Welcome!

News Feed Item

Canadian Quantum Announces Completion of Private Placements and Asset Acquisition, and Appointment of New Director

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.

Contacts:
Douglas Brett, President & CEO
(403) 532-8543
[email protected]
www.canadianquantum.com

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
Continuous Delivery makes it possible to exploit findings of cognitive psychology and neuroscience to increase the productivity and happiness of our teams. In his session at 22nd Cloud Expo | DXWorld Expo, Daniel Jones, CTO of EngineerBetter, will answer: How can we improve willpower and decrease technical debt? Is the present bias real? How can we turn it to our advantage? Can you increase a team’s effective IQ? How do DevOps & Product Teams increase empathy, and what impact does empath...
"I focus on what we are calling CAST Highlight, which is our SaaS application portfolio analysis tool. It is an extremely lightweight tool that can integrate with pretty much any build process right now," explained Andrew Siegmund, Application Migration Specialist for CAST, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Evatronix will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Evatronix SA offers comprehensive solutions in the design and implementation of electronic systems, in CAD / CAM deployment, and also is a designer and manufacturer of advanced 3D scanners for professional applications.
SYS-CON Events announced today that Synametrics Technologies will exhibit at SYS-CON's 22nd International Cloud Expo®, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. Synametrics Technologies is a privately held company based in Plainsboro, New Jersey that has been providing solutions for the developer community since 1997. Based on the success of its initial product offerings such as WinSQL, Xeams, SynaMan and Syncrify, Synametrics continues to create and hone inn...
As many know, the first generation of Cloud Management Platform (CMP) solutions were designed for managing virtual infrastructure (IaaS) and traditional applications. But that's no longer enough to satisfy evolving and complex business requirements. In his session at 21st Cloud Expo, Scott Davis, Embotics CTO, explored how next-generation CMPs ensure organizations can manage cloud-native and microservice-based application architectures, while also facilitating agile DevOps methodology. He expla...
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. In his session at @BigDataExpo, Jack Norris, Senior Vice President, Data and Applications at MapR Technologies, reviewed best practices to ...
DevOps promotes continuous improvement through a culture of collaboration. But in real terms, how do you: Integrate activities across diverse teams and services? Make objective decisions with system-wide visibility? Use feedback loops to enable learning and improvement? With technology insights and real-world examples, in his general session at @DevOpsSummit, at 21st Cloud Expo, Andi Mann, Chief Technology Advocate at Splunk, explored how leading organizations use data-driven DevOps to close th...
Most technology leaders, contemporary and from the hardware era, are reshaping their businesses to do software. They hope to capture value from emerging technologies such as IoT, SDN, and AI. Ultimately, irrespective of the vertical, it is about deriving value from independent software applications participating in an ecosystem as one comprehensive solution. In his session at @ThingsExpo, Kausik Sridhar, founder and CTO of Pulzze Systems, discussed how given the magnitude of today's application ...
Modern software design has fundamentally changed how we manage applications, causing many to turn to containers as the new virtual machine for resource management. As container adoption grows beyond stateless applications to stateful workloads, the need for persistent storage is foundational - something customers routinely cite as a top pain point. In his session at @DevOpsSummit at 21st Cloud Expo, Bill Borsari, Head of Systems Engineering at Datera, explored how organizations can reap the bene...
With tough new regulations coming to Europe on data privacy in May 2018, Calligo will explain why in reality the effect is global and transforms how you consider critical data. EU GDPR fundamentally rewrites the rules for cloud, Big Data and IoT. In his session at 21st Cloud Expo, Adam Ryan, Vice President and General Manager EMEA at Calligo, examined the regulations and provided insight on how it affects technology, challenges the established rules and will usher in new levels of diligence arou...
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. What do you do?
Sanjeev Sharma Joins June 5-7, 2018 @DevOpsSummit at @Cloud Expo New York Faculty. Sanjeev Sharma is an internationally known DevOps and Cloud Transformation thought leader, technology executive, and author. Sanjeev's industry experience includes tenures as CTO, Technical Sales leader, and Cloud Architect leader. As an IBM Distinguished Engineer, Sanjeev is recognized at the highest levels of IBM's core of technical leaders.
Recently, WebRTC has a lot of eyes from market. The use cases of WebRTC are expanding - video chat, online education, online health care etc. Not only for human-to-human communication, but also IoT use cases such as machine to human use cases can be seen recently. One of the typical use-case is remote camera monitoring. With WebRTC, people can have interoperability and flexibility for deploying monitoring service. However, the benefit of WebRTC for IoT is not only its convenience and interopera...
In his general session at 21st Cloud Expo, Greg Dumas, Calligo’s Vice President and G.M. of US operations, discussed the new Global Data Protection Regulation and how Calligo can help business stay compliant in digitally globalized world. Greg Dumas is Calligo's Vice President and G.M. of US operations. Calligo is an established service provider that provides an innovative platform for trusted cloud solutions. Calligo’s customers are typically most concerned about GDPR compliance, application p...
Mobile device usage has increased exponentially during the past several years, as consumers rely on handhelds for everything from news and weather to banking and purchases. What can we expect in the next few years? The way in which we interact with our devices will fundamentally change, as businesses leverage Artificial Intelligence. We already see this taking shape as businesses leverage AI for cost savings and customer responsiveness. This trend will continue, as AI is used for more sophistica...