SYS-CON MEDIA Authors: Peter Silva, Kevin Jackson, Jessica Qiu, Dana Gardner, Dan Stolts

News Feed Item

Cancana Closes C$1.5 Million Private Placement, Amends Term Sheet With The Sentient Group and Appoints A New CFO

TORONTO, ONTARIO -- (Marketwired) -- 02/25/14 -- Cancana Resources Corp. (TSX VENTURE: CNY) (the "Company" or "Cancana") has closed a non-brokered private placement of Units, agreed to certain non-material amendments to the previously announced binding term sheet with The Sentient Group and appointed Jonathan Richards as CFO of Cancana.

Cancana is pleased to announce that, effective February 24, 2014, it has closed a non-brokered private placement offering (the "Offering") for aggregate gross proceeds of approximately C$1,500,000. The Company issued an aggregate of 7,142,857 units (each a "Unit"), at a price of C$0.21 per Unit. Each Unit consists of one common share in the capital of the Company (a "Common Share") and one common share purchase warrant (each a "Warrant"). Each Warrant entitles the holder thereof to acquire one Common Share of the Company at a price of C$0.27 until February 24, 2016.

In connection with the Offering, the Company paid an aggregate amount of C$78,518 in cash finder's fees to certain eligible arm's length persons and issued 123,149 non-transferable finder's warrants (the "Finder Warrants") to certain eligible arm's length persons. Each Finder Warrant is exercisable into a Unit at an exercise price of C$0.21 per Unit for a period of twenty-four (24) months from the closing of the Offering.

All securities issued pursuant to the Offering, including the Common Shares and Warrants comprising the Units and the Common Shares underlying the Warrants, the Finder Warrants, and the securities underlying the Finder Warrants, are subject to a four (4) month and one (1) day statutory hold commencing from closing of the Offering. The Offering is subject to TSX Venture Exchange ("TSXV") acceptance of requisite regulatory filings. The proceeds raised from the Offering will be used for general working capital.

Andrew Male, President and CEO of Cancana, commented: "The closing of this tranche of the private placement continues to validate the market's view of our business strategy and the future prospects of our operations in Brazil. Cancana has continued to develop Valdirao, the Company's green-field project, since early November 2013 and the progress being made and knowledge we are gaining from this activity continues to be exciting."

Amendments to Binding Term Sheet with The Sentient Group

Cancana also announces that, further to its press release of December 20, 2013 (the "December Release"), immediately prior to the closing of the Offering it entered into an amended and restated binding term sheet (the "Amended Agreement") with Ferrometals BV ("Ferrometals"), a special purpose vehicle established by The Sentient Group, amending the term sheet announced in the December Release (the "Original Agreement") in connection with the acquisition of Rio Madeira Comercio Importacao E Exportacao De Minerios, ("Rio Madeira") by Cancana and Ferrometals, the operation of Rio Madeira as a 50/50 joint venture between Cancana and Ferrometals and the proposed financings of Cancana by Ferrometals.

Specifically, the Amended Agreement provides for certain non-material amendments (as set out below) to reflect the fact that the acquisition of Rio Madeira has been completed by Ferrometals and that Ferrometals will increase its aggregate investment in Cancana in light of Cancana not pursuing certain previously-disclosed financings.

Pursuant to the Amended Agreement, Ferrometals shall invest an aggregate of approximately C$7,225,137 in Cancana (the "Financings"), being an increase from the aggregate investment of approximately C$5,950,000 as contemplated in the Original Agreement and as disclosed in the December Release, and Cancana shall no longer be proceeding with the 3rd party Debenture Financing disclosed in the December Release, nor with the C$1 million financing share exchange arrangement with Global Resources Investment Trust previously disclosed in the Company's news release dated October 10, 2013. The terms of the Financings shall now consist of the following:

1. Ferrometals has purchased 1,190,476 Units of the 7,142,857 Units of Cancana issued in the Offering disclosed above, at a price of C$0.21 per Unit for gross proceeds of approximately C$250,000 to Cancana.

2. Ferromentals will purchase 4,167,180 units (the "2nd Tranche Units") of Cancana at a price of C$0.27 per 2nd Tranche Unit for gross proceeds of C$1,125,138.50 to Cancana. The 2nd Tranche Units to be issued to Ferrometals will form part of a non-brokered private placement offering (the "Second Tranche Offering") of up to 6,393,106 2nd Tranche Units for aggregate gross proceeds of C$1,726,138.50 to Cancana. Each 2nd Tranche Unit shall consist of one Common Share and one Common Share purchase warrant (a "2nd Tranche Warrant"), with each 2nd Tranche Warrant exercisable into one Common Share at a price of C$0.34 per Common Share for a period of two (2) years from the date of issuance. The Second Tranche Offering is expected to close on or before March 6, 2014.

3. As disclosed in the December Release, Ferrometals will purchase 8,500,000 units, (the "3rd Tranche Unit"), of Cancana at a price of C$0.20 per 3rd Tranche Unit. Each 3rd Tranche Unit shall consist of one Common Share and one Common Share purchase warrant (a "3th Tranche Warrant"), for aggregate gross proceeds of C$1.7 million (the "3rd Tranche Offering"). Each 3rd Tranche Warrant shall be exercisable into one Common Share at a price of C$0.25 per Common Share and shall be exercisable for a period of 2 years from the date of issuance. As discussed above, Cancana will no longer be proceeding with the Debenture Financing, which is being replaced with the Offering and the 2nd Tranche Offering, and accordingly, the "Interim Financing" (as defined and as disclosed in the December Release) will not no longer be completed in advance of the closing of the 3rd Tranche Offering, with the entire 3rd Tranche Offering being completed following the receipt of required regulatory and shareholder approvals.

4. As disclosed in the December Release, Ferrometals will purchase a secured convertible note, (the "Convertible Note"), to be issued by Cancana for a purchase price of US$4.15 million (approximately C$4.25). The Convertible Note will have a term of 3 years and bear interest at a rate of 8% per annum, which interest shall be capitalized for the first 2 years. The principal and any capitalized interest shall be convertible, in whole or in part, into Common Shares at a price of C$0.20 per Common Share at the option of Ferrometals.

Pursuant to the terms of the Amended Agreement, Ferrometals will continue to have the board nomination rights as disclosed in the December 2013 release, with such rights to take effect after closing of the 3rd Tranche Offering and the issuance of the Convertible Note. All other terms of the Original Agreement, except those specifically outlined herein, remain materially unchanged in the Amended Agreement.

The 2nd Tranche Offering remains subject to receipt of all required regulatory approvals, including TSXV acceptance of requisite regulatory filings. The 3rd Tranche Offering, the issuance of the Convertible Note as well as the Cancana Rio Acquisition and the MLB Transfer (each as defined in the December Release) continue to be subject to regulatory approval and the approval of the shareholders of Cancana at a meeting to be held on April 14, 2014.

Appointment of CFO

Cancana is pleased to announce the appointment of Jonathan Richards to the position of Chief Financial Officer of the Company, effective February 24, 2014.

Jonathan Richards was previously an audit manager at a premier Canadian chartered accountant firm where he specialized in the mining industry. He acquired significant accounting experience working with mineral exploration and development companies in Canada and throughout the world. Mr. Richards completed a bachelor's degree in management studies with first-class honors from the University of Waikato, New Zealand, and gained his membership of the New Zealand Institute of Chartered Accountants in 2005 while working for a Big 4 accounting firm and subsequently joined the Institute of Chartered Accountants of British Columbia. In addition to his audit experience, Mr. Richards has experience working as the chief financial officer for other public mineral exploration and development companies listed on the TSX and TSXV.

About Cancana

Cancana is an exploration stage company that has transitioned into production with assets in Brazil and Canada. The Company has been seeking projects that expand its resource base and provide for near term production and revenue. All available resource reports and information on the Company's properties are located on the Company website: www.cancanacorp.com.

For further information about Cancana, please visit the Company's website.

Issued on behalf of the Board of Directors of Cancana Resources Corp.

Andrew Male, President, CEO and Director

This press release contains forward-looking information under Canadian securities legislation. forward-looking information includes, but is not limited to, statements with respect to completion of the Financings, the development potential and timetable of the Rio Madeira project and Cancana's other assets in Brazil and Canada; Cancana's ability to raise additional funds necessary; the future price of manganese, the estimation of mineral reserves and mineral resources; conclusions of economic evaluation; the realization of mineral reserve estimates; the timing and amount of estimated future production, development and exploration; costs of future activities; capital and operating expenditures; success of exploration activities; mining or processing issues; currency exchange rates; government regulation of mining operations; and environmental risks. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Cancana to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in the annual information form of Cancana and in its public documents filed on SEDAR from time to time. Although management of Cancana has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Cancana does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.

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.

@ThingsExpo Stories
Cultural, regulatory, environmental, political and economic (CREPE) conditions over the past decade are creating cross-industry solution spaces that require processes and technologies from both the Internet of Things (IoT), and Data Management and Analytics (DMA). These solution spaces are evolving into Sensor Analytics Ecosystems (SAE) that represent significant new opportunities for organizations of all types. Public Utilities throughout the world, providing electricity, natural gas and water, are pursuing SmartGrid initiatives that represent one of the more mature examples of SAE. We have spoken with, or attended presentations from, utilities in the United States, South America, Asia and Europe. This session will provide a look at the CREPE drivers for SmartGrids and the solution spaces used by SmartGrids today and planned for the near future. All organizations can learn from SmartGrid’s use of Predictive Maintenance, Demand Prediction, Cloud, Big Data and Customer-facing Dashboards...
The Internet of Things (IoT) is going to require a new way of thinking and of developing software for speed, security and innovation. This requires IT leaders to balance business as usual while anticipating for the next market and technology trends. Cloud provides the right IT asset portfolio to help today’s IT leaders manage the old and prepare for the new. Today the cloud conversation is evolving from private and public to hybrid. This session will provide use cases and insights to reinforce the value of the network in helping organizations to maximize their company’s cloud experience.
IoT is still a vague buzzword for many people. In his session at Internet of @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, will discuss the business value of IoT that goes far beyond the general public's perception that IoT is all about wearables and home consumer services. The presentation will also discuss how IoT is perceived by investors and how venture capitalist access this space. Other topics to discuss are barriers to success, what is new, what is old, and what the future may hold.
Whether you're a startup or a 100 year old enterprise, the Internet of Things offers a variety of new capabilities for your business. IoT style solutions can help you get closer your customers, launch new product lines and take over an industry. Some companies are dipping their toes in, but many have already taken the plunge, all while dramatic new capabilities continue to emerge. In his session at Internet of @ThingsExpo, Reid Carlberg, Senior Director, Developer Evangelism at salesforce.com, to discuss real-world use cases, patterns and opportunities you can harness today.
All major researchers estimate there will be tens of billions devices – computers, smartphones, tablets, and sensors – connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be!
Noted IoT expert and researcher Joseph di Paolantonio (pictured below) has joined the @ThingsExpo faculty. Joseph, who describes himself as an “Independent Thinker” from DataArchon, will speak on the topic of “Smart Grids & Managing Big Utilities.” Over his career, Joseph di Paolantonio has worked in the energy, renewables, aerospace, telecommunications, and information technology industries. His expertise is in data analysis, system engineering, Bayesian statistics, data warehouses, business intelligence, data mining, predictive methods, and very large databases (VLDB). Prior to DataArchon, he served as a VP and Principal Analyst with Constellation Group. He is a member of the Boulder (Colo.) Brain Trust, an organization with a mission “to benefit the Business Intelligence and data management industry by providing pro bono exchange of information between vendors and independent analysts on new trends and technologies and to provide vendors with constructive feedback on their of...
Software AG helps organizations transform into Digital Enterprises, so they can differentiate from competitors and better engage customers, partners and employees. Using the Software AG Suite, companies can close the gap between business and IT to create digital systems of differentiation that drive front-line agility. We offer four on-ramps to the Digital Enterprise: alignment through collaborative process analysis; transformation through portfolio management; agility through process automation and integration; and visibility through intelligent business operations and big data.
There will be 50 billion Internet connected devices by 2020. Today, every manufacturer has a propriety protocol and an app. How do we securely integrate these "things" into our lives and businesses in a way that we can easily control and manage? Even better, how do we integrate these "things" so that they control and manage each other so our lives become more convenient or our businesses become more profitable and/or safe? We have heard that the best interface is no interface. In his session at Internet of @ThingsExpo, Chris Matthieu, Co-Founder & CTO at Octoblu, Inc., will discuss how these devices generate enough data to learn our behaviors and simplify/improve our lives. What if we could connect everything to everything? I'm not only talking about connecting things to things but also systems, cloud services, and people. Add in a little machine learning and artificial intelligence and now we have something interesting...
Last week, while in San Francisco, I used the Uber app and service four times. All four experiences were great, although one of the drivers stopped for 30 seconds and then left as I was walking up to the car. He must have realized I was a blogger. None the less, the next car was just a minute away and I suffered no pain. In this article, my colleague, Ved Sen, Global Head, Advisory Services Social, Mobile and Sensors at Cognizant shares his experiences and insights.
We are reaching the end of the beginning with WebRTC and real systems using this technology have begun to appear. One challenge that faces every WebRTC deployment (in some form or another) is identity management. For example, if you have an existing service – possibly built on a variety of different PaaS/SaaS offerings – and you want to add real-time communications you are faced with a challenge relating to user management, authentication, authorization, and validation. Service providers will want to use their existing identities, but these will have credentials already that are (hopefully) irreversibly encoded. In his session at Internet of @ThingsExpo, Peter Dunkley, Technical Director at Acision, will look at how this identity problem can be solved and discuss ways to use existing web identities for real-time communication.
Can call centers hang up the phones for good? Intuitive Solutions did. WebRTC enabled this contact center provider to eliminate antiquated telephony and desktop phone infrastructure with a pure web-based solution, allowing them to expand beyond brick-and-mortar confines to a home-based agent model. It also ensured scalability and better service for customers, including MUY! Companies, one of the country's largest franchise restaurant companies with 232 Pizza Hut locations. This is one example of WebRTC adoption today, but the potential is limitless when powered by IoT. Attendees will learn real-world benefits of WebRTC and explore future possibilities, as WebRTC and IoT intersect to improve customer service.
From telemedicine to smart cars, digital homes and industrial monitoring, the explosive growth of IoT has created exciting new business opportunities for real time calls and messaging. In his session at Internet of @ThingsExpo, Ivelin Ivanov, CEO and Co-Founder of Telestax, will share some of the new revenue sources that IoT created for Restcomm – the open source telephony platform from Telestax. Ivelin Ivanov is a technology entrepreneur who founded Mobicents, an Open Source VoIP Platform, to help create, deploy, and manage applications integrating voice, video and data. He is the co-founder of TeleStax, an Open Source Cloud Communications company that helps the shift from legacy IN/SS7 telco networks to IP-based cloud comms. An early investor in multiple start-ups, he still finds time to code for his companies and contribute to open source projects.
The Internet of Things (IoT) promises to create new business models as significant as those that were inspired by the Internet and the smartphone 20 and 10 years ago. What business, social and practical implications will this phenomenon bring? That's the subject of "Monetizing the Internet of Things: Perspectives from the Front Lines," an e-book released today and available free of charge from Aria Systems, the leading innovator in recurring revenue management.
The Internet of Things will put IT to its ultimate test by creating infinite new opportunities to digitize products and services, generate and analyze new data to improve customer satisfaction, and discover new ways to gain a competitive advantage across nearly every industry. In order to help corporate business units to capitalize on the rapidly evolving IoT opportunities, IT must stand up to a new set of challenges.
There’s Big Data, then there’s really Big Data from the Internet of Things. IoT is evolving to include many data possibilities like new types of event, log and network data. The volumes are enormous, generating tens of billions of logs per day, which raise data challenges. Early IoT deployments are relying heavily on both the cloud and managed service providers to navigate these challenges. In her session at 6th Big Data Expo®, Hannah Smalltree, Director at Treasure Data, to discuss how IoT, Big Data and deployments are processing massive data volumes from wearables, utilities and other machines.
P2P RTC will impact the landscape of communications, shifting from traditional telephony style communications models to OTT (Over-The-Top) cloud assisted & PaaS (Platform as a Service) communication services. The P2P shift will impact many areas of our lives, from mobile communication, human interactive web services, RTC and telephony infrastructure, user federation, security and privacy implications, business costs, and scalability. In his session at Internet of @ThingsExpo, Erik Lagerway, Co-founder of Hookflash, will walk through the shifting landscape of traditional telephone and voice services to the modern P2P RTC era of OTT cloud assisted services.
While great strides have been made relative to the video aspects of remote collaboration, audio technology has basically stagnated. Typically all audio is mixed to a single monaural stream and emanates from a single point, such as a speakerphone or a speaker associated with a video monitor. This leads to confusion and lack of understanding among participants especially regarding who is actually speaking. Spatial teleconferencing introduces the concept of acoustic spatial separation between conference participants in three dimensional space. This has been shown to significantly improve comprehension and conference efficiency.
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, will discuss single-value, geo-spatial, and log time series data. By focusing on enterprise applications and the data center, he will use OpenTSDB as an example to explain some of these concepts including when to use different storage models.
SYS-CON Events announced today that Gridstore™, the leader in software-defined storage (SDS) purpose-built for Windows Servers and Hyper-V, will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Gridstore™ is the leader in software-defined storage purpose built for virtualization that is designed to accelerate applications in virtualized environments. Using its patented Server-Side Virtual Controller™ Technology (SVCT) to eliminate the I/O blender effect and accelerate applications Gridstore delivers vmOptimized™ Storage that self-optimizes to each application or VM across both virtual and physical environments. Leveraging a grid architecture, Gridstore delivers the first end-to-end storage QoS to ensure the most important App or VM performance is never compromised. The storage grid, that uses Gridstore’s performance optimized nodes or capacity optimized nodes, starts with as few a...
The Transparent Cloud-computing Consortium (abbreviation: T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data processing High speed and high quality networks, and dramatic improvements in computer processing capabilities, have greatly changed the nature of applications and made the storing and processing of data on the network commonplace. These technological reforms have not only changed computers and smartphones, but are also changing the data processing model for all information devices. In particular, in the area known as M2M (Machine-To-Machine), there are great expectations that information with a new type of value can be produced using a variety of devices and sensors saving/sharing data via the network and through large-scale cloud-type data processing. This consortium believes that attaching a huge number of devic...