News Feed Item

RMB Resources Enters Into Agreement to Dispose of Its Equity Stake in Sutter Gold Mining Inc. and Acquire Equity Stake in Tyhee Gold Corp.

SYDNEY, AUSTRALIA -- (Marketwired) -- 07/04/14 -- RMB Australia Holdings Limited ("RMBAH") and RMB Investments and Advisory (Pty) Limited ("RMBIA", and together with RMBAH, "RMB") are pleased to announce that RMBAH has entered into an implementation agreement (the "Implementation Agreement") with Tyhee Gold Corp. ("Tyhee") and Sutter Gold Mining Inc. ("Sutter") whereby, among other things, RMB has agreed to: (i) sell all of the common shares in the capital of Sutter ("Sutter Common Shares") currently held by RMB for cash consideration; (ii) sell all of the Sutter Common Shares that are to be issued to RMB by Sutter upon the proposed conversion of US$8 million of RMB's current debt exposure to Sutter for cash consideration; and (iii) assign US$17 million of RMB's current debt exposure to Sutter in exchange for consideration which will include, among other things, the issuance from treasury to RMBAH of 90,000,000 new common shares in the capital of Tyhee ("Tyhee Common Shares") and cash consideration.

Disposition of Sutter Common Shares

RMBIA currently beneficially owns 58,216,820 Common Shares, representing approximately 47.3% of the 123,158,655 presently issued and outstanding Sutter Common Shares (on a non-fully diluted basis). Pursuant to the Implementation Agreement, the consideration payable by Tyhee to RMBIA for such Sutter Common Shares is C$0.02 per share for aggregate gross proceeds of C$1,164,336.40.

In addition, pursuant to the Implementation Agreement, Tyhee will also acquire from RMBAH the 108,454,603 Sutter Common Shares to be issued as a result of RMBAH's conversion of US$8 million of the principal currently outstanding under an existing Sutter promissory note into Sutter Common Shares. The conversion will occur at a price of C$0.0788 per share, the maximum discount to the Market Price (as such term is defined by the policies of the TSX Venture Exchange ("TSX-V") based on the closing price of the Sutter Common Shares on June 30, 2014). Tyhee would acquire such Sutter Common Shares at C$0.02 per share payable in cash on closing of the proposed transaction for aggregate gross proceeds of C$2,169,092.06.

Following completion of the above transactions, RMB will no longer beneficially own or control any Sutter Common Shares. Sutter is listed on the TSX-V under the symbol "SGM".

Acquisition of Tyhee Common Shares

Pursuant to the Implementation Agreement, RMBAH will acquire beneficial ownership of 90,000,000 new Tyhee Common Shares. Following the issuance of the 90,000,000 Tyhee Common Shares to RMBAH, the Tyhee Common Shares owned by RMBAH will represent approximately 21.3% of the presently issued and outstanding of Tyhee Common Shares (on a non-fully diluted basis).

As a result, as of the date hereof, RMBAH is the deemed beneficial owner of the 90,000,000 Tyhee Common Shares to be acquired under the Implementation Agreement, even though the Tyhee Common Shares are currently unissued, under applicable securities laws. Prior to the date hereof, RMB did not beneficially own or control any Tyhee Common Shares. The securities will be acquired on a private placement basis pursuant to the Implementation Agreement in reliance on prospectus exemptions as set out in National Instrument 45-106 - Prospectus and Registration Exemptions.

RMBAH will be acquiring the Tyhee Common Shares for investment purposes, and may acquire further Tyhee Common shares, or dispose of its holdings of Tyhee Common Shares, both as economic or market conditions or matters relating to Tyhee warrant. Tyhee is listed on the TSX-V under the symbol "TDC".

Further Information

Closing of the transactions contemplated in the Implementation Agreement is expected to occur on or about August 15, 2014.

For further information regarding the proposed transactions contemplated by the Implementation Agreement, please go to Sutter Gold Mining Inc. and Tyhee Gold Corp.'s profiles on SEDAR at www.sedar.com.

RMB Australia Holdings Limited
Level 13, 60 Castlereagh Street
Sydney NSW 2000

Attention: Finance Director
Telephone: 612 9256 6200
Facsimile: 612 9256 6290

RMB Investments and Advisory (Pty) Limited
4 Merchant Place
Cnr Fredman Drive and Rivonia Road Sandton 2196
South Africa

Attention: Company Secretary
Telephone: 2711 282 8000
Facsimile: 2711 384 3325

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
WebRTC adoption has generated a wave of creative uses of communications and collaboration through websites, sales apps, customer care and business applications. As WebRTC has become more mainstream it has evolved to use cases beyond the original peer-to-peer case, which has led to a repeating requirement for interoperability with existing infrastructures. In his session at @ThingsExpo, Graham Holt, Executive Vice President of Daitan Group, will cover implementation examples that have enabled ea...
SYS-CON Events announced today that Enzu will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive advantage. By offering a suite of proven hosting and management services, Enzu wants companies to focus on the core of their online busine...
@DevOpsSummit has been named the ‘Top DevOps Influencer' by iTrend. iTrend processes millions of conversations, tweets, interactions, news articles, press releases, blog posts - and extract meaning form them and analyzes mobile and desktop software platforms used to communicate, various metadata (such as geo location), and automation tools. In overall placement, @DevOpsSummit ranked as the number one ‘DevOps Influencer' followed by @CloudExpo at third, and @MicroservicesE at 24th.
In the next forty months – just over three years – businesses will undergo extraordinary changes. The exponential growth of digitization and machine learning will see a step function change in how businesses create value, satisfy customers, and outperform their competition. In the next forty months companies will take the actions that will see them get to the next level of the game called Capitalism. Or they won’t – game over. The winners of today and tomorrow think differently, follow different...
SYS-CON Events announced today that Roundee / LinearHub will exhibit at the WebRTC Summit at @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LinearHub provides Roundee Service, a smart platform for enterprise video conferencing with enhanced features such as automatic recording and transcription service. Slack users can integrate Roundee to their team via Slack’s App Directory, and '/roundee' command lets your video conference ...
Enterprise IT has been in the era of Hybrid Cloud for some time now. But it seems most conversations about Hybrid are focused on integrating AWS, Microsoft Azure, or Google ECM into existing on-premises systems. Where is all the Private Cloud? What do technology providers need to do to make their offerings more compelling? How should enterprise IT executives and buyers define their focus, needs, and roadmap, and communicate that clearly to the providers?
SYS-CON Events announced today that Sheng Liang to Keynote at SYS-CON's 19th Cloud Expo, which will take place on November 1-3, 2016 at the Santa Clara Convention Center in Santa Clara, California.
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smar...
So you think you are a DevOps warrior, huh? Put your money (not really, it’s free) where your metrics are and prove it by taking The Ultimate DevOps Geek Quiz Challenge, sponsored by DevOps Summit. Battle through the set of tough questions created by industry thought leaders to earn your bragging rights and win some cool prizes.
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
Without lifecycle traceability and visibility across the tool chain, stakeholders from Planning-to-Ops have limited insight and answers to who, what, when, why and how across the DevOps lifecycle. This impacts the ability to deliver high quality software at the needed velocity to drive positive business outcomes. In his general session at @DevOpsSummit at 19th Cloud Expo, Eric Robertson, General Manager at CollabNet, will discuss how customers are able to achieve a level of transparency that e...
SYS-CON Events announced today that SoftNet Solutions will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. SoftNet Solutions specializes in Enterprise Solutions for Hadoop and Big Data. It offers customers the most open, robust, and value-conscious portfolio of solutions, services, and tools for the shortest route to success with Big Data. The unique differentiator is the ability to architect and ...
"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.
In past @ThingsExpo presentations, Joseph di Paolantonio has explored how various Internet of Things (IoT) and data management and analytics (DMA) solution spaces will come together as sensor analytics ecosystems. This year, in his session at @ThingsExpo, Joseph di Paolantonio from DataArchon, will be adding the numerous Transportation areas, from autonomous vehicles to “Uber for containers.” While IoT data in any one area of Transportation will have a huge impact in that area, combining sensor...
Established in 1998, Calsoft is a leading software product engineering Services Company specializing in Storage, Networking, Virtualization and Cloud business verticals. Calsoft provides End-to-End Product Development, Quality Assurance Sustenance, Solution Engineering and Professional Services expertise to assist customers in achieving their product development and business goals. The company's deep domain knowledge of Storage, Virtualization, Networking and Cloud verticals helps in delivering ...