Welcome!

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.

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

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
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settle...
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
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 to 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 D...
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
SYS-CON Events announced today that Outlyer, a monitoring service for DevOps and operations teams, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Outlyer is a monitoring service for DevOps and Operations teams running Cloud, SaaS, Microservices and IoT deployments. Designed for today's dynamic environments that need beyond cloud-scale monitoring, we make monitoring effortless so you...
Cloud Expo, Inc. has announced today that Andi Mann and Aruna Ravichandran have been named Co-Chairs of @DevOpsSummit at Cloud Expo 2017. The @DevOpsSummit at Cloud Expo New York will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and @DevOpsSummit at Cloud Expo Silicon Valley will take place Oct. 31-Nov. 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Security, data privacy, reliability and regulatory compliance are critical factors when evaluating whether to move business applications from in-house client hosted environments to a cloud platform. In her session at 18th Cloud Expo, Vandana Viswanathan, Associate Director at Cognizant, In this session, will provide an orientation to the five stages required to implement a cloud hosted solution validation strategy.
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.
Column Technologies exhibited at SYS-CON's @DevOpsSummit at Cloud Expo, which took place at the Javits Center in New York City, NY, in June 2016. Established in 1998, Column Technologies is a global technology solutions provider with over 400 employees, headquartered in the United States with offices in Canada, India, and the United Kingdom. Column Technologies provides “Best of Breed” technology solutions that automate the key DevOps principals and help our customers meet today’s DevOps and Dig...
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend @CloudExpo | @ThingsExpo, June 6-8, 2017, at the Javits Center in New York City, NY and October 31 - November 2, 2017, Santa Clara Convention Center, CA. Learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.