Primera Bioscience Research Inc. ("Primera" or the "Company") is pleased to announce that it has agreed to acquire the Copenhagen Minerals Inc. ("CMI") pursuant to a purchase agreement dated May 20, 2014. CMI owns a 100% interest in the Storo Gold Project, an exploration project located in Greenland.

Background to Transaction

Primera was founded in 2008 to engage in early stage biotech and related research. The Corporation currently has one collaborative project under which it provided $300,000 of funding for certain brain tumour and stem cell research being conducted by The Hospital for Sick Children in Toronto, Ontario, in exchange for a 10% interest in any commercialization proceeds arising out of the project. This research is more fully described in the prospectus of Primera dated July 23, 2008 and subsequent disclosures which are filed on www.sedar.com.

Primera has been considering initiatives in the area of technology and development outside of the biotechnology sector in order to expand its business and create value for shareholders. A number of biotech, research technology and other potential business have been reviewed. Primera has determined to proceed with the acquisition of CMI due to the potential of the Storo Gold Project, the strength of the CMI management team who will assume management of Primera and the belief that the gold sector has potential.

The Storo Gold Project

The Storo Gold Project is located in Greenland, an autonomous territory with extended self-rule within the Kingdom of Denmark. The Fraser Institute Annual Survey of Mining Companies 2012/2013 ranked Greenland as the country with the highest global mineral potential (ranked #2 in the 2011/2012 survey). Greenland is known to host deposits of many metals including base metals (nickel, zinc, lead, copper & iron), precious metals (gold, silver, platinum and palladium) and others (REE's, tungsten, molybdenum and uranium) as well as industrial minerals such as olivine and anorthite. Greenland hosts a number of active mining and exploration companies, primarily from Canada, Australia and the United Kingdom.

The Storo Gold Project is situated in south west Greenland only 40km from the Greenland capital Nuuk on the Island of Storo in the year-round open water Nuuk Fjord.

The gold prospects in the Nuuk Fjord area are located in the strongly deformed and metamorphosed rocks of Archean age. The area is an extension of the North American Craton and is suggested to correlate with the Nain Province in Labrador, Canada.

The Nuuk Fjord gold prospects occur in basic to intermediate volcanic terrain that may be subsequently intruded by island arc, intermediate to acidic rocks. Storo is hosted by metavolcanic and metasedimentary rocks of the Storo supracrustal belt, bounded to the west by the NNE-striking, 300-400m wide, Storo shear zone, a deep seated, regional NE-striking structural zone, separating supracrustal rock from footwall ortho-gneisses.

At Storo there are two levels of mineralization, the Main Zone and the BD Zone. Both zones are situated within the Qingaq Mountain and are up to 12m wide with 10-50m wide low grade alteration halos.

The Main Zone occurs in an antiformal fold in the upper amphibolite unit and consists of auriferous quartz veins in garnet and biotite alteration zones up to 50m thick. Surface rock grab samples have returned up to 82.3 g/t Au (Sample RGC106916) in this area with common visible gold in both surface and drill core samples. The Main Zone has been traced to 150 m below the surface in drill holes and gold grades in drill samples range up to 52g/t Au over 2m (DDH05-05 47m-49m).

The BD Zone occurs lower, on the contact between biotite-sillimanite-garnet gneiss and the upper amphibolites and gold occurs mainly in quartz-veined, arsenopyrite-bearing zones along the contact and in both rock types up to 20m away from the contact. Gold grades in drill core samples range up to 15 g/t Au over 10m (DDH 10-54 39m-49m). The BD zone has been followed along strike for 700-800 m with channel samples that returned up to 22g/t Au over a true width of 1.8m (Sample RCH213061).

The mineralization has been traced to nearby Aappalaartoq Mountain situated 4 km to the NE from Qingaq Mountain. On Aappalaartoq surface samples return up to 25.6 g/t Au (RGB212942) in situ and 46.4 g/t in scree (SCS111358) .

Since 1995, a total of 86 drill holes totaling 15,375 m have been drilled by previous owners, of which only 6 holes were drilled on Aappalaartoq Mountain.

Selected intercepts of the auriferous zones below Qingaq Mtn. comprise but are not limited to: http://media3.marketwire.com/docs/PrimeraT.jpg

Mr. Johan Bradley, FGS, CGeol, EurGeol, Principal Geologist at SRK Consulting (Sweden) AB and a Qualified Person under National Instrument 43-101 has approved the technical information in this press release.

Management Changes & Biographies

As part of the acquisition of CMI, the current board of directors consisting of Carolyn Rayfield, Christine Davison and Maria Bruzzese will resign. In addition Carolyn Rayfield will resign as President and Chief Executive Officer. Dennis Waddington will continue as Chief Financial Officer and Corporate Secretary.

The new board of directors will be comprised of Ruben Shiffman, Jesper Kofoed and Leonard Asper. Mr. Ruben Shiffman will be appointed Executive Chairman and Jesper Kofoed will be appointed President and Chief Executive Officer.

Dr. Ruben Shiffman was the Co-Founder and Executive Chairman of Calvista Gold Corporation, a company listed on the Toronto Stock Exchange successfully sold to Eike Batista's AUX Group of Brazil (2010 - 2012). In Toronto, Dr. Shiffman was global Managing Director of emerging markets trading globally at Scotia Capital (2005-09), VP & Director of emerging markets at TD Securities (2002-2005) and Director of derivatives trading at Scotiabank (1999-2002). As a Director of the Securities Bureau for the Mexican Ministry of Finance / CNBV (1996 - 1999), he was a member of the G10/CPSS at the Bank for International Settlements in Basle Switzerland. Ruben holds a BBA/MBA from UDLA and a Ph.D in finance from the National Autonomous University of Mexico and has completed Doctoral studies in finance from the Rotman School of Management at the University of Toronto. In 1997 he received the National Finance Award "IMEF". He has been a director of various public mining companies in Canada and is currently a board member of the International Advisory of the Hartog School at Tel-Aviv University.

Mr. Jesper Kofoed has over 20 years of experience as an exploration geologist within Greenlandic and international mineral projects. Since 2013 Mr. Kofoed had been a geologist with FLSMIDTH & Co., in Operations & Management, working on mine optimization and business development. From 2011 to 2013 Mr. Kofoed was Exploration Manager Fennoscandia, Eurasian Minerals Inc. with responsibility for managing a large exploration portfolio in Scandinavia in a joint venture with Antofagasta Minerals Ltd. From 2005 to 2011 Mr. Kofoed was Chief Geologist for the Malmbjerg Molybdenum Project in East Greenland owned by former Quadra FNX Mining Co. / now KGHM International. From 2004 to 2006 Mr. Kofoed was Senior Geologist for Skaergaard Minerals PLC providing site management on the Skaergaard Au-PGE project in East Greenland. From 1993 to 2000 Mr. Kofoed was Project Geologist for Nunaminerals A/S working on the development of the Storo Gold Project, and was part of the Nalunaq discovery team and subsequently worked on the development of the Nalunaq gold project. In addition, Mr. Kofoed has participated in several gold and base metal exploration programs in Greenland. Mr. Kofoed holds a BA in Geology (1991-1994) and MSc in Geology & Petrology (1995-1998), both from the University of Copenhagen, is a Certified Qualified Person (QP) by the Fennoscandian Review Board since 2012, Member of the Society of Economic Geologists since 2005 and Fellow of the Geological Society of London since 2011.

Mr. Leonard Asper is a Canadian businessperson, entrepreneur and lawyer. He is a graduate of Brandeis University and the University of Toronto Law School, and is a member of the Ontario Bar Association and The Law Society of Upper Canada. Since December, 2010, Mr. Asper has been the President and CEO as well as majority shareholder of Anthem Media Group Inc. a privately held media company which operates television channels and websites on traditional and web based platforms. From 1999 to 2010, Mr. Asper was the president and Chief Executive Officer of the Canadian media company, CanWest Global Communications Corp. Canwest was Canada's largest media company, and controlled and operated television networks in a number of international jurisdictions. Mr. Asper is also one of the founders of Canterbury Park Capital, a private equity fund. He also serves on the Board of Overseers of the International Business School of Brandeis University where he founded the Asper School for Entrepreneurship. He is a Trustee of the Asper Foundation, the founder of the Joshua Foundation and a member of the Board of Governors of the Saul and Claribel Simkin Center, a seniors' housing complex in Winnipeg. Additionally, Mr. Asper holds an honorary Doctorate in Laws from the University of Winnipeg.

Terms of the Transaction

As a condition of closing, CMI will have minimum working capital of $300,000. CMI will be acquired by Primera in consideration for the issuance of 16,650,000 common shares. The Storo Gold Project is not subject to any royalties or interests of third parties. Primera currently has 4,375,000 common shares issued and outstanding. As a result of the acquisition, Primera will have 21,025,000 common shares issued and outstanding.

Corporate Matters, Name Change & Closing

Primera will not complete the consolidation of its issued and outstanding shares announced on October 16, 2013, which was approved by shareholders at a meeting of shareholders held on November 12, 2013. A name change of the Corporation to, "Greenland Resources Inc.", will be made at the closing of the acquisition of CMI which is expected to be completed shortly. The Corporation is reviewing its corporate strategy for the brain tumour and stem cell research being conducted by The Hospital for Sick Children.

ON BEHALF OF THE BOARD OF DIRECTORS

CAUTIONARY STATEMENT: No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, Primera's objectives, goals or future plans, statements regarding the estimation of mineral resources, exploration results, potential mineralization, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, failure to convert estimated mineral resources to reserves, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry. Although Primera believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Primera disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Contacts:
Dennis H. Peterson
(416) 777-6772
[email protected]

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
"Storpool does only block-level storage so we do one thing extremely well. The growth in data is what drives the move to software-defined technologies in general and software-defined storage," explained Boyan Ivanov, CEO and co-founder at StorPool, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
ChatOps is an emerging topic that has led to the wide availability of integrations between group chat and various other tools/platforms. Currently, HipChat is an extremely powerful collaboration platform due to the various ChatOps integrations that are available. However, DevOps automation can involve orchestration and complex workflows. In his session at @DevOpsSummit at 20th Cloud Expo, Himanshu Chhetri, CTO at Addteq, will cover practical examples and use cases such as self-provisioning infra...
As DevOps methodologies expand their reach across the enterprise, organizations face the daunting challenge of adapting related cloud strategies to ensure optimal alignment, from managing complexity to ensuring proper governance. How can culture, automation, legacy apps and even budget be reexamined to enable this ongoing shift within the modern software factory? In her Day 2 Keynote at @DevOpsSummit at 21st Cloud Expo, Aruna Ravichandran, VP, DevOps Solutions Marketing, CA Technologies, was jo...
As Marc Andreessen says software is eating the world. Everything is rapidly moving toward being software-defined – from our phones and cars through our washing machines to the datacenter. However, there are larger challenges when implementing software defined on a larger scale - when building software defined infrastructure. In his session at 16th Cloud Expo, Boyan Ivanov, CEO of StorPool, provided some practical insights on what, how and why when implementing "software-defined" in the datacent...
Blockchain. A day doesn’t seem to go by without seeing articles and discussions about the technology. According to PwC executive Seamus Cushley, approximately $1.4B has been invested in blockchain just last year. In Gartner’s recent hype cycle for emerging technologies, blockchain is approaching the peak. It is considered by Gartner as one of the ‘Key platform-enabling technologies to track.’ While there is a lot of ‘hype vs reality’ discussions going on, there is no arguing that blockchain is b...
Blockchain is a shared, secure record of exchange that establishes trust, accountability and transparency across business networks. Supported by the Linux Foundation's open source, open-standards based Hyperledger Project, Blockchain has the potential to improve regulatory compliance, reduce cost as well as advance trade. Are you curious about how Blockchain is built for business? In her session at 21st Cloud Expo, René Bostic, Technical VP of the IBM Cloud Unit in North America, discussed the b...
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.
Is advanced scheduling in Kubernetes achievable?Yes, however, how do you properly accommodate every real-life scenario that a Kubernetes user might encounter? How do you leverage advanced scheduling techniques to shape and describe each scenario in easy-to-use rules and configurations? In his session at @DevOpsSummit at 21st Cloud Expo, Oleg Chunikhin, CTO at Kublr, answered these questions and demonstrated techniques for implementing advanced scheduling. For example, using spot instances and co...
The use of containers by developers -- and now increasingly IT operators -- has grown from infatuation to deep and abiding love. But as with any long-term affair, the honeymoon soon leads to needing to live well together ... and maybe even getting some relationship help along the way. And so it goes with container orchestration and automation solutions, which are rapidly emerging as the means to maintain the bliss between rapid container adoption and broad container use among multiple cloud host...
The cloud era has reached the stage where it is no longer a question of whether a company should migrate, but when. Enterprises have embraced the outsourcing of where their various applications are stored and who manages them, saving significant investment along the way. Plus, the cloud has become a defining competitive edge. Companies that fail to successfully adapt risk failure. The media, of course, continues to extol the virtues of the cloud, including how easy it is to get there. Migrating...
Imagine if you will, a retail floor so densely packed with sensors that they can pick up the movements of insects scurrying across a store aisle. Or a component of a piece of factory equipment so well-instrumented that its digital twin provides resolution down to the micrometer.
The need for greater agility and scalability necessitated the digital transformation in the form of following equation: monolithic to microservices to serverless architecture (FaaS). To keep up with the cut-throat competition, the organisations need to update their technology stack to make software development their differentiating factor. Thus microservices architecture emerged as a potential method to provide development teams with greater flexibility and other advantages, such as the abili...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settle...
Product connectivity goes hand and hand these days with increased use of personal data. New IoT devices are becoming more personalized than ever before. In his session at 22nd Cloud Expo | DXWorld Expo, Nicolas Fierro, CEO of MIMIR Blockchain Solutions, will discuss how in order to protect your data and privacy, IoT applications need to embrace Blockchain technology for a new level of product security never before seen - or needed.