Welcome!

News Feed Item

Northcore-Share Consolidation 20:1, Private Placement Price Reservation and Bonus Shares Payable on 1 Year Loan

MONTREAL, QUEBEC -- (Marketwired) -- 07/29/14 -- Northcore Resources Inc. ("Corporation")(TSX VENTURE: NCR) is pleased to announce that it is proceeding with the Share Consolidation of twenty (20) pre-consolidation Common Shares for one (1) post-consolidation Common Share. The Corporation is in the process of completing the necessary filings with the TSX-Venture and will contact Computershare, its Corporate Stock Transfer Agent, to proceed with the share consolidation as soon as the regulatory approvals have been obtained.

Letters of transmittal with respect to the Consolidation will be mailed out to all registered shareholders by Computershare. The letter of transmittal describes the process by which registered shareholders may obtain new certificates representing consolidated Common Shares and all registered shareholders of the Company will be required to send their certificates representing pre-Consolidation Common Shares with a properly executed letter of transmittal to Computershare, in accordance with the instructions provided in the letter of transmittal. No fractional Common Shares will be issued. Where the Consolidation results in a fractional Common Share, the number of post-Consolidation Common Shares will be rounded down to a lower unit where the fraction obtained is less than 0.5 and rounded up to the higher unit where the fraction obtained is equal to or greater than 0.5. Shareholders who hold their Common Shares through a broker or other intermediary and do not have Common Shares registered in their name will not need to complete a letter of transmittal, the exchange will be completed by their broker or intermediary.

The Consolidation was approved at the Annual and Special Meeting of Shareholders of Northcore held on Tuesday, February 25, 2014. The Share Consolidation Resolution was approved by more than 87.38% of the votes cast for that Resolution. On a post- Consolidation basis there will be 5,088,911 Common Shares outstanding before the completion of the proposed Private Placement. The Corporation will issue a future News Release announcing the effective date of the Consolidation and the CUSIP number of the post-consolidated common shares as soon as the regulatory approvals are obtained.

Private placement

The Corporation will also file with the TSX-Venture a Price Reservation allowing it to complete a private placement of up to 5,000,000 Units at five cents ($0.05) per Unit for gross proceeds of $250,000. This Placement will be done on a post-consolidation basis.

Each Unit will consist of one (1) Post-Consolidation Common Share and one (1) Post- Consolidation Common Share Purchase Warrant. Each warrant will give the holder the right to acquire an additional Post-Consolidation Common Share at a price of ten cents ($0.10) per share for a period of twenty-four (24) months following the Closing of the Private Placement.

This Placement will be a non-brokered placement made with Accredited Investors and other qualified purchasers. A seven and one-half percent (7.5%) cash commission will be paid and a seven and one half percent (7.5%) Broker Warrants commission will be paid to qualified recipients. The Broker Warrant will give the holder the right to acquire Post-Consolidation Common shares at a price of ten cents ($0.10) per share for a period of twelve (12) months following the Closing of the Private Placement.

The Use of Proceeds of the Placement will be for Corporate Cash Flow purposes.

Other news

The Corporation has recently entered into a one (1) year loan agreement with an arm's length entity for loan proceeds of $20,000. Under the terms of this loan, the interest rate will be 12% per annum, calculated and payable monthly. In addition 80,000 bonus Post Consolidation shares will be issued to the lender on or prior to August 21, 2014. The proceeds of the loan will be used for Corporate Cash Flow purposes.

Neither the TSX-Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this news release.

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
"Peak 10 is a hybrid infrastructure provider across the nation. We are in the thick of things when it comes to hybrid IT," explained Michael Fuhrman, Chief Technology Officer at Peak 10, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We were founded in 2003 and the way we were founded was about good backup and good disaster recovery for our clients, and for the last 20 years we've been pretty consistent with that," noted Marc Malafronte, Territory Manager at StorageCraft, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
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...
DevOps at Cloud Expo, 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 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 w...
"The Striim platform is a full end-to-end streaming integration and analytics platform that is middleware that covers a lot of different use cases," explained Steve Wilkes, Founder and CTO at Striim, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We are focused on SAP running in the clouds, to make this super easy because we believe in the tremendous value of those powerful worlds - SAP and the cloud," explained Frank Stienhans, CTO of Ocean9, Inc., in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We are still a relatively small software house and we are focusing on certain industries like FinTech, med tech, energy and utilities. We help our customers with their digital transformation," noted Piotr Stawinski, Founder and CEO of EARP Integration, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"At the keynote this morning we spoke about the value proposition of Nutanix, of having a DevOps culture and a mindset, and the business outcomes of achieving agility and scale, which everybody here is trying to accomplish," noted Mark Lavi, DevOps Solution Architect at Nutanix, in this SYS-CON.tv interview at @DevOpsSummit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"DivvyCloud as a company set out to help customers automate solutions to the most common cloud problems," noted Jeremy Snyder, VP of Business Development at DivvyCloud, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
DX World EXPO, LLC., a Lighthouse Point, Florida-based startup trade show producer and the creator of "DXWorldEXPO® - Digital Transformation Conference & Expo" has announced its executive management team. The team is headed by Levent Selamoglu, who has been named CEO. "Now is the time for a truly global DX event, to bring together the leading minds from the technology world in a conversation about Digital Transformation," he said in making the announcement.
21st International Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, 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. Me...
Kubernetes is an open source system for automating deployment, scaling, and management of containerized applications. Kubernetes was originally built by Google, leveraging years of experience with managing container workloads, and is now a Cloud Native Compute Foundation (CNCF) project. Kubernetes has been widely adopted by the community, supported on all major public and private cloud providers, and is gaining rapid adoption in enterprises. However, Kubernetes may seem intimidating and complex ...
SYS-CON Events announced today that DXWorldExpo has been named “Global Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Digital Transformation is the key issue driving the global enterprise IT business. Digital Transformation is most prominent among Global 2000 enterprises and government institutions.
SYS-CON Events announced today that Datera, that offers a radically new data management architecture, has been named "Exhibitor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Datera is transforming the traditional datacenter model through modern cloud simplicity. The technology industry is at another major inflection point. The rise of mobile, the Internet of Things, data storage and Big...
SYS-CON Events announced today that Calligo, an innovative cloud service provider offering mid-sized companies the highest levels of data privacy and security, has been named "Bronze Sponsor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Calligo offers unparalleled application performance guarantees, commercial flexibility and a personalised support service from its globally located cloud plat...