|By Marketwired .||
|March 4, 2014 12:31 PM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 03/04/14 -- Laurentian Goldfields Ltd. ("Laurentian" or the "Company") (TSX VENTURE:LGF) is pleased to announce it has closed its previously announced private placement for total gross proceeds of approximately C$18.6 million (the "Offering") and completed the purchase of the Madsen Gold Project (the "Acquisition") from Claude Resources Inc. ("Claude").
Darin Labrenz, President & CEO of Laurentian, stated that: "Laurentian is delighted to complete the acquisition of the Madsen Gold Project. The acquisition transforms Laurentian into a leading Red Lake gold exploration company under the direction and expertise of a proven leadership team. I would like to thank all stakeholders for their support in completing both the acquisition and the financing. The Madsen Gold Project represents the third largest land position and second largest historical production in one of North America's most prolific gold camps, and with the closing of the acquisition and private placement financing, Laurentian is now well funded to prioritize and advance several important exploration targets along the 12 km Madsen Mine Trend."
The Offering consisted of the issuance of 74,326,500 units at a price of C$0.25 per unit (a "Unit") with each Unit comprised of one common share of Laurentian and one-half of one common share purchase warrant. Each whole warrant shall entitle its holder to subscribe for one common share during a period of 30 months following the date of its issuance, at a price of C$0.50. Following completion of the Offering and Acquisition, Laurentian will have approximately 96.7 million basic shares outstanding.
The initial purchase price for the Madsen Gold Project consisted of C$3.75 million in cash, paid from the net proceeds of the Offering, and the issuance to Claude of 9,776,885 common shares of Laurentian, representing approximately 10.1% of Laurentian's issued and outstanding shares at closing. In addition Claude was to receive cash consideration of C$2.5 million payable in three months and cash or share consideration (at Laurentian's option) of C$2.5 million payable in six months. Laurentian agreed to accelerate the payment of the initial C$2.5 million and such amount was also paid at closing, leaving only the payment due in six months remaining outstanding.
As disclosed on January 14, 2014, Laurentian has entered into a Letter of Intent ("LOI") to acquire a 100% interest in the Newman-Madsen Gold Property ("Newman-Madsen") from Sabina Gold & Silver Corp. ("Sabina"). Closing of the Newman-Madsen transaction is expected in March 2014, subject to all required shareholder, regulatory, and third party consents and satisfaction of customary closing conditions. The addition of the Newman Madsen Project presents a unique opportunity to further consolidate the Madsen Mine Trend and provide exposure to numerous additional exploration targets.
In addition to the closing of the acquisition, Laurentian is pleased to announce the appointment of Mark O'Dea, Graeme Currie and Lenard Boggio to its Board of Directors as it advances its wholly-owned Madsen Gold Project in Red Lake, Ontario. In connection with the appointment of the foregoing directors, Brian Fowler and Greg Hall will be stepping down from the Laurentian Board.
"I am pleased to welcome Mark, Graeme and Len to the Board of Laurentian," said Darin Labrenz, President and CEO. "They bring a wealth of Red Lake knowledge along with proven technical and capital markets expertise and will play a vital role in advancing the newly-acquired Madsen Gold Project. Additionally, I would personally like to thank Brian Fowler and Greg Hall for their commitment to Laurentian and contributions over the years."
In addition to these appointments, it is anticipated that Troy Fierro will join the Laurentian Board following receipt of shareholder approval to expand the size of the Board, while Rob Pease is expected to join the Board following the close of the Newman-Madsen acquisition and shareholder approval of the expanded board.
The Offering was conducted through a syndicate of agents, led by Macquarie Capital Markets Canada Ltd. and including Canaccord Genuity Corp. and Axemen Resource Capital Ltd. (the "Agents") and included a partial exercise of C$3.6 million of the agents' option. In connection with the Offering, the Company will pay the Agents a cash commission equal to 6.0% of the gross proceeds of the Offering and grant the Agents broker warrants totalling 6.0% of the number of Units sold pursuant to the Offering. All securities of the Company issued in connection with the Offering are subject to a hold period in Canada expiring on July 5, 2014.
Macquarie Capital Markets Canada Ltd. acted as financial advisor to Laurentian in connection with the acquisition of the Madsen Gold Project and will receive a fee of C$300,000 in cash and 1,200,000 common shares of Laurentian. Oxygen Capital Corp. will also receive a success fee of C$500,000, payable in 2,000,000 Units of Laurentian.
ON BEHALF OF THE BOARD OF DIRECTORS,
Darin Labrenz, P.Geo., President and CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement on Forward-Looking Information
This press release contains certain forward-looking statements, such statements include, without limitation, Laurentian's plans to advance exploration targets along the Madsen Mine Trend and Laurentian's plans and objectives to acquire the Newman-Madsen Gold Property. All statements, other than statements of historical facts, are forward-looking statements. The words "believe", "expect", "anticipate", "contemplate", "target", "plan", "intends", "continue", "budget", "estimate", "may", "will" and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include, but are not limited to, fluctuations in the price of gold and other commodities, changes in government legislation, taxation, controls, regulations and political or economic developments in Canada, risks associated with mining or development activities, the speculative nature of exploration and development, including the risk of obtaining necessary licenses and permits and the inability of Laurentian to complete the acquisition of the Newman-Madsen Gold Property. Many of these uncertainties and contingencies can affect the Company's actual performance and could cause actual performance to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company. Readers are cautioned that forward-looking statements are not guarantees of future performance. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those acknowledged in such statements.
The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except to the extent required by applicable laws.
Laurentian Goldfields Ltd.
President and CEO
(604) 646-8088 (FAX)
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
Jan. 26, 2015 05:00 PM EST Reads: 7,578
Vormetric on Wednesday announced the results of its 2015 Insider Threat Report (ITR), conducted online on their behalf by Harris Poll and in conjunction with analyst firm Ovum in fall 2014 among 818 IT decision makers in various countries, including 408 in the United States. The report details striking findings around how U.S. and international enterprises perceive security threats, the types of employees considered most dangerous, environments at the greatest risk for data loss and the steps or...
Jan. 26, 2015 05:00 PM EST Reads: 1,517
Things are being built upon cloud foundations to transform organizations. This CEO Power Panel at 15th Cloud Expo, moderated by Roger Strukhoff, Cloud Expo and @ThingsExpo conference chair, addressed the big issues involving these technologies and, more important, the results they will achieve. Rodney Rogers, chairman and CEO of Virtustream; Brendan O'Brien, co-founder of Aria Systems, Bart Copeland, president and CEO of ActiveState Software; Jim Cowie, chief scientist at Dyn; Dave Wagstaff, VP ...
Jan. 26, 2015 05:00 PM EST Reads: 2,509
Storage administrators find themselves walking a line between meeting employees’ demands to use public cloud storage services, and their organizations’ need to store information on-premises for security, performance, cost and compliance reasons. However, as file sharing protocols like CIFS and NFS continue to lose their relevance, simply relying only on a NAS-based environment creates inefficiencies that hurt productivity and the bottom line. IT wants to implement cloud storage it can purchase a...
Jan. 26, 2015 04:45 PM EST Reads: 593
Cloud Technology Partners on Wednesday announced it has been recognized by the Modern Infrastructure Impact Awards as one of the Best Amazon Web Services (AWS) Consulting Partners. Selected by the editors of TechTarget's SearchDataCenter.com, and by votes from customers and strategic channel partners, the companies acknowledged by the Modern Infrastructure Impact Awards represent the top providers of cloud consulting services for AWS including application migration, application development, inf...
Jan. 26, 2015 03:00 PM EST Reads: 1,296
“We help people build clusters, in the classical sense of the cluster. We help people put a full stack on top of every single one of those machines. We do the full bare metal install," explained Greg Bruno, Vice President of Engineering and co-founder of StackIQ, in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 26, 2015 02:45 PM EST Reads: 2,220
Software AG and Wipro Ltd. have announced a joint solution platform for streaming analytics that provides real-time actionable intelligence for the Internet of Things (IoT) market. “The key to successfully addressing the IoT market is the ability to rapidly build and evolve apps that tap into, analyze and make smart decisions on fast, big data”, said John Bates, Global Head of Industry Solutions and CMO, Software AG. To address the huge market potential created by streaming analytics in conj...
Jan. 26, 2015 02:30 PM EST Reads: 537
"People are a lot more knowledgeable about APIs now. There are two types of people who work with APIs - IT people who want to use APIs for something internal and the product managers who want to do something outside APIs for people to connect to them," explained Roberto Medrano, Executive Vice President at SOA Software, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 26, 2015 02:30 PM EST Reads: 2,326
"Blue Box has been around for 10-11 years, and last year we launched Blue Box Cloud. We like the term 'Private Cloud as a Service' because we think that embodies what we are launching as a product - it's a managed hosted private cloud," explained Giles Frith, Vice President of Customer Operations at Blue Box, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 26, 2015 02:30 PM EST Reads: 2,441
Performance is the intersection of power, agility, control, and choice. If you value performance, and more specifically consistent performance, you need to look beyond simple virtualized compute. Many factors need to be considered to create a truly performant environment. In his General Session at 15th Cloud Expo, Harold Hannon, Sr. Software Architect at SoftLayer, discussed how to take advantage of a multitude of compute options and platform features to make cloud the cornerstone of your onlin...
Jan. 26, 2015 02:15 PM EST Reads: 2,914
Software Defined Storage provides many benefits for customers including agility, flexibility, faster adoption of new technology and cost effectiveness. However, for IT organizations it can be challenging and complex to build your Enterprise Grade Storage from software. In his session at Cloud Expo, Paul Turner, CMO at Cloudian, looked at the new Original Design Manufacturer (ODM) market and how it is changing the storage world. Now Software Defined Storage companies can build Enterprise grade ...
Jan. 26, 2015 02:00 PM EST Reads: 2,120
IBM and Docker, Inc. have announced a strategic partnership that enables enterprises to more efficiently, quickly and cost effectively build and run the next generation of applications on the IBM Cloud and on prem via the Docker open platform for distributed applications. Enterprises can use the combination of IBM and Docker to create and manage a new generation of portable distributed applications that are rapidly composed of discrete interoperable Docker containers, have a dynamic lifecycle, a...
Jan. 26, 2015 02:00 PM EST Reads: 2,114
AppDynamics, the application intelligence leader for software-defined businesses, announced the general availability of the AppDynamics Fall '14 Release. Serving the combined needs of IT and business teams across the enterprise, the latest release provides a comprehensive view across all aspects of digital performance in ultra large scale deployments. AppDynamics delivers Application Intelligence by building out advanced capabilities across the key areas of analytics, unified monitoring and D...
Jan. 26, 2015 02:00 PM EST Reads: 1,758
Hardware will never be more valuable than on the day it hits your loading dock. Each day new servers are not deployed to production the business is losing money. While Moore's Law is typically cited to explain the exponential density growth of chips, a critical consequence of this is rapid depreciation of servers. The hardware for clustered systems (e.g., Hadoop, OpenStack) tends to be significant capital expenses. In his session at Big Data Expo, Mason Katz, CTO and co-founder of StackIQ, disc...
Jan. 26, 2015 02:00 PM EST Reads: 2,910
SYS-CON Media announced that Splunk, a provider of the leading software platform for real-time Operational Intelligence, has launched an ad campaign on Big Data Journal. Splunk software and cloud services enable organizations to search, monitor, analyze and visualize machine-generated big data coming from websites, applications, servers, networks, sensors and mobile devices. The ads focus on delivering ROI - how improved uptime delivered $6M in annual ROI, improving customer operations by minin...
Jan. 26, 2015 02:00 PM EST Reads: 3,516