|By Marketwired .||
|April 29, 2014 05:50 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/29/14 -- Mercator Minerals Ltd (TSX:ML) ("Mercator" or the "Company") announces that it has agreed with Intergeo MMC Ltd ("Intergeo") to certain amendments to the agreements ("Agreements") executed in connection with the proposed business combination between Mercator and Intergeo announced on December 12, 2013 ("Arrangement"), including the extension of the completion deadline up to May 30, 2014 and, in certain circumstances, up to August 1, 2014 and additional interim funding.
The completion deadline will be extended to provide the Russian Federal Anti-Monopoly Services ("FAS"), the federal executive body responsible for foreign investments in the Russian Federation, with additional time to complete its review of the response provided by Mercator and Intergeo to its request for information regarding the terms and conditions of the Arrangement (see April 17, 2014 press release).
In connection with the amendments to the Agreements, Daselina Investments Corp. ("Daselina"), Intergeo's controlling shareholder, has agreed to increase the commitment under the bridge loan advanced by Daselina in connection with the Arrangement by an additional $2 million (to $16 million) on May 1, 2014 and by an additional $2 million (to $18 million) on June 1, 2014 if the Arrangement has not yet been completed by these dates.
Daselina currently holds an aggregate of 50,962,676 warrants exercisable to acquire up to 50,962,676 common shares of Mercator, representing 13.9% of Mercator's outstanding common shares on a partially diluted basis (assuming exercise of all warrants held by Daselina).
As consideration for this further increase in the commitment under the bridge loan, Mercator has agreed, subject to the approval of the Toronto Stock Exchange ("TSX"), to issue to Daselina 17,863,000 additional share purchase warrants ("Additional Warrants"), which only vest and become exercisable as described below. Each Additional Warrant entitles the holder thereof to purchase one Mercator common share at $0.1224 per share for a period of five years following the date of issuance. All warrants held by Daselina, including those issued previously, will (i) become exercisable only if the Arrangement is terminated; and (ii) be cancelled upon completion of the Arrangement.
If and when the commitment under the bridge loan is increased to $16 million, 8,719,100 Additional Warrants will vest such that, in aggregate, Daselina would be able to exercise 59,681,776 warrants representing 15.9% of the outstanding Mercator common shares on a partially diluted basis (assuming the exercise of all warrants held by Daselina). If and when the commitment under the bridge loan is increased to $18 million, 9,143,900 Additional Warrants will vest such that, in aggregate, Daselina would be able to exercise 68,825,676 warrants representing 17.9% of the outstanding Mercator common shares on a partially diluted basis (assuming the exercise of all warrants held by Daselina).
The amendments to the Agreements are subject to the completion of applicable documentation and the receipt of any necessary approvals and consent.
Completion of the Arrangement remains subject to final acceptance of the Arrangement by the TSX and the satisfaction or waiver of all remaining conditions precedent, all of which are proceeding. Mercator will continue to provide updates as the Arrangement advances towards completion.
About Mercator Minerals Ltd.
Mercator Minerals Ltd., a TSX listed base metals mining company, operates the wholly-owned copper/molybdenum/silver Mineral Park Mine in Arizona, USA. Mercator also wholly-owns two development projects in Sonora, Mexico: the copper heap leach El Pilar project and the molybdenum/copper El Creston project.
For further information please visit www.mercatorminerals.com.
On Behalf of the Board of Directors
MERCATOR MINERALS LTD.
D. Bruce McLeod, P.Eng, President and CEO
This press release contains certain forward-looking information within the meaning of Canadian securities legislation and forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs regarding future events of management of Mercator. When used in this document, the words "anticipates", "may", "can", "believes", "expects", "projects", "intends", "likely", "will", "to be" or the negative of these terms and any similar expressions and any other statements that are not historical facts, in each case as they relate to Mercator, the Arrangement with Intergeo or the combined company are intended to identify those assertions as forward-looking information and statements. In making such statements, the Company believes that its expectations are based on reasonable assumptions. However, any such statement may be influenced by factors that could cause actual outcomes and results to be materially different from those projected or anticipated. This information and these statements, referred to herein as "forward-looking statements", are not historical facts, are made as of the date of this press release and include without limitation, statements regarding discussions of future plans, authorizations, approvals and statements as to management's expectations with respect to, among other things, the receipt of any and all necessary regulatory approvals, third party consents, authorizations and the satisfaction of conditions precedent to the completion of the Arrangement may constitute forward-looking statements.
These forward-looking statements involve numerous risks and uncertainties and actual results may vary. Important factors that may cause actual results to vary include without limitation, certain transactions, the successful completion of the Arrangement with Intergeo, and the ability to meet obligations under certain credit facilities and other debt instruments, the timing and receipt of certain approvals, and unanticipated events related to political risk, social unrest, and changes in general economic conditions or conditions in the financial markets. In making the forward-looking statements in this press release, the Company has applied several material assumptions, including without limitation, the assumptions that the receipt of necessary consents and approvals and satisfaction of all conditions precedent for the completion of the Arrangement with Intergeo (and for draw down of any funds under the amended bridge loan) in a timely manner. Certain of the risks and assumptions are described in more detail in the Mercator's Annual Information Form, Audited Financial Statements and MD&A for the year ended December 31, 2013 on the SEDAR website at www.sedar.com. The actual results or performance by Mercator could differ materially from those expressed in, or implied by, any forward-looking statements relating to those matters. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what impact they will have on the results of operations or financial condition of Mercator. Except as required by law, the Company is under no obligation, and expressly disclaims any obligation, to update, alter or otherwise revise any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
How do you securely enable access to your applications in AWS without exposing any attack surfaces? The answer is usually very complicated because application environments morph over time in response to growing requirements from your employee base, your partners and your customers. In his session at 16th Cloud Expo, Haseeb Budhani, CEO and Co-founder of Soha, will share five common approaches that DevOps teams follow to secure access to applications deployed in AWS, Azure, etc., and the frict...
Apr. 19, 2015 11:30 AM EDT Reads: 1,414
SYS-CON Media announced today that John Treadway’s blog has exceeded 475,000 page views. John Treadway, Vice President at Cloud Technology Partners, has surpassed 475,000 page views on the SYS-CON family of online magazines, which includes Cloud Computing Journal, Internet of Things Journal, Big Data Journal, Microservices Journal, and several others. His blog home page at SYS-CON can be found at JohnTreadway.SYS-CON.com.
Apr. 19, 2015 10:15 AM EDT Reads: 1,398
ProfitBricks has launched its new DevOps Central and REST API, along with support for three multi-cloud libraries and a Python SDK. This, combined with its already existing SOAP API and its new RESTful API, moves ProfitBricks into a position to better serve the DevOps community and provide the ability to automate cloud infrastructure in a multi-cloud world. Following this momentum, ProfitBricks has also introduced several libraries that enable developers to use their favorite language to code ...
Apr. 19, 2015 10:00 AM EDT Reads: 1,357
SYS-CON Events announced today that Column Technologies, a global technology solutions company, will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Established in 1998, Column Technologies is a leader in application performance and infrastructure management for commercial and federal markets. The company is headquartered in the United States, with a diverse and talented team of more than 350 employees around th...
Apr. 19, 2015 10:00 AM EDT Reads: 1,580
SYS-CON Events announced today that Blue Box has been named “Bronze Sponsor” of SYS-CON's DevOps Summit New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Blue Box delivers Private Cloud as a Service (PCaaS) to a worldwide customer base. Built on a technology platform leveraging decades of operational expertise in cloud and distributed systems, Blue Box Cloud is a managed private cloud product available in both hosted and on-prem versions. Each Blue Box ...
Apr. 19, 2015 09:45 AM EDT Reads: 636
SYS-CON Events announced today Sematext Group, Inc., a Brooklyn-based Performance Monitoring and Log Management solution provider, will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Sematext is a globally distributed organization that builds innovative Cloud and On Premises solutions for performance monitoring, alerting and anomaly detection (SPM), log management and analytics (Logsene), search analytics (S...
Apr. 19, 2015 09:30 AM EDT Reads: 3,586
SYS-CON Events announced today Isomorphic Software, the global leader in high-end, web-based business applications, will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Isomorphic Software is the global leader in high-end, web-based business applications. We develop, market, and support the SmartClient & Smart GWT HTML5/Ajax platform, combining the productivity and performance of traditional desktop software ...
Apr. 19, 2015 09:15 AM EDT Reads: 4,444
SYS-CON Events announced today Arista Networks will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Arista Networks was founded to deliver software-driven cloud networking solutions for large data center and computing environments. Arista’s award-winning 10/40/100GbE switches redefine scalability, robustness, and price-performance, with over 3,000 customers and more than three million cloud networking ports depl...
Apr. 19, 2015 09:00 AM EDT Reads: 2,656
SYS-CON Events announced today that SoftLayer, an IBM company, has been named “Gold Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place June 9-11, 2015 at the Javits Center in New York City, NY, and the 17th International Cloud Expo®, which will take place November 3–5, 2015 at the Santa Clara Convention Center in Santa Clara, CA. SoftLayer operates a global cloud infrastructure platform built for Internet scale. With a global footprint of data centers and network points...
Apr. 19, 2015 08:45 AM EDT Reads: 2,399
SYS-CON Events announced today that Cisco, the worldwide leader in IT that transforms how people connect, communicate and collaborate, has been named “Gold 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. Cisco makes amazing things happen by connecting the unconnected. Cisco has shaped the future of the Internet by becoming the worldwide leader in transforming how people connect, communicate and collaborat...
Apr. 19, 2015 08:30 AM EDT Reads: 5,618
SYS-CON Events announced today that Liaison Technologies, a leading provider of data management and integration cloud services and solutions, has been named "Silver 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, NY. Liaison Technologies is a recognized market leader in providing cloud-enabled data integration and data management solutions to break down complex information barriers, enabling enterprises to make sm...
Apr. 19, 2015 08:15 AM EDT Reads: 3,701
SYS-CON Media announced today that Blue Box as launched a popular blog feed on Cloud Computing Journal. Cloud Computing Journal aims to help open the eyes of Enterprise IT professionals to the economics and strategies that utility/cloud computing provides. Blue Box Cloud gives you unequaled agility, without the burden of designing, deploying and managing your own infrastructure. It’s the right choice when public cloud just won’t do. Blue Box Cloud is a managed Private Cloud as a Service (...
Apr. 19, 2015 08:00 AM EDT Reads: 1,322
SYS-CON Events announced today that Ciqada will exhibit at SYS-CON's @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Ciqada™ makes it easy to connect your products to the Internet. By integrating key components - hardware, servers, dashboards, and mobile apps - into an easy-to-use, configurable system, your products can quickly and securely join the internet of things. With remote monitoring, control, and alert messaging capability, you will mee...
Apr. 19, 2015 08:00 AM EDT Reads: 1,613
SYS-CON Events announced today that Windstream, a leading provider of advanced network and cloud communications, has been named “Silver 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, NY. Windstream (Nasdaq: WIN), a FORTUNE 500 and S&P 500 company, is a leading provider of advanced network communications, including cloud computing and managed services, to businesses nationwide. The company also offers broadband, p...
Apr. 19, 2015 08:00 AM EDT Reads: 4,875
SYS-CON Events announced today that Stratoscale, the new data center operating system, 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. Based in Herzeliya, Israel, Stratoscale is redefining the data center, developing a hardware-agnostic, software platform hyper-converging compute, storage and networking across the rack or data center. The self-optimizing platform automatically distributes all physical...
Apr. 19, 2015 07:45 AM EDT Reads: 1,590