|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.
Complete Internet of Things (IoT) embedded device security is not just about the device but involves the entire product’s identity, data and control integrity, and services traversing the cloud. A device can no longer be looked at as an island; it is a part of a system. In fact, given the cross-domain interactions enabled by IoT it could be a part of many systems. Also, depending on where the device is deployed, for example, in the office building versus a factory floor or oil field, security ha...
Dec. 11, 2016 03:00 AM EST Reads: 783
An IoT product’s log files speak volumes about what’s happening with your products in the field, pinpointing current and potential issues, and enabling you to predict failures and save millions of dollars in inventory. But until recently, no one knew how to listen. In his session at @ThingsExpo, Dan Gettens, Chief Research Officer at OnProcess, discussed recent research by Massachusetts Institute of Technology and OnProcess Technology, where MIT created a new, breakthrough analytics model for s...
Dec. 11, 2016 02:45 AM EST Reads: 897
In IT, we sometimes coin terms for things before we know exactly what they are and how they’ll be used. The resulting terms may capture a common set of aspirations and goals – as “cloud” did broadly for on-demand, self-service, and flexible computing. But such a term can also lump together diverse and even competing practices, technologies, and priorities to the point where important distinctions are glossed over and lost.
Dec. 11, 2016 02:45 AM EST Reads: 1,799
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2017 New York. The 20th Cloud Expo and 7th @ThingsExpo will take place on June 6-8, 2017, at the Javits Center in New York City, NY. "The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Internet to enable us all to im...
Dec. 11, 2016 02:30 AM EST Reads: 1,049
"We are the public cloud providers. We are currently providing 50% of the resources they need for doing e-commerce business in China and we are hosting about 60% of mobile gaming in China," explained Yi Zheng, CPO and VP of Engineering at CDS Global Cloud, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 11, 2016 02:30 AM EST Reads: 1,295
"We are a custom software development, engineering firm. We specialize in cloud applications from helping customers that have on-premise applications migrating to the cloud, to helping customers design brand new apps in the cloud. And we specialize in mobile apps," explained Peter Di Stefano, Vice President of Marketing at Impiger Technologies, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 11, 2016 01:45 AM EST Reads: 744
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busin...
Dec. 11, 2016 01:45 AM EST Reads: 4,051
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at 20th Cloud Expo, Ed Featherston, director/senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
Dec. 11, 2016 01:30 AM EST Reads: 1,751
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, discussed how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team at D...
Dec. 11, 2016 01:15 AM EST Reads: 1,335
Financial Technology has become a topic of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 20th Cloud Expo at the Javits Center in New York, June 6-8, 2017, will find fresh new content in a new track called FinTech.
Dec. 11, 2016 12:00 AM EST Reads: 2,400
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform and how we integrate our thinking to solve complicated problems. In his session at 19th Cloud Expo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and sh...
Dec. 11, 2016 12:00 AM EST Reads: 941
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...
Dec. 11, 2016 12:00 AM EST Reads: 1,130
"We're a cybersecurity firm that specializes in engineering security solutions both at the software and hardware level. Security cannot be an after-the-fact afterthought, which is what it's become," stated Richard Blech, Chief Executive Officer at Secure Channels, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 10, 2016 11:15 PM EST Reads: 1,223
All clouds are not equal. To succeed in a DevOps context, organizations should plan to develop/deploy apps across a choice of on-premise and public clouds simultaneously depending on the business needs. This is where the concept of the Lean Cloud comes in - resting on the idea that you often need to relocate your app modules over their life cycles for both innovation and operational efficiency in the cloud. In his session at @DevOpsSummit at19th Cloud Expo, Valentin (Val) Bercovici, CTO of Soli...
Dec. 10, 2016 10:15 PM EST Reads: 2,076
"Once customers get a year into their IoT deployments, they start to realize that they may have been shortsighted in the ways they built out their deployment and the key thing I see a lot of people looking at is - how can I take equipment data, pull it back in an IoT solution and show it in a dashboard," stated Dave McCarthy, Director of Products at Bsquare Corporation, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 10, 2016 09:15 PM EST Reads: 1,358