|By Marketwired .||
|June 16, 2014 04:03 PM EDT||
OTTAWA, ONTARIO -- (Marketwired) -- 06/16/14 -- Mazorro Resources Inc. (the "Company") (TSX VENTURE: MZO) (FRANKFURT: JAM) announces that it has received conditional approval for the listing of its common shares on the Canadian Securities Exchange (the "CSE"), and that it has applied for the voluntary delisting of its common shares from the TSX Venture Exchange. The Company expects that trading in its common shares on the CSE will commence on or about Tuesday, June 17, 2014. The trading symbol "MZO" will remain the same. The Board of Directors believes that a listing on the CSE will provide for greater operational efficiency and lower costs for the Company while allowing shareholders continued liquidity on a recognized exchange.
Following the listing of the common shares on the CSE, the Company intends to file articles of amendment shortly in order to give effect to the consolidation (the "Consolidation") of the issued and outstanding common shares of the Company on the basis of one new common share for every two common shares issued and outstanding, which was approved by shareholders at the annual and special meeting held at the end of May 2014. The Company will issue a press release advising of the effective date for the Consolidation as well as the new CUSIP and ISIN numbers as soon as possible.
The Company also announces that further to its press release dated May 7, 2014, it has been actively seeking opportunities to diversify the scope of its business and, in this regard, has signed a non-binding letter of intent to acquire all of the issued and outstanding securities of 8816301 Canada Inc., also known as GrowPros MMP (the "Corporation"), a medical marijuana consultation and acquisition firm that is pursuing a license as a producer of medical marijuana in Canada pursuant to the Marihuana for Medical Purposes Regulations ("MMPR").
Pursuant to the terms of the letter of intent, the Company may issue an aggregate of 23,000,100 post-consolidation Common shares in the capital of the Company (each a "Post-Consolidation Share") to the shareholders of the Corporation in exchange for all of the issued and outstanding common shares of the Corporation. In addition, the Company may allot and reserve for issuance an aggregate of up to 5,000,000 additional Post-Consolidation Shares (the "Milestone Shares") to the shareholders of the Corporation, on a pro rata basis, if the Corporation is successful in securing, on or before December 31, 2014, a license as a producer of medical marijuana in Canada pursuant to the MMPR. There is no guarantee that the Company will enter into a binding definitive agreement with the Corporation or ultimately complete the proposed acquisition. Moreover, the proposed acquisition of the Corporation may result in a Fundamental Change (as defined in Policy 8 of the CSE) to the Company.
Although recently incorporated, the Corporation's core group consists of expert medicinal cannabis growers and business professionals who have been actively involved in the medical cannabis and hydroponic industry for over 15 years. Further, the Corporation benefits from the substantial intellectual property derived from the group's many years of research and development, as well as global affiliations in the related industry. Over the past four months the Corporation has identified several strategic joint ventures in the medical marijuana industry. These investment opportunities include, but are not limited to, acquiring equity in current licensed MMPR producers, prospective MMPR producers who have achieved the "ready to build" status as well as complementary sectors such as commercial marijuana production equipment. The Corporation is pursuing negotiations with these companies.
The Company's ability to continue operations is dependent upon successfully raising the necessary financing to complete its business plan. These pursuits may be delayed given the current challenges faced by junior companies seeking to raise funds through the issuance of shares. In this regard, as soon as possible following listing and the closing of the Consolidation, the Company intends to arrange a private placement of units (the "Mazorro Units") to "accredited investors", at a price per Mazorro Unit of $0.10, for minimum gross proceeds of $1,000,000 and maximum proceeds of $2,000,000. Each Mazorro Unit will be comprised of one Post-Consolidation Share and one common share purchase warrant (a "Warrant") entitling the holder thereof to acquire one additional Post-Consolidation Share at a price of $0.15 for 24 months following the closing of the private placement, subject to the condition that if at any time prior to the expiry date of the Warrants, the volume weighted average price of the Company's Post-Consolidation Shares on the CSE exceeds $0.25 for a period of not less than 20 consecutive trading days, the Company may reduce the period during which the Warrants may be exercised, such that the Warrants will expire on the date which is 30 days after the date on which the Company sends a notice to the holders of the Warrants. The Company may pay a finder's fee to registered dealers consisting of a cash fee of up to 7.0% of the gross proceeds raised under the private placement and finder's warrants exercisable to acquire that number of Post-Consolidation Shares as is equal to up to 7.0% of the number of Mazorro Units issued pursuant to the private placement. The finder's warrants will be exercisable for a period of 24 months following the closing at an exercise price of $0.15 per Post-Consolidation Shares.
The net proceeds from the private placement are expected to be used (i) for general working capital purposes, (ii) to fund exploration work on its existing mineral property located in Northwestern Quebec, and (iii) to fund the Company's planned diversification strategy, including the proposed acquisition of the Corporation.
Some statements in this release may contain forward-looking information. All statements, other than of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding potential acquisitions and financings) are forward-looking statements. Forward-looking statements are generally identifiable by use of the words "may", "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, the possibility that future exploration results will not be consistent with the Company's expectations, changes in world gold markets or markets for other commodities, inability of the Company to achieve its diversification strategy (including, without limitation, the proposed acquisition of the Corporation); failure to obtain sufficient financing, and other risks disclosed in the Company's public disclosure record on file with the relevant securities regulatory authorities. Any forward-looking statement speaks only as of the date on which it is made and except as may be required by applicable securities laws; the Company disclaims any intent or obligation to update any forward-looking statement.
Neither the TSX Venture Exchange or the Canadian Securities Exchange or their respective Regulation Services Providers (as that term is defined in the policies of the applicable securities regulations) accepts responsibility for the adequacy or accuracy of this release.
Mazorro Resources Inc.
Interim President & CEO
"ElasticBox is an enterprise company that makes it very easy for developers and IT ops to collaborate to develop, build and deploy applications on any cloud - private, public or hybrid," stated Monish Sharma, VP of Customer Success at ElasticBox, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 25, 2014 06:30 AM EST Reads: 1,709
"Matrix is an ambitious open standard and implementation that's set up to break down the fragmentation problems that exist in IP messaging and VoIP communication," explained John Woolf, Technical Evangelist at Matrix, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 25, 2014 04:45 AM EST Reads: 1,870
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. In his session at @ThingsExpo, Jeff Kaplan, Managing Director of THINKstrateg...
Dec. 25, 2014 04:00 AM EST Reads: 1,699
The Internet of Things promises to transform businesses (and lives), but navigating the business and technical path to success can be difficult to understand. In his session at @ThingsExpo, Sean Lorenz, Technical Product Manager for Xively at LogMeIn, demonstrated how to approach creating broadly successful connected customer solutions using real world business transformation studies including New England BioLabs and more.
Dec. 25, 2014 04:00 AM EST Reads: 1,966
How do APIs and IoT relate? The answer is not as simple as merely adding an API on top of a dumb device, but rather about understanding the architectural patterns for implementing an IoT fabric. There are typically two or three trends: Exposing the device to a management framework Exposing that management framework to a business centric logic Exposing that business layer and data to end users. This last trend is the IoT stack, which involves a new shift in the separation of what stuff happe...
Dec. 25, 2014 04:00 AM EST Reads: 1,935
An entirely new security model is needed for the Internet of Things, or is it? Can we save some old and tested controls for this new and different environment? In his session at @ThingsExpo, New York's at the Javits Center, Davi Ottenheimer, EMC Senior Director of Trust, reviewed hands-on lessons with IoT devices and reveal a new risk balance you might not expect. Davi Ottenheimer, EMC Senior Director of Trust, has more than nineteen years' experience managing global security operations and asse...
Dec. 25, 2014 03:00 AM EST Reads: 2,261
DevOps is all about agility. However, you don't want to be on a high-speed bus to nowhere. The right DevOps approach controls velocity with a tight feedback loop that not only consists of operational data but also incorporates business context. With a business context in the decision making, the right business priorities are incorporated, which results in a higher value creation. In his session at DevOps Summit, Todd Rader, Solutions Architect at AppDynamics, discussed key monitoring techniques...
Dec. 25, 2014 03:00 AM EST Reads: 1,739
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 @ThingsExpo, Robin Raymond, Chief Architect...
Dec. 25, 2014 02:30 AM EST Reads: 2,087
The 3rd International @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 it is now accepting Keynote Proposals. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to th...
Dec. 25, 2014 02:00 AM EST Reads: 2,611
What do a firewall and a fortress have in common? They are no longer strong enough to protect the valuables housed inside. Like the walls of an old fortress, the cracks in the firewall are allowing the bad guys to slip in - unannounced and unnoticed. By the time these thieves get in, the damage is already done and the network is already compromised. Intellectual property is easily slipped out the back door leaving no trace of forced entry. If we want to reign in on these cybercriminals, it's hig...
Dec. 25, 2014 02:00 AM EST Reads: 1,646
The definition of IoT is not new, in fact it’s been around for over a decade. What has changed is the public's awareness that the technology we use on a daily basis has caught up on the vision of an always on, always connected world. If you look into the details of what comprises the IoT, you’ll see that it includes everything from cloud computing, Big Data analytics, “Things,” Web communication, applications, network, storage, etc. It is essentially including everything connected online from ha...
Dec. 25, 2014 02:00 AM EST Reads: 2,148
SYS-CON Media announced that Centrify, a provider of unified identity management across cloud, mobile and data center environments that delivers single sign-on (SSO) for users and a simplified identity infrastructure for IT, has launched an ad campaign on Cloud Computing Journal. The ads focus on security: how an organization can successfully control privilege for all of the organization’s identities to mitigate identity-related risk without slowing down the business, and how Centrify provides ...
Dec. 25, 2014 01:00 AM EST Reads: 1,666
The Internet of Things will greatly expand the opportunities for data collection and new business models driven off of that data. In her session at @ThingsExpo, Esmeralda Swartz, CMO of MetraTech, discussed how for this to be effective you not only need to have infrastructure and operational models capable of utilizing this new phenomenon, but increasingly service providers will need to convince a skeptical public to participate. Get ready to show them the money!
Dec. 25, 2014 01:00 AM EST Reads: 1,937
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 w...
Dec. 25, 2014 01:00 AM EST Reads: 1,803
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.
Dec. 25, 2014 01:00 AM EST Reads: 2,038