|By Marketwired .||
|June 6, 2014 01:04 PM EDT||
VAL-D'OR, QUEBEC -- (Marketwired) -- 06/06/14 -- Abitibi Royalties Inc. (TSX VENTURE:RZZ) ("Abitibi Royalties" or the "Company") is pleased to advise on the current status of the proceedings that it filed with the Quebec Superior Court on May 30, 2014.
Abitibi Royalties filed these proceedings to seek provisional, interlocutory and permanent injunction orders to enforce its contractual rights under the joint venture arrangement between Abitibi Royalties and Osisko Mining Corporation ("Osisko") to explore and develop the Malartic CHL property, in which Abitibi Royalties holds a 30% free carried interest. The Malartic CHL property is located immediately adjacent to and on trend with the Canadian Malartic Mine in Quebec, currently owned and operated by Osisko.
Abitibi Royalties filed these proceedings in response to Osisko, Agnico Eagle Mines Limited ("Agnico") and Yamana Gold Inc. ("Yamana") entering into an arrangement agreement dated April 16, 2014 (the "Arrangement Agreement") pursuant to which Osisko agreed to transfer all of its Canadian Malartic assets, including the Malartic CHL property, to a new partnership that would ultimately be owned by Agnico and Yamana as to 50% each.
Abitibi Royalties claims that under the terms of its various agreements with Osisko:
1. it had the right to consent to the transfer of the Malartic CHL property under the provisions of the Arrangement Agreement; 2. its rights under the joint venture agreement with Osisko have not been respected; and 3. its rights to re-acquire the Malartic CHL property under a right of first refusal have been triggered.
Following the issuance of Abitibi Royalties' proceedings, Osisko, Agnico and Yamana then agreed to make several significant changes to the Arrangement Agreement in response to Abitibi Royalties' claims. These included the removal of the Malartic CHL property from the definition of Canadian Malartic assets such that:
-- the Malartic CHL property is not being transferred to the partnership along with the other Canadian Malartic assets and will be retained by Osisko; and -- the proposed 5% NSR to be granted on the Canadian Malartic assets does not include the Malartic CHL property.
As a result, at a Court hearing on June 5, 2014, Abitibi Royalties agreed to postpone the hearing of its motion for a provisional injunction and advised the Court that, notwithstanding the proposed changes to the Arrangement Agreement, it would be continuing to take steps to enforce its consent rights and its right of first refusal over the Malartic CHL property. At the same time, Osisko advised the Court that it would be seeking to have Abitibi Royalties' claims sent to arbitration. Osisko's request has been scheduled to be heard by the Court on June 13, 2014.
Abitibi Royalties has also advised Osisko, Agnico and Yamana that, notwithstanding the changes proposed to be made to the Arrangement Agreement, Abitibi Royalties intends to appear in Court on June 9, 2014, to make submissions at the hearing for final approval of the Arrangement Agreement to ensure that all of Abitibi Royalties' rights are respected and preserved. Furthermore, Abitibi Royalties intends to continue with all legal steps that are required to ensure that all of its rights under its agreements with Osisko and as a 30% owner of the Malartic CHL property are enforced. These rights include those now asserted under the existing claims and also its right to institute further proceedings as may be required.
Cancellation of options; Two new director nominees standing for election
Abitibi Royalties also announces that options previously granted to each of its four directors, entitling each director to purchase 32,500 common shares of Abitibi Royalties have been cancelled by written agreement between Abitibi Royalties and each of the directors in order to create room in its option plan reserve to grant options to Joseph Groia, a founder of Groia & Company, and Ian Ball, President of McEwen Mining Inc., two recently engaged consultants, who will also be standing for election to the Abitibi Royalties' board at this year's Annual General and Special Meeting to be held on June 30, 2014.
About Abitibi Royalties Inc.
Abitibi Royalties holds 100% title to the Luc Bourdon and Bourdon West Prospects in Ontario and a 30% free-carried interest on the Malartic CHL property near Val-d'Or, Quebec which is the subject of a joint venture with Osisko. In addition, the Company holds a 2% net smelter royalty interest in one additional claim held by Osisko, and may acquire and generate other property and royalty interests.
Gold Valley Mines Ltd. holds an approximate 62.7% interest in Abitibi Royalties Inc.
Forward Looking Statements:
This news release contains certain statements that may be deemed "forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressional, or that events or conditions "will", "would", "may", "could", or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performances and actual results or realities may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinion of the Company's management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
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 and accuracy of this news release.
Glenn J. Mullan
2864 chemin Sullivan
Val-d'Or, Quebec J9P 0B9
819-824-2808, x 204
One of the hottest areas in cloud right now is DRaaS and related offerings. In his session at 16th Cloud Expo, Dale Levesque, Disaster Recovery Product Manager with Windstream's Cloud and Data Center Marketing team, will discuss the benefits of the cloud model, which far outweigh the traditional approach, and how enterprises need to ensure that their needs are properly being met.
Jan. 16, 2017 11:45 PM EST Reads: 4,177
Internet of @ThingsExpo, taking place June 6-8, 2017 at the Javits Center in New York City, New York, 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. @ThingsExpo New York Call for Papers is now open.
Jan. 16, 2017 11:30 PM EST Reads: 3,509
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
Jan. 16, 2017 09:00 PM EST Reads: 7,436
Up until last year, enterprises that were looking into cloud services usually undertook a long-term pilot with one of the large cloud providers, running test and dev workloads in the cloud. With cloud’s transition to mainstream adoption in 2015, and with enterprises migrating more and more workloads into the cloud and in between public and private environments, the single-provider approach must be revisited. In his session at 18th Cloud Expo, Yoav Mor, multi-cloud solution evangelist at Cloudy...
Jan. 16, 2017 08:45 PM EST Reads: 4,577
When you focus on a journey from up-close, you look at your own technical and cultural history and how you changed it for the benefit of the customer. This was our starting point: too many integration issues, 13 SWP days and very long cycles. It was evident that in this fast-paced industry we could no longer afford this reality. We needed something that would take us beyond reducing the development lifecycles, CI and Agile methodologies. We made a fundamental difference, even changed our culture...
Jan. 16, 2017 08:00 PM EST Reads: 625
The proper isolation of resources is essential for multi-tenant environments. The traditional approach to isolate resources is, however, rather heavyweight. In his session at 18th Cloud Expo, Igor Drobiazko, co-founder of elastic.io, drew upon his own experience with operating a Docker container-based infrastructure on a large scale and present a lightweight solution for resource isolation using microservices. He also discussed the implementation of microservices in data and application integrat...
Jan. 16, 2017 06:45 PM EST Reads: 3,488
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. 16, 2017 06:00 PM EST Reads: 373
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. 16, 2017 05:00 PM EST Reads: 4,014
In his General Session at DevOps Summit, Asaf Yigal, Co-Founder & VP of Product at Logz.io, will explore the value of Kibana 4 for log analysis and will give a real live, hands-on tutorial on how to set up Kibana 4 and get the most out of Apache log files. He will examine three use cases: IT operations, business intelligence, and security and compliance. This is a hands-on session that will require participants to bring their own laptops, and we will provide the rest.
Jan. 16, 2017 03:30 PM EST Reads: 4,823
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. 16, 2017 03:15 PM EST Reads: 358
"LinearHub provides smart video conferencing, which is the Roundee service, and we archive all the video conferences and we also provide the transcript," stated Sunghyuk Kim, CEO of LinearHub, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 16, 2017 02:30 PM EST Reads: 1,549
"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. 16, 2017 02:15 PM EST Reads: 5,267
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. 16, 2017 01:45 PM EST Reads: 3,594
@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. 16, 2017 01:30 PM EST Reads: 3,309
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. 16, 2017 01:00 PM EST Reads: 1,032