Welcome!

News Feed Item

Vatic Ventures Corporation Completes Acquisition of 80% Interest in Saksrithai Developments Co. Ltd and Announces Appointment of Chief Executive Officer

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 01/12/17 -- Further to its News Release dated June 7th, 2016, Vatic Ventures Corp. (the Company) (NEX:VCV.H) is pleased to announce the completion of the transaction whereby the Company has acquired, pursuant to the terms of an assignment and share purchase agreement (the "Acquisition Agreement"), 80% of the issued shares (the Shares) of Saksrithai Developments Co. Ltd. (Saksrithai) from the former holders of the Shares (the "Former Shareholders") and the appointment of Dr. Gerry Wright, P. Eng., as its new Chief Executive Officer.

Saksrithai Developments Co. Ltd:

Saksrithai is a private company incorporated under the laws of the Kingdom of Thailand. It is the holder of two Special Prospecting Licences (SPLs) for potash exploration, issued by the Thai Department of Primary Industry and Mines (DPIM) in 2015. The licences are located in the Province of Nakon Ratchasima in northeast Thailand.

Terms of Acquisition:

Pursuant to the terms of Acquisition Agreement, which were outlined in detail in the Company's June 7th news release the Company acquired the rights of Red Branch Investments Ltd. (Red Branch), a Hong Kong incorporated company, to purchase the Shares pursuant to a memorandum of understanding entered into among the Former Shareholders and Red Branch dated February 26, 2016 (the "MOU"). To purchase the Shares the Company has paid the Former Shareholders THB 8,000,000 (8,000,000 Thai Baht, the currency of Thailand, which equates to approximately US$220,000).

The Company will also fund a THB 50 million (approximately US$1.4 million) first stage exploration and development program which will include sufficient funding to satisfy work and expenditure commitments under the SPLs, to pay the Thailand project expenses and funding for general and administrative expenses in Thailand and Canada. In the event that the full amount of THB 50 million is not expended the Former Shareholders will be entitled to a cash payment of 20% of the unspent balance.

As consideration for the assignment of the MOU pursuant to the Acquisition Agreement, the Company will issue 5.2 million common shares to Red Branch plus a 1% NSR on the property comprising the SPLs. The NSR can be purchased by the Company at any time for US$1 million.

Appointment of Chief Executive Officer:

Vatic Ventures Corp. is pleased to announce the appointment of Dr. Gerry Wright, P. Eng. as Chief Executive Officer of the Company. Dr. Wright, the principal of Red Branch Investments Ltd, will also join the Board of Directors of the Company and will manage the activities of the Company's Thai subsidiary, Saksrithai Developments Co. Ltd. (Saksrithai).

Dr. Wright is a Professional Engineer (Province of BC) and holds a Doctorate in Engineering from Queen's University, Belfast. He was co-founder of the Crew Group of Companies and has over 30 years' experience in the minerals exploration and development industry in Asia, North America, Europe and Africa, serving as a Senior Officer and Director of a number of public and private companies.

Dr. Wright has extensive experience and knowledge of the global potash industry and, in particular, the potash resources underlying Thailand's Khorat Plateau where the SPLs are situated. He served as Chief Executive Officer of Asia Pacific Resources Ltd. for some 12 years, in which capacity he was directly responsible for the acquisition, financing and development of that company's Udon Thani project which is Asia's most significant commercial potash discovery, to date.

Dr. Wright will be directly responsible for the successful development of the Company's Saksrithai potash exploration project.

Saksrithai Potash Exploration Project:

The project area is located in the western part of the Khorat Plateau which is underlain by a large potash bearing evaporate basin of Cretaceous age. The basin is believed to host one of the world's largest, undeveloped potash resources and includes the high-grade (approx. 40% KCl) Udon Thani deposit which was evaluated by Asia Pacific Resources Ltd. during the 1990s.

The SPLs are contiguous, encompass an area of 32 km2 and are adjacent to the Dan Khun Thod potash mining project which is currently under construction.

Having completed the project acquisition, the Company is now finalizing an exploration programme and budget for the first phase of the project. Activities to be undertaken during this phase will include an initial seismic survey of the licence area and drilling programme.

The Company has now commenced a community information programme in the project area, following which the initial exploration programmes shall commence.

Vatic's President, Nasim Tyab, commented "The Company is delighted to have Gerry join our board of directors and lead the development of the Saksrithai potash exploration licences as CEO. Gerry's successful track record in potash exploration in Thailand and capital markets background will augment our board and guide the Company through this exciting new period of growth."

ON BEHALF OF THE BOARD OF DIRECTORS

Nasim Tyab, President and Director

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
"We're bringing out a new application monitoring system to the DevOps space. It manages large enterprise applications that are distributed throughout a node in many enterprises and we manage them as one collective," explained Kevin Barnes, President of eCube Systems, in this SYS-CON.tv interview at DevOps at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
@DevOpsSummit at Cloud taking place June 6-8, 2017, at Javits Center, New York City, is co-located with the 20th International 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 wait for long developm...
In a recent research, analyst firm IDC found that the average cost of a critical application failure is $500,000 to $1 million per hour and the average total cost of unplanned application downtime is $1.25 billion to $2.5 billion per year for Fortune 1000 companies. In addition to the findings on the cost of the downtime, the research also highlighted best practices for development, testing, application support, infrastructure, and operations teams.
Updating DevOps to the latest production data slows down your development cycle. Probably it is due to slow, inefficient conventional storage and associated copy data management practices. In his session at @DevOpsSummit at 20th Cloud Expo, Dhiraj Sehgal, in Product and Solution at Tintri, will talk about DevOps and cloud-focused storage to update hundreds of child VMs (different flavors) with updates from a master VM in minutes, saving hours or even days in each development cycle. He will also...
When you focus on a journey from up-close, you look at your own technical and cultural history and how you changed it for the benefit of the customer. This was our starting point: too many integration issues, 13 SWP days and very long cycles. It was evident that in this fast-paced industry we could no longer afford this reality. We needed something that would take us beyond reducing the development lifecycles, CI and Agile methodologies. We made a fundamental difference, even changed our culture...
"There's a growing demand from users for things to be faster. When you think about all the transactions or interactions users will have with your product and everything that is between those transactions and interactions - what drives us at Catchpoint Systems is the idea to measure that and to analyze it," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York Ci...
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
@DevOpsSummit taking place June 6-8, 2017 at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @DevOpsSummit at Cloud Expo New York Call for Papers is now open.
A look across the tech landscape at the disruptive technologies that are increasing in prominence and speculate as to which will be most impactful for communications – namely, AI and Cloud Computing. In his session at 20th Cloud Expo, Curtis Peterson, VP of Operations at RingCentral, will highlight the current challenges of these transformative technologies and share strategies for preparing your organization for these changes. This “view from the top” will outline the latest trends and developm...
Discover top technologies and tools all under one roof at April 24–28, 2017, at the Westin San Diego in San Diego, CA. Explore the Mobile Dev + Test and IoT Dev + Test Expo and enjoy all of these unique opportunities: The latest solutions, technologies, and tools in mobile or IoT software development and testing. Meet one-on-one with representatives from some of today's most innovative organizations
SYS-CON Events announced today that Dataloop.IO, an innovator in cloud IT-monitoring whose products help organizations save time and money, 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. Dataloop.IO is an emerging software company on the cutting edge of major IT-infrastructure trends including cloud computing and microservices. The company, founded in the UK but now based in San Fran...
SYS-CON Events announced today that Linux Academy, the foremost online Linux and cloud training platform and community, will exhibit at 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. Linux Academy was founded on the belief that providing high-quality, in-depth training should be available at an affordable price. Industry leaders in quality training, provided services, and student certification passes, its goal is to c...
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.