Click here to close now.

SYS-CON MEDIA Authors: Pat Romanski, Carmen Gonzalez, Liz McMillan, Blue Box Blog, Lori MacVittie

News Feed Item

Cardero Repays US$3,700,000 and Announces Election of Robert van Doorn as Director and Results of Annual General Meeting, held April 4, 2014

VANCOUVER, April 7, 2014 /PRNewswire/ - Cardero Resource Corp. ("Cardero" or the "Company") (TSX: CDU, OTCBB: CDYCF) announces that it has received $3,774,651 as a BC Mineral Exploration Tax Credit refund ("METC").  These funds, together with additional funds from its line of credit, were used to make the payment of USD 3,700,000, plus interest, due on or before March 14, 2014 under the terms of its outstanding senior secured notes.  The Company also announces that all motions put forward for approval at its 2014 Annual General Meeting held April 4, 2014 in Vancouver, British Columbia ("AGM") passed with significant shareholder support.

Repayment of US$3.7 Million to Lenders

In March, 2014, the Company received a total of $3,774,651 (including interest) in connection with its application for the BC METC as discussed in its news release NR14-01 (March 3, 2014).  The Company currently has outstanding senior secured notes ("Notes") and a secured line of credit ("Credit Line") from entities ("Lenders") controlled by Mr. Robert C. Kopple of Los Angeles, California.  On receipt, the METC funds were used to make part of the payment of USD 3,906,794 (representing the USD 3,700,000 principle amount plus USD 206,794 in interest) due on or before March 14, 2014 under the Notes, with the balance of USD 545,838 in excess of the METC being paid from the Credit Line.

Election of Robert van Doorn as Director

At the AGM, Mr. Robert van Doorn was elected as a director.  Mr. Van Doorn is a businessman with more than 20 years' experience in the mineral resource business.  He was educated in the Netherlands, graduating with a Masters degree in Mining Engineering and subsequently in South Africa with a Masters in Business Administration.

Mr. Van Doorn is currently Executive Chairman of Namakwa Uranium, a private company developing gold and uranium projects in South Africa.  He was previously Chairman, President & CEO of Mundoro Mining Inc. (a public company developing the Maoling Gold project in China), Executive Vice President of Business Development for Rio Narcea Gold Mines S.L. (a public company with projects in Spain and Mauritania), and Executive Vice President of Golden China Resources Corporation (a joint venture with Kingsway Capital, a Hong Kong merchant bank, involved with investments in the Chinese precious metals sector, evolving into a mid-tier exploration company).  His career prior to 2002 includes positions as Senior Mining Analyst at Loewen, Ondaatje, McCutcheon, as Global Gold Analyst at Morgan Stanley and as Business Development Manager at Royal Dutch Shell.

In a distinguished career, Mr. Van Doorn's achievements include investment recommendations and financing of successful exploration companies such as Great Basin Gold, Pangea Minerals Ltd., Platexco Inc., Argentina Gold and Arequipa, whose discoveries have been developed into major mines.  In addition he initiated gold equities coverage at Morgan Stanley in New York.  His experience is extensive and global, particularly in the area of business development.

Mr. Van Doorn is currently a director of Romarco Minerals Inc. (a TSX-listed mineral exploration company) and was previously director of Leyenburg Platinum, Hana Mining, Golden China and Mundoro.

Mr. Henk Van Alphen, President and CEO of the Company, stated: "I am delighted to welcome Robert to the Board.  His depth of experience and industry knowledge will be invaluable to us as we look forward to a metallurgical coal market recovery in the coming years."

2014 Annual General Meeting Results

In addition to the election of Robert Van Doorn, the following individuals were re-elected as the directors of the Company: Stephan Fitch, Leonard Harris, and the Company's President & CEO, Hendrik Van Alphen. All directors were re-elected with the support of over 97.67% of the votes cast.

PricewaterhouseCoopers, LLP, Chartered Accountants, were also re-appointed as the auditors of the Company for the fiscal year ending October 31, 2014.

The Company's shareholders approved, by 69% of the votes cast, the extension of the expiry date of an incentive stock option to purchase 350,000 common shares at a price of $0.78 held by Michael Hunter, the past President and Chief Executive Officer of the Company, to September 27, 2014 (unless sooner exercised) notwithstanding that Mr. Hunter sooner ceases, for any reason, to be qualified to hold incentive stock options under the 2012 Incentive Stock Option Plan of the Company.

The Company's shareholders approved, by 95.12% of the votes cast (excluding any votes cast by Robert C. Kopple or his affiliates or associates), each of the following matters:

  1. the issuance of warrants to purchase an additional 5,029,165 common shares to E.L. II Properties Trust and warrants to purchase an additional 5,029,165 common shares to the Kopple Family Partnership, LP. (such warrants having the same terms as those previously issued to the Lenders on December 5, 2013, see NR13-23), and thereby resulting in the Company having made issuable, within a three month period, a number of common shares in excess of 25% of the number of common shares outstanding at the commencement of such three month period;
  2. the reduction in the exercise price, from $0.139 to $0.10, of the aggregate of 38,417,398 common share purchase warrants issued to the Lenders on December 5, 2013 and to be issued under paragraph 1 above;
  3. the extension of the expiry date of certain incentive stock options to purchase 3,600,000 common shares of the Company at $0.10 held by Robert C. Kopple ("Kopple Options") to July 3, 2020 (unless sooner exercised) notwithstanding that Mr. Kopple sooner ceases, for any reason, to be qualified to hold incentive stock options under the 2012 Incentive Stock Option Plan of the Company; and
  4. the exercise, by Mr. Robert C. Kopple, and any of his associates or affiliates, including, without limitation, the Lenders, of the Kopple Option, the warrants to purchase up to 28,359,066 common shares at $0.095 issued to the Lenders on August 9, 2013 (NR13-18), the warrants to purchase up to 38,417,000 common shares issued on December 5, 2013 or to be issued under paragraph 1 above, which exercises may result in Robert C. Kopple, together with his associates and affiliates (including the Lenders), holding in excess of 19.99% of the then issued common shares of the Company, and the consequent creation of Robert C. Kopple as a control person of the Company.

The detailed proxy voting on all resolutions submitted to the shareholders at the 2014 Annual General Meeting, is contained in the "Report of Voting Results" for the AGM which is available under the Company's profile on SEDAR and on the Company's website or upon request by contacting the Company's Corporate Secretary at (604) 408-7488.

ABOUT CARDERO RESOURCE CORP.

The common shares of the Company are currently listed on the Toronto Stock Exchange (symbol CDU), the OTCBB (symbol CDYCF) and the Frankfurt Stock Exchange (symbol CR5). For further details on the Company readers are referred to the Company's web site (www.cardero.com), Canadian regulatory filings on SEDAR at www.sedar.com and United States regulatory filings on EDGAR at www.sec.gov.

On Behalf of the Board of Directors of

CARDERO RESOURCE CORP.

"Henk van Alphen" (signed)
Henk van Alphen, CEO and President

This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.

SOURCE Cardero Resource Corp.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
SYS-CON Events announced today that Secure Infrastructure & Services will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY, and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Secure Infrastructure & Services (SIAS) is a managed services provider of cloud computing solutions for the IBM Power Systems market. The company...
Enterprise IoT is an exciting and chaotic space with a lot of potential to transform how the enterprise resources are managed. In his session at @ThingsExpo, Hari Srinivasan, Sr Product Manager at Cisco, will describe the challenges in enabling mass adoption of IoT, and share perspectives and insights on architectures/standards/protocols that are necessary to build a healthy ecosystem and lay the foundation to for a wide variety of exciting IoT use cases in the years to come.
SYS-CON Events announced today that CenturyLink, Inc., a leader in the network services market, has been named “Platinum Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. CenturyLink is the third largest telecommunications company in the United States and is recognized as a leader in the network services market by technology industry analyst firms. The company is a global leader in cloud infrastructure and ...
Docker is becoming very popular--we are seeing every major private and public cloud vendor racing to adopt it. It promises portability and interoperability, and is quickly becoming the currency of the Cloud. In his session at DevOps Summit, Bart Copeland, CEO of ActiveState, discussed why Docker is so important to the future of the cloud, but will also take a step back and show that Docker is actually only one piece of the puzzle. Copeland will outline the bigger picture of where Docker fits a...
SYS-CON Events announced today the DevOps Foundation Certification Course, being held June ?, 2015, in conjunction with DevOps Summit and 16th Cloud Expo at the Javits Center in New York City, NY. This sixteen (16) hour course provides an introduction to DevOps – the cultural and professional movement that stresses communication, collaboration, integration and automation in order to improve the flow of work between software developers and IT operations professionals. Improved workflows will res...
Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 16th Cloud Expo at the Javits Center in New York June 9-11 will find fresh new content in a new track called PaaS | Containers & Microservices Containers are not being considered for the first time by the cloud community, but a current era of re-consideration has pushed them to the top of the cloud agenda. With the launch ...
A new definition of Big Data & the practical applications of the defined components & associated technical architecture models This presentation introduces a new definition of Big Data, along with the practical applications of the defined components and associated technical architecture models. In his session at Big Data Expo, Tony Shan will start with looking into the concept of Big Data and tracing back the first definition by Doug Laney, and then he will dive deep into the description of 3V...
As cloud gives an opportunity to businesses to buy services externally – how is cloud impacting your customers? In his General Session at 15th Cloud Expo, Fabio Gori, Director of Worldwide Cloud Marketing at Cisco, provided answers to big questions: Do you see hybrid cloud as where the world is going? What benefits does it bring? And how does Cisco connect all of these clouds? He also discussed Intercloud and Cisco’s investment on it.
SYS-CON Events announced today that B2Cloud, a provider of enterprise resource planning software, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. B2cloud develops the software you need. They have the ideal tools to help you work with your clients. B2Cloud’s main solutions include AGIS – ERP, CLOHC, AGIS – Invoice, and IZUM
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY., and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MangoApps provides private all-in-one social intranets allowing workers to securely collaborate from anywhere in the world and from any device. Social, mobile, and eas...
There is no doubt that Big Data is here and getting bigger every day. Building a Big Data infrastructure today is no easy task. There are an enormous number of choices for database engines and technologies. To make things even more challenging, requirements are getting more sophisticated, and the standard paradigm of supporting historical analytics queries is often just one facet of what is needed. As Big Data growth continues, organizations are demanding real-time access to data, allowing immed...
The world's leading Cloud event, Cloud Expo has launched Microservices Journal on the SYS-CON.com portal, featuring over 19,000 original articles, news stories, features, and blog entries. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. Microservices Journal offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. Follow new article posts on T...
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, discussed how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.
The security devil is always in the details of the attack: the ones you've endured, the ones you prepare yourself to fend off, and the ones that, you fear, will catch you completely unaware and defenseless. The Internet of Things (IoT) is nothing if not an endless proliferation of details. It's the vision of a world in which continuous Internet connectivity and addressability is embedded into a growing range of human artifacts, into the natural world, and even into our smartphones, appliances, a...
There are 182 billion emails sent every day, generating a lot of data about how recipients and ISPs respond. Many marketers take a more-is-better approach to stats, preferring to have the ability to slice and dice their email lists based numerous arbitrary stats. However, fundamentally what really matters is whether or not sending an email to a particular recipient will generate value. Data Scientists can design high-level insights such as engagement prediction models and content clusters that a...