|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
SYS-CON Events announced today the Containers & Microservices Bootcamp, being held November 3-4, 2015, in conjunction with 17th Cloud Expo, @ThingsExpo, and @DevOpsSummit at the Santa Clara Convention Center in Santa Clara, CA. This is your chance to get started with the latest technology in the industry. Combined with real-world scenarios and use cases, the Containers and Microservices Bootcamp, led by Janakiram MSV, a Microsoft Regional Director, will include presentations as well as hands-on...
Oct. 13, 2015 10:30 AM EDT Reads: 165
As more intelligent IoT applications shift into gear, they’re merging into the ever-increasing traffic flow of the Internet. It won’t be long before we experience bottlenecks, as IoT traffic peaks during rush hours. Organizations that are unprepared will find themselves by the side of the road unable to cross back into the fast lane. As billions of new devices begin to communicate and exchange data – will your infrastructure be scalable enough to handle this new interconnected world?
Oct. 13, 2015 10:15 AM EDT
As operational failure becomes more acceptable to discuss within the software industry, the necessity for holding constructive, actionable postmortems increases. But most of what we know about postmortems from "pop culture" isn't actually relevant for the software systems we work on and within. In his session at DevOps Summit, J. Paul Reed will look at postmortem pitfalls, techniques, and tools you'll be able to take back to your own environment so they will be able to lay the foundations for h...
Oct. 13, 2015 10:15 AM EDT Reads: 193
Any Ops team trying to support a company in today’s cloud-connected world knows that a new way of thinking is required – one just as dramatic than the shift from Ops to DevOps. The diversity of modern operations requires teams to focus their impact on breadth vs. depth. In his session at DevOps Summit, Adam Serediuk, Director of Operations at xMatters, Inc., will discuss the strategic requirements of evolving from Ops to DevOps, and why modern Operations has begun leveraging the “NoOps” approa...
Oct. 13, 2015 10:00 AM EDT Reads: 224
DevOps is here to stay because it works. Most businesses using this methodology are already realizing a wide range of real, measurable benefits as a result of implementing DevOps, including the breakdown of inter-departmental silos, faster delivery of new features and more stable operating environments. To take advantage of the cloud’s improved speed and flexibility, development and operations teams need to work together more closely and productively. In his session at DevOps Summit, Prashanth...
Oct. 13, 2015 10:00 AM EDT Reads: 271
SYS-CON Events announced today that Sandy Carter, IBM General Manager Cloud Ecosystem and Developers, and a Social Business Evangelist, will keynote at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA.
Oct. 13, 2015 10:00 AM EDT Reads: 246
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in high-performance, high-efficiency server, storage technology and green computing, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology is a premier provider of advanced server Building Block Solutions® for Data ...
Oct. 13, 2015 09:30 AM EDT Reads: 202
SYS-CON Events announced today that Machkey International Company will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Machkey provides advanced connectivity solutions for just about everyone. Businesses or individuals, Machkey is dedicated to provide high-quality and cost-effective products to meet all your needs.
Oct. 13, 2015 09:00 AM EDT Reads: 456
The modern software development landscape consists of best practices and tools that allow teams to deliver software in a near-continuous manner. By adopting a culture of automation, measurement and sharing, the time to ship code has been greatly reduced, allowing for shorter release cycles and quicker feedback from customers and users. Still, with all of these tools and methods, how can teams stay on top of what is taking place across their infrastructure and codebase? Hopping between services a...
Oct. 13, 2015 09:00 AM EDT Reads: 556
As the world moves towards more DevOps and microservices, application deployment to the cloud ought to become a lot simpler. The microservices architecture, which is the basis of many new age distributed systems such as OpenStack, NetFlix and so on, is at the heart of Cloud Foundry - a complete developer-oriented Platform as a Service (PaaS) that is IaaS agnostic and supports vCloud, OpenStack and AWS. In his session at 17th Cloud Expo, Raghavan "Rags" Srinivas, an Architect/Developer Evangeli...
Oct. 13, 2015 09:00 AM EDT Reads: 289
As-a-service models offer huge opportunities, but also complicate security. It may seem that the easiest way to migrate to a new architectural model is to let others, experts in their field, do the work. This has given rise to many as-a-service models throughout the industry and across the entire technology stack, from software to infrastructure. While this has unlocked huge opportunities to accelerate the deployment of new capabilities or increase economic efficiencies within an organization, i...
Oct. 13, 2015 09:00 AM EDT Reads: 353
As a CIO, are your direct reports IT managers or are they IT leaders? The hard truth is that many IT managers have risen through the ranks based on their technical skills, not their leadership ability. Many are unable to effectively engage and inspire, creating forward momentum in the direction of desired change. Renowned for its approach to leadership and emphasis on their people, organizations increasingly look to our military for insight into these challenges.
Oct. 13, 2015 09:00 AM EDT Reads: 284
SYS-CON Events announced today that DataClear Inc. will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. The DataClear ‘BlackBox’ is the only solution that moves your PC, browsing and data out of the United States and away from prying (and spying) eyes. Its solution automatically builds you a clean, on-demand, virus free, new virtual cloud based PC outside of the United States, and wipes it clean...
Oct. 13, 2015 09:00 AM EDT Reads: 656
Containers are all the rage among developers and web companies, but they also represent two very substantial benefits to larger organizations. First, they have the potential to dramatically accelerate the application lifecycle from software builds and testing to deployment and upgrades. Second they represent the first truly hybrid-approach to consuming infrastructure, allowing organizations to run the same workloads on any cloud, virtual machine or physical server. Together, they represent a ver...
Oct. 13, 2015 08:45 AM EDT Reads: 217
"Matrix is an ambitious open standard and implementation that's set up to break down the fragmentation problems that exist in IP messaging and VoIP communication," explained John Woolf, Technical Evangelist at Matrix, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Oct. 13, 2015 07:00 AM EDT Reads: 6,010