Welcome!

News Feed Item

Mazorro Resources to List on CSE, Signs Letter of Intent to Acquire GrowPros MMP and Arranges Equity Financing

OTTAWA, ONTARIO -- (Marketwired) -- 06/16/14 -- Mazorro Resources Inc. (the "Company") (TSX VENTURE: MZO) (FRANKFURT: JAM) announces that it has received conditional approval for the listing of its common shares on the Canadian Securities Exchange (the "CSE"), and that it has applied for the voluntary delisting of its common shares from the TSX Venture Exchange. The Company expects that trading in its common shares on the CSE will commence on or about Tuesday, June 17, 2014. The trading symbol "MZO" will remain the same. The Board of Directors believes that a listing on the CSE will provide for greater operational efficiency and lower costs for the Company while allowing shareholders continued liquidity on a recognized exchange.

Following the listing of the common shares on the CSE, the Company intends to file articles of amendment shortly in order to give effect to the consolidation (the "Consolidation") of the issued and outstanding common shares of the Company on the basis of one new common share for every two common shares issued and outstanding, which was approved by shareholders at the annual and special meeting held at the end of May 2014. The Company will issue a press release advising of the effective date for the Consolidation as well as the new CUSIP and ISIN numbers as soon as possible.

The Company also announces that further to its press release dated May 7, 2014, it has been actively seeking opportunities to diversify the scope of its business and, in this regard, has signed a non-binding letter of intent to acquire all of the issued and outstanding securities of 8816301 Canada Inc., also known as GrowPros MMP (the "Corporation"), a medical marijuana consultation and acquisition firm that is pursuing a license as a producer of medical marijuana in Canada pursuant to the Marihuana for Medical Purposes Regulations ("MMPR").

Pursuant to the terms of the letter of intent, the Company may issue an aggregate of 23,000,100 post-consolidation Common shares in the capital of the Company (each a "Post-Consolidation Share") to the shareholders of the Corporation in exchange for all of the issued and outstanding common shares of the Corporation. In addition, the Company may allot and reserve for issuance an aggregate of up to 5,000,000 additional Post-Consolidation Shares (the "Milestone Shares") to the shareholders of the Corporation, on a pro rata basis, if the Corporation is successful in securing, on or before December 31, 2014, a license as a producer of medical marijuana in Canada pursuant to the MMPR. There is no guarantee that the Company will enter into a binding definitive agreement with the Corporation or ultimately complete the proposed acquisition. Moreover, the proposed acquisition of the Corporation may result in a Fundamental Change (as defined in Policy 8 of the CSE) to the Company.

Although recently incorporated, the Corporation's core group consists of expert medicinal cannabis growers and business professionals who have been actively involved in the medical cannabis and hydroponic industry for over 15 years. Further, the Corporation benefits from the substantial intellectual property derived from the group's many years of research and development, as well as global affiliations in the related industry. Over the past four months the Corporation has identified several strategic joint ventures in the medical marijuana industry. These investment opportunities include, but are not limited to, acquiring equity in current licensed MMPR producers, prospective MMPR producers who have achieved the "ready to build" status as well as complementary sectors such as commercial marijuana production equipment. The Corporation is pursuing negotiations with these companies.

The Company's ability to continue operations is dependent upon successfully raising the necessary financing to complete its business plan. These pursuits may be delayed given the current challenges faced by junior companies seeking to raise funds through the issuance of shares. In this regard, as soon as possible following listing and the closing of the Consolidation, the Company intends to arrange a private placement of units (the "Mazorro Units") to "accredited investors", at a price per Mazorro Unit of $0.10, for minimum gross proceeds of $1,000,000 and maximum proceeds of $2,000,000. Each Mazorro Unit will be comprised of one Post-Consolidation Share and one common share purchase warrant (a "Warrant") entitling the holder thereof to acquire one additional Post-Consolidation Share at a price of $0.15 for 24 months following the closing of the private placement, subject to the condition that if at any time prior to the expiry date of the Warrants, the volume weighted average price of the Company's Post-Consolidation Shares on the CSE exceeds $0.25 for a period of not less than 20 consecutive trading days, the Company may reduce the period during which the Warrants may be exercised, such that the Warrants will expire on the date which is 30 days after the date on which the Company sends a notice to the holders of the Warrants. The Company may pay a finder's fee to registered dealers consisting of a cash fee of up to 7.0% of the gross proceeds raised under the private placement and finder's warrants exercisable to acquire that number of Post-Consolidation Shares as is equal to up to 7.0% of the number of Mazorro Units issued pursuant to the private placement. The finder's warrants will be exercisable for a period of 24 months following the closing at an exercise price of $0.15 per Post-Consolidation Shares.

The net proceeds from the private placement are expected to be used (i) for general working capital purposes, (ii) to fund exploration work on its existing mineral property located in Northwestern Quebec, and (iii) to fund the Company's planned diversification strategy, including the proposed acquisition of the Corporation.

Forward-looking statements

Some statements in this release may contain forward-looking information. All statements, other than of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding potential acquisitions and financings) are forward-looking statements. Forward-looking statements are generally identifiable by use of the words "may", "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, the possibility that future exploration results will not be consistent with the Company's expectations, changes in world gold markets or markets for other commodities, inability of the Company to achieve its diversification strategy (including, without limitation, the proposed acquisition of the Corporation); failure to obtain sufficient financing, and other risks disclosed in the Company's public disclosure record on file with the relevant securities regulatory authorities. Any forward-looking statement speaks only as of the date on which it is made and except as may be required by applicable securities laws; the Company disclaims any intent or obligation to update any forward-looking statement.

Neither the TSX Venture Exchange or the Canadian Securities Exchange or their respective Regulation Services Providers (as that term is defined in the policies of the applicable securities regulations) accepts responsibility for the adequacy or accuracy of this release.

Contacts:
Mazorro Resources Inc.
Andre Audet
Interim President & CEO
(613) 241-2332

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
"Tintri focuses on the Ops side of the DevOps, which basically is pushing more and more of the accessibility of the infrastructure to the developers and trying to get behind the scenes," explained Dhiraj Sehgal of Tintri in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Hardware virtualization and cloud computing allowed us to increase resource utilization and increase our flexibility to respond to business demand. Docker Containers are the next quantum leap - Are they?! Databases always represented an additional set of challenges unique to running workloads requiring a maximum of I/O, network, CPU resources combined with data locality.
For organizations that have amassed large sums of software complexity, taking a microservices approach is the first step toward DevOps and continuous improvement / development. Integrating system-level analysis with microservices makes it easier to change and add functionality to applications at any time without the increase of risk. Before you start big transformation projects or a cloud migration, make sure these changes won’t take down your entire organization.
Cloud promises the agility required by today’s digital businesses. As organizations adopt cloud based infrastructures and services, their IT resources become increasingly dynamic and hybrid in nature. Managing these require modern IT operations and tools. In his session at 20th Cloud Expo, Raj Sundaram, Senior Principal Product Manager at CA Technologies, will discuss how to modernize your IT operations in order to proactively manage your hybrid cloud and IT environments. He will be sharing bes...
Artificial intelligence, machine learning, neural networks. We’re in the midst of a wave of excitement around AI such as hasn’t been seen for a few decades. But those previous periods of inflated expectations led to troughs of disappointment. Will this time be different? Most likely. Applications of AI such as predictive analytics are already decreasing costs and improving reliability of industrial machinery. Furthermore, the funding and research going into AI now comes from a wide range of com...
In this presentation, Striim CTO and founder Steve Wilkes will discuss practical strategies for counteracting fraud and cyberattacks by leveraging real-time streaming analytics. In his session at @ThingsExpo, Steve Wilkes, Founder and Chief Technology Officer at Striim, will provide a detailed look into leveraging streaming data management to correlate events in real time, and identify potential breaches across IoT and non-IoT systems throughout the enterprise. Strategies for processing massive ...
SYS-CON Events announced today that GrapeUp, the leading provider of rapid product development at the speed of business, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Grape Up is a software company, specialized in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market acr...
SYS-CON Events announced today that Ayehu will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on October 31 - November 2, 2017 at the Santa Clara Convention Center in Santa Clara California. Ayehu provides IT Process Automation & Orchestration solutions for IT and Security professionals to identify and resolve critical incidents and enable rapid containment, eradication, and recovery from cyber security breaches. Ayehu provides customers greater control over IT infras...
Internet of @ThingsExpo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devic...
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.
SYS-CON Events announced today that MobiDev, a client-oriented software development company, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software company that develops and delivers turn-key mobile apps, websites, web services, and complex software systems for startups and enterprises. Since 2009 it has grown from a small group of passionate engineers and business...
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
What's the role of an IT self-service portal when you get to continuous delivery and Infrastructure as Code? This general session showed how to create the continuous delivery culture and eight accelerators for leading the change. Don Demcsak is a DevOps and Cloud Native Modernization Principal for Dell EMC based out of New Jersey. He is a former, long time, Microsoft Most Valuable Professional, specializing in building and architecting Application Delivery Pipelines for hybrid legacy, and cloud ...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend 21st Cloud Expo October 31 - November 2, 2017, at the Santa Clara Convention Center, CA, and June 12-14, 2018, at the Javits Center in New York City, NY, and learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
Join us at Cloud Expo June 6-8 to find out how to securely connect your cloud app to any cloud or on-premises data source – without complex firewall changes. More users are demanding access to on-premises data from their cloud applications. It’s no longer a “nice-to-have” but an important differentiator that drives competitive advantages. It’s the new “must have” in the hybrid era. Users want capabilities that give them a unified view of the data to get closer to customers and grow business. The...