|By Marketwired .||
|May 8, 2014 10:41 AM EDT||
QUEBEC CITY, QUEBEC -- (Marketwired) -- 05/08/14 -- Robex Ressources Inc. ("Robex" or "the Company") (TSX VENTURE: RBX)(FRANKFURT: RB4) is pleased to announce that the board of directors has approved an agreement in principle to conclude a subscription agreement (the "Subscription Agreement") with African Peak Trading House Limited (the "Trading House") to finance its capitalization by an aggregate amount of CDN$15,000,000 contemplated to take place on or about May 29, 2014 which will also change the Company's international corporate structure. The Trading House will subsequently enter into a CDN$15,000,000 senior non-revolving credit facility through a secured Gold Stream Credit Agreement ("Gold Loan") with the Company's subsidiary Nampala S.A. ("Nampala") to support and finance the capital expenditures for production at the gold mine in Moussala, Nampala, Mali (the "Mine").
On April 3, 2014, the Company announced the completion of the construction of phase 1 of the Mine. In anticipation of upcoming completion of the Mine and the beginning of its production phase, the Company will change its international corporate structure, with a purpose of improving the Company's return on investment and restructuring its indebtedness.
The Company will make a subscription in the capital of the Trading House to fund its operations, as further described hereunder. The required subscription capital of CDN$15,000,000 will originate from a short term advance, without interest, made by Georges Cohen, president and CEO, and a significant shareholder of the Company. The Trading House will in turn offer secured financing to Nampala to restructure its intercompany indebtedness, finance the capital expenditures for the completion and operation of the Mine, support its production phase and for working capital purposes. Nampala will refund the Company a portion of its amount owing of CDN$15,000,000, representing a portion of the advances made by Company for the construction of the Mine. The Company will use these funds to reimburse the short term advance of CDN$15,000,000 made by Georges Cohen to implement the Subscription Agreement.
Under the terms of the Subscription Agreement, the Company will purchase 1,000 Common Shares and 15,000,000 Class B Shares of the Trading House, respectively, at CDN $1.00 per share in a private placement (the "Trading House Private Placement").
On February 28, 2014, the GII Trust was registered in Gibraltar and was created pursuant to a trust deed dated February 17, 2014. The GII Trust will subscribe to 1,000,000 Class A shares of the Trading House at CDN$0.001 per Class A share ("Class A Shares") (the "Trust Private Placement"). The Class A Shares will confer voting rights to the GII Trust and the legal control of the Trading House. The Class A Shares are entitled to a preferential discretionary dividend up to CDN$0.05 per Class A Share (CDN$50,000 in the aggregate) per year.
The Trading House Private Placement is a related party. The Company is relying on exemptions provided under sections 5.5 and 5.7 of Regulation 61-101 respecting Protection of Minority Security Holders in Special Transactions.
Following the Trading House Private Placement, Company will own all the issued and outstanding Common Shares and all the issued and outstanding Class B Shares of the Trading House. The Company will continue to own its shares in Nampala. The GII Trust will own 1,000,000 Class A Shares of Trading House.
The Trading House will use the subscription proceeds from the Trading House Private Placement to establish, in favour of Nampala, a CDN$15,000,000 senior non revolving credit facility by way of the Gold Loan. The proceeds from the Gold Loan will be used by the Company to the restructure its intercompany indebtedness, fund capital expenditures for the construction and operation of the Mine and for working capital purposes. Under the Gold Loan, Nampala will deliver to the Trading House all of the dore bars extracted from the Mine over a ten years period, in payment of the capital and interest owed under the Gold Loan. The Trading House will sell the dore bars on the international open market and distribute its profits by way of intercompany dividends to the Company. Nampala will be a guarantor under the Gold Loan and will also enter into security agreements to grant liens on its properties and assets to the Trading House in order to secure its obligations under the Gold Loan.
Mr. Cohen stated: "Due to the unstable situation in the North of Mali, it is considered a high risk country with the consequence that medium and long term debts are priced accordingly. By structuring a gold loan, Robex was able to secure long term financing even in spite of the situation in the North of Mali. This provides us with more flexibility to expand and grow our operations in Mali".
This press release contains statements that may constitute "forward-looking information" or "forward-looking statements" as set out within the context of security law. This forward-looking information is subject to many risks and uncertainties, some of which are beyond Robex Inc.'s ("Robex") control. The actual results or conclusions may differ considerably from those that have been set out, or intimated, in this forward-looking information. There are many factors which may cause such disparity, especially the instability of metal market prices, the results of fluctuations in foreign currency exchange rates or in interest rates, poorly estimated reserves, environmental risks (stricter regulations), unforeseen geological situations, unfavourable extraction conditions, political risks brought on by mining in developing countries, regulatory and governmental policy changes (laws and policies), failure to obtain the requisite permits and approvals from government bodies, or any other risk relating to mining and development. There is no guarantee that the circumstances anticipated in this forward-looking information will occur, or if they do occur, how they will benefit Robex. The forward-looking information is based on the estimates and opinions of Robex's management at the time of the publication of the information and Robex does not assume any obligation to make public updates or modifications to any of the forward-looking statements, whether as a result of new information, future events, or any other cause, except if it is required by securities laws.
The TSX Venture Exchange or its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts no liability for the authenticity or accuracy of this release.
Chief Financial Officer
Wearable technology was dominant at this year’s International Consumer Electronics Show (CES) , and MWC was no exception to this trend. New versions of favorites, such as the Samsung Gear (three new products were released: the Gear 2, the Gear 2 Neo and the Gear Fit), shared the limelight with new wearables like Pebble Time Steel (the new premium version of the company’s previously released smartwatch) and the LG Watch Urbane. The most dramatic difference at MWC was an emphasis on presenting we...
Mar. 31, 2015 10:00 PM EDT Reads: 1,572
SYS-CON Events announced today that robomq.io 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. robomq.io is an interoperable and composable platform that connects any device to any application. It helps systems integrators and the solution providers build new and innovative products and service for industries requiring monitoring or intelligence from devices and sensors.
Mar. 31, 2015 06:00 PM EDT Reads: 1,589
Today, IT is not just a cost center. IT is an enabler and driver of business. With the emergence of the hybrid cloud paradigm, IT now has increasingly more capabilities to create new strategic opportunities for a business. Hybrid cloud allows an organization to utilize multi-tenant public clouds, dedicated private clouds, bare metal hosting, and the associated support and services for the right use cases through an on-demand, XaaS model. This model of IT creates tremendous opportunities for busi...
Mar. 31, 2015 05:00 PM EDT Reads: 3,427
Business as usual for IT is evolving into a “Make or Buy” decision on a service-by-service conversation with input from the LOBs. How does your organization move forward with cloud? In his general session at 16th Cloud Expo, Paul Maravei, Regional Sales Manager, Hybrid Cloud and Managed Services at Cisco, discusses how Cisco and its partners offer a market-leading portfolio and ecosystem of cloud infrastructure and application services that allow you to uniquely and securely combine cloud busi...
Mar. 31, 2015 04:15 PM EDT Reads: 1,588
Businesses are looking to empower employees and departments to do more, go faster, and streamline their processes. For all workers – but mobile workers especially – utilizing the cloud to reconnect documents and improve processes without destructing existing workflows can have a dramatic impact on productivity. In his session at 16th Cloud Expo, Mark Grilli, vice president of Acrobat Solutions marketing at Adobe Systems Incorporated, will outline new ways that the cloud is changing the way peo...
Mar. 31, 2015 04:00 PM EDT Reads: 1,419
Internet of Things (IoT) will be a hybrid ecosystem of diverse devices and sensors collaborating with operational and enterprise systems to create the next big application. In their session at @ThingsExpo, Bramh Gupta, founder and CEO of robomq.io, and Fred Yatzeck, principal architect leading product development at robomq.io, will discuss how choosing the right middleware and integration strategy from the get-go will enable IoT solution developers to adapt and grow with the industry, while at...
Mar. 31, 2015 04:00 PM EDT Reads: 575
One of the hottest areas in cloud right now is DRaaS and related offerings. In his session at 16th Cloud Expo, Dale Levesque, Disaster Recovery Product Manager with Windstream's Cloud and Data Center Marketing team, will discuss the benefits of the cloud model, which far outweigh the traditional approach, and how enterprises need to ensure that their needs are properly being met.
Mar. 31, 2015 03:59 PM EDT Reads: 547
SYS-CON Events announced today that Solgenia 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. Solgenia is the global market leader in Cloud Collaboration and Cloud Infrastructure software solutions. Designed to “Bridge the Gap” between Personal and Professional S...
Mar. 31, 2015 03:00 PM EDT Reads: 3,019
WSM International has launched a DevOps services division that offers assessment, consulting and implementation to large enterprises and organizations with complex infrastructures. The concept of DevOps is to blend information technology (IT) software development with operations to optimize the computing infrastructure according to the specific needs of the organization. According to a recent press release from Gartner, "By 2016, DevOps will evolve from a niche strategy employed by large cloud ...
Mar. 31, 2015 03:00 PM EDT Reads: 1,431
SYS-CON Events announced today that QTS Realty Trust, one of the nation’s largest and fastest-growing providers of data center facilities and cloud services and a leader in security and compliance, 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. QTS Realty Trust, Inc. (NYSE: QTS) is a leading national provider of data center solutions and fully managed services, and a leader in security and compliance...
Mar. 31, 2015 03:00 PM EDT Reads: 1,376
SYS-CON Events announced today that WSM International (WSM), the world’s leading cloud and server migration services provider, 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. WSM is a solutions integrator with a core focus on cloud and server migration, transformation and DevOps services.
Mar. 31, 2015 03:00 PM EDT Reads: 1,410
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...
Mar. 31, 2015 03:00 PM EDT Reads: 3,196
With the arrival of the Big Data revolution, a data professional is expected to master a broad spectrum of complex domains including data processing, mathematics, programming languages, machine learning techniques, and business knowledge. While this mastery is undoubtedly important, this narrow focus on tool usage has divorced many from the imagination required to solve real-world problems. As the demand for analysis increases, the data science community must transform from tool experts to "data...
Mar. 31, 2015 03:00 PM EDT Reads: 666
While not quite mainstream yet, WebRTC is starting to gain ground with Carriers, Enterprises and Independent Software Vendors (ISV’s) alike. WebRTC makes it easy for developers to add audio and video communications into their applications by using Web browsers as their platform. But like any market, every customer engagement has unique requirements, as well as constraints. And of course, one size does not fit all. In her session at WebRTC Summit, Dr. Natasha Tamaskar, Vice President, Head of C...
Mar. 31, 2015 02:39 PM EDT Reads: 482
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), and search analytics (SSA). We also provide Search and Big Data consulting services and offer 24/7 production support for Solr and Elasticsearch.
Mar. 31, 2015 02:15 PM EDT Reads: 1,595