|By Marketwired .||
|May 26, 2014 08:00 AM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 05/26/14 -- Canadian Quantum Energy Corporation ("Canadian Quantum" or the "Company") (TSX VENTURE:CQM) announced today that, further to its press releases dated April 25, 2014 and May 6, 2014, pursuant to the investment agreement (the "Investment Agreement") with Lang International Holdings Limited, a company registered in the British Virgin Islands (""Lang"), and Douglas Brett, the President and Chief Executive Officer of the Company, the Company completed the first tranche of its previously announced private placement offering (the "Equity Private Placement") of common shares of the Company ("Common Shares"), subject to TSX Venture Exchange final approval. Pursuant to the closing of the first tranche of the Equity Private Placement, Lang purchased 11,660,000 Common Shares at a price of $0.10 per Common Share for gross proceeds of $1,166,000. An additional tranche of the Equity Private Placement, pursuant to which a third party is anticipated to purchase 1,090,000 Common Shares, is expected to occur on or about May 27, 2014.
The proceeds from the Equity Private Placement will be used for the exploration program on the Company's Alexander project and for general working capital. In addition, upon the closing of the first tranche of the Equity Private Placement, the Company repaid the previously announced short term loan from Lang in the amount of $350,000.
Concurrently with the closing of the Equity Private Placement, a subsidiary of Canadian Quantum purchased certain seismic equipment from an associate of Lang at a purchase price of 10,971,000 Common Shares, that were issued to Lang, at a deemed price of $0.10 per Common Share (the "Asset Acquisition"), subject to TSX Venture Exchange final approval.
Concurrently with the closing of the Equity Private Placement, Canadian Quantum also completed the previously announced private placement offering (the "Debenture Private Placement") of series 1 convertible secured debentures in the aggregate principal amount of $1,870,479.46 (the "Series 1 Debentures"), subject to TSX Venture Exchange final approval. Pursuant to the Debenture Private Placement, Lang purchased Series 1 Debentures in the principal amount of $935,239.73 and the holders of the previously outstanding debentures purchased Series 1 Debentures in the principal amount of $935,239.73, by settling the corresponding amount of such outstanding debentures.
The proceeds from the Debenture Private Placement will be used for general working capital and to repay the remaining portion of the principal amount and accrued interest owing on the outstanding debentures in the aggregate amount of $935,239.73 and therefore, upon the closing of the Debenture Private Placement, the outstanding debentures were fully paid and terminated.
The Series 1 Debentures are secured against the personal property of the Company and substantially all of the Company's interest in the Alexander Project, convertible at a price of $0.12 per Common Share, mature on September 30, 2015 and will bear interest at a rate of 10% per annum. The holder of a Series 1 Convertible Debenture will rank on a pari passu and equal basis with any other holder of a Series 1 Convertible Debenture, any holder of a series 2 convertible debenture that may be issued in the future and Mr. Brett with respect to the previously announced outstanding loan in the amount of $235,000.
All of the securities issued in connection with the Equity Private Placement, the Asset Acquisition and the Debenture Private Placement are subject to a hold period that expires on September 23, 2014.
Lang acquired 11,660,000 Common Shares under the Equity Private Placement, 10,971,000 under the Asset Acquisition and Series 1 Debentures in the principal amount of $935,239.73 under the Debenture Private Placement and upon completion of the private placements and the acquisition, Lang will own or control 22,631,000 Common Shares or approximately 39.49% of the total issued and outstanding Common Shares and Series 1 Debentures in the principal amount of $935,239.73. Assuming the conversion of such Series 1 Debentures, Lang would own or control 30,424,664 Common Shares or approximately 46.74% of the total issued and outstanding Common Shares. The purchase of the securities by Lang was made for investment purposes. Lang may increase or decrease its investment in Canadian Quantum depending on market conditions or any other relevant factors.
Following the closing of the above noted transactions, and pursuant to the terms of the Investment Agreement, Mr. Stephen Buscher, as the nominee of Lang, was appointed to the Board of Directors of the Company.
Mr. Buscher originally worked in banking, with an emphasis on Russian oil and gas, where he worked for over twenty years as the co-head of the Moscow office for Lazard Freres and Merrill Lynch. He also founded and co-managed Eurasia Capital Partners, a private M&A advisory boutique with offices in Moscow and London. Since leaving banking, Stephen has acted as the CFO of the Russian independent oil company Urals Energy, which he successfully listed on the London AIM in 2005, the CFO of Terralliance, a global exploration company privately owned by Kleiner Perkins and Goldman Sachs, and CEO of Navitas Petroleum, the exploration subsidiary of RussNeft, a Russian oil major owned by M. Gutseriev, Sistema and Glencore. He is currently the CFO of Story First Ltd., a diversified media investment holding venture, and a member of the Board of Directors of Urals Energy.
About Canadian Quantum
Canadian Quantum is actively pursuing oil and gas opportunities in Western Canada and continues to hold various interests in approximately 174,000 gross acres covered by four permits in the St. Lawrence Lowlands, Quebec Utica Shale Play.
Neither the 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.
This press release contains certain statements which constitute forward-looking statements or information ("forward-looking statements"), including statements regarding Canadian Quantum's business, and the proposed transactions. Such forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Canadian Quantum's control, including the ability of Canadian Quantum to satisfy the conditions to completion of the proposed transactions, the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, operational risks in exploration and development, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and the ability to access sufficient capital from internal and external sources. Although Canadian Quantum believes that the expectations in its forward-looking statements are reasonable, they are based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward looking information. As such, readers are cautioned not to place undue reliance on the forward looking information, as no assurance can be provided as to future results, levels of activity or achievements. The forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law, Canadian Quantum does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.
SYS-CON Events announced today that StorageCraft Technology Corp, a global leader in backup and disaster, will exhibit at 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. The StorageCraft family of companies, founded in 2003, provides award-winning backup, disaster recovery, system migration and data protection solutions for servers, desktops and laptops in addition to powerful data analytics.
Mar. 30, 2017 06:45 PM EDT Reads: 308
MongoDB Atlas leverages VPC peering for AWS, a service that allows multiple VPC networks to interact. This includes VPCs that belong to other AWS account holders. By performing cross account VPC peering, users ensure networks that host and communicate their data are secure. In his session at 20th Cloud Expo, Jay Gordon, a Developer Advocate at MongoDB, will explain how to properly architect your VPC using existing AWS tools and then peer with your MongoDB Atlas cluster. He'll discuss the secur...
Mar. 30, 2017 05:30 PM EDT Reads: 1,245
Deep learning has been very successful in social sciences and specially areas where there is a lot of data. Trading is another field that can be viewed as social science with a lot of data. With the advent of Deep Learning and Big Data technologies for efficient computation, we are finally able to use the same methods in investment management as we would in face recognition or in making chat-bots. In his session at 20th Cloud Expo, Gaurav Chakravorty, co-founder and Head of Strategy Development ...
Mar. 30, 2017 05:30 PM EDT Reads: 4,041
SYS-CON Events announced today that HTBase will exhibit at 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. HTBase (Gartner 2016 Cool Vendor) delivers a Composable IT infrastructure solution architected for agility and increased efficiency. It turns compute, storage, and fabric into fluid pools of resources that are easily composed and re-composed to meet each application’s needs. With HTBase, companies can quickly prov...
Mar. 30, 2017 04:30 PM EDT Reads: 3,524
SYS-CON Events announced today that Linux Academy, the foremost online Linux and cloud training platform and community, will exhibit at 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. Linux Academy was founded on the belief that providing high-quality, in-depth training should be available at an affordable price. Industry leaders in quality training, provided services, and student certification passes, its goal is to c...
Mar. 30, 2017 04:15 PM EDT Reads: 4,399
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
Mar. 30, 2017 04:15 PM EDT Reads: 3,425
Providing the needed data for application development and testing is a huge headache for most organizations. The problems are often the same across companies - speed, quality, cost, and control. Provisioning data can take days or weeks, every time a refresh is required. Using dummy data leads to quality problems. Creating physical copies of large data sets and sending them to distributed teams of developers eats up expensive storage and bandwidth resources. And, all of these copies proliferating...
Mar. 30, 2017 03:45 PM EDT Reads: 6,771
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
Mar. 30, 2017 03:30 PM EDT Reads: 2,434
In his session at @ThingsExpo, Eric Lachapelle, CEO of the Professional Evaluation and Certification Board (PECB), will provide an overview of various initiatives to certifiy the security of connected devices and future trends in ensuring public trust of IoT. Eric Lachapelle is the Chief Executive Officer of the Professional Evaluation and Certification Board (PECB), an international certification body. His role is to help companies and individuals to achieve professional, accredited and worldw...
Mar. 30, 2017 03:15 PM EDT Reads: 1,107
SYS-CON Events announced today that Auditwerx will exhibit at 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. Auditwerx specializes in SOC 1, SOC 2, and SOC 3 attestation services throughout the U.S. and Canada. As a division of Carr, Riggs & Ingram (CRI), one of the top 20 largest CPA firms nationally, you can expect the resources, skills, and experience of a much larger firm combined with the accessibility and attent...
Mar. 30, 2017 02:45 PM EDT Reads: 1,058
SYS-CON Events announced today that Technologic Systems Inc., an embedded systems solutions company, will exhibit at SYS-CON's @ThingsExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Technologic Systems is an embedded systems company with headquarters in Fountain Hills, Arizona. They have been in business for 32 years, helping more than 8,000 OEM customers and building over a hundred COTS products that have never been discontinued. Technologic Systems’ pr...
Mar. 30, 2017 02:45 PM EDT Reads: 4,041
SYS-CON Events announced today that CA Technologies has been named “Platinum 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, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
Mar. 30, 2017 02:45 PM EDT Reads: 2,510
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend @CloudExpo | @ThingsExpo, June 6-8, 2017, at the Javits Center in New York City, NY and October 31 - November 2, 2017, Santa Clara Convention Center, CA. Learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
Mar. 30, 2017 02:00 PM EDT Reads: 9,049
HyperConvergence came to market with the objective of being simple, flexible and to help drive down operating expenses. It reduced the footprint by bundling the compute/storage/network into one box. This brought a new set of challenges as the HyperConverged vendors are very focused on their own proprietary building blocks. If you want to scale in a certain way, let’s say you identified a need for more storage and want to add a device that is not sold by the HyperConverged vendor, forget about it...
Mar. 30, 2017 01:58 PM EDT Reads: 284
What if you could build a web application that could support true web-scale traffic without having to ever provision or manage a single server? Sounds magical, and it is! In his session at 20th Cloud Expo, Chris Munns, Senior Developer Advocate for Serverless Applications at Amazon Web Services, will show how to build a serverless website that scales automatically using services like AWS Lambda, Amazon API Gateway, and Amazon S3. We will review several frameworks that can help you build serverle...
Mar. 30, 2017 01:45 PM EDT Reads: 2,458