|By Marketwired .||
|August 20, 2014 08:30 AM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 08/20/14 -- Minera Alamos Inc. (previously Virgin Metals Inc., the "Company" or "Minera Alamos") (TSX VENTURE: MAI) is pleased to announce that it has completed a restructuring of the Company's debts.
"Over the past months, the Company has been undergoing a reorganization of its assets, capital structure and liabilities in order to position itself for the ongoing advancement of its primary copper project in Sonora, Mexico," said Chris Frostad, President & CEO of Minera Alamos. "As a key element of this process, the Company has now renegotiated the terms of approximately $808,800 in promissory notes, convertible debentures and related interest."
The Company is issuing replacement three year debentures in the amount of $770,000 carrying a yield of 8% per annum which are convertible into units ("Units") at a conversion price equal to $0.20 per Unit at any time up to the maturity date (the "Convertible Debentures"). These Convertible Debentures will replace existing convertible debentures and promissory notes, as more fully described below. Each Unit is comprised of one common share of the Company ("Common Share") and one half-share purchase warrant ("Warrant"). Each Warrant is exercisable into one Common Share at a price of $0.25 per Common Share until the maturity of these debentures.
The Convertible Debentures are secured by a charge of the common shares of the Company's 100% owned subsidiary, Minera Alamos De Sonora. The Company may redeem the Convertible Debentures at any time. In the event that the Common Shares of the Company trade at an average closing price of $0.25 or greater over a 20-day trading period the Company may force the conversion of the Convertible Debentures.
Certain of the Convertible Debenture holders are non-arm's length parties. Such non-arm's length parties hold $400,000 of the total number of Convertible Debentures. Specific restrictions exist under the terms of the Convertible Debentures which restrict conversion to Common Shares to the extent that they would create a new Control Person.
Certain Convertible Debentures held by a non-arm's length party will contain additional restrictions on conversion. 179,890 Common Shares held by "Associates" (as defined in the TSXV Corporate Finance Manual) of non-arm's length parties will be included in the total number of Common Shares deemed to be held by this non-arm's length party for the purposes of determining whether such non-arm's length party is a "Control Person" upon conversion of its Convertible Debentures.
The Convertible Debentures to be issued replace the following debts of the Company:
1. Existing Convertible Debentures ("Existing Debentures") in the amount $545,000 issued on December 22, 2011. Those debentures carried an interest rate of 8%, were convertible into Common Shares at a price of $3.50 and matured on December 22, 2013. Non-arm's length parties currently hold $400,000 of that debt. The Convertible Debentures will be issued on a dollar for dollar basis to replace the Existing Debentures. 2. A 12-month promissory note in the amount of $100,000 ("First Note") issued on September 13, 2012 which matured on September 13, 2013, carrying an annual interest rate of 20%. This First Note is held by an arm's length party. The Convertible Debentures will be issued on a dollar for dollar basis to replace the First Note. 3. A 12-month promissory note in the amount of $125,000 ("Second Note") issued on October 16, 2012 which matured on October 16, 2013, carrying an annual interest rate of 20%. This Second Note is held by an arm's length party. The Convertible Debentures will be issued on a dollar for dollar basis to replace the Second Note.
In connection with these transactions, the Company will also issue 543,571 common shares in the capital of the Company at a deemed price of $0.20 per common share as payment for $108,714 in interest owed on the above-extinguished debts. Of the total shares issued, 96,877 shares will be issued to non-arm's length parties. These shares will be subject to a hold period of four months and a day after the distribution date.
About Minera Alamos
Minera Alamos is a junior exploration and development company; its projects include the Los Verdes copper-molybdenum porphyry project in Sonora, northern Mexico that is currently the subject of a pre-feasibility study.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Minera Alamos Inc.
We certainly live in interesting technological times. And no more interesting than the current competing IoT standards for connectivity. Various standards bodies, approaches, and ecosystems are vying for mindshare and positioning for a competitive edge. It is clear that when the dust settles, we will have new protocols, evolved protocols, that will change the way we interact with devices and infrastructure. We will also have evolved web protocols, like HTTP/2, that will be changing the very core...
May. 27, 2015 02:30 AM EDT Reads: 5,301
Connected devices and the Internet of Things are getting significant momentum in 2014. In his session at Internet of @ThingsExpo, Jim Hunter, Chief Scientist & Technology Evangelist at Greenwave Systems, examined three key elements that together will drive mass adoption of the IoT before the end of 2015. The first element is the recent advent of robust open source protocols (like AllJoyn and WebRTC) that facilitate M2M communication. The second is broad availability of flexible, cost-effective ...
May. 27, 2015 02:00 AM EDT Reads: 6,080
Collecting data in the field and configuring multitudes of unique devices is a time-consuming, labor-intensive process that can stretch IT resources. Horan & Bird [H&B], Australia’s fifth-largest Solar Panel Installer, wanted to automate sensor data collection and monitoring from its solar panels and integrate the data with its business and marketing systems. After data was collected and structured, two major areas needed to be addressed: improving developer workflows and extending access to a b...
May. 27, 2015 01:00 AM EDT Reads: 1,857
When an enterprise builds a hybrid IaaS cloud connecting its data center to one or more public clouds, security is often a major topic along with the other challenges involved. Security is closely intertwined with the networking choices made for the hybrid cloud. Traditional networking approaches for building a hybrid cloud try to kludge together the enterprise infrastructure with the public cloud. Consequently this approach requires risky, deep "surgery" including changes to firewalls, subnets...
May. 27, 2015 12:00 AM EDT Reads: 4,151
Containers Expo Blog covers the world of containers, as this lightweight alternative to virtual machines enables developers to work with identical dev environments and stacks. Containers Expo Blog 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. Bookmark Containers Expo Blog ▸ Here Follow new article posts on Twitter at @ContainersExpo
May. 26, 2015 11:00 PM EDT Reads: 683
The true value of the Internet of Things (IoT) lies not just in the data, but through the services that protect the data, perform the analysis and present findings in a usable way. With many IoT elements rooted in traditional IT components, Big Data and IoT isn’t just a play for enterprise. In fact, the IoT presents SMBs with the prospect of launching entirely new activities and exploring innovative areas. CompTIA research identifies several areas where IoT is expected to have the greatest impac...
May. 26, 2015 09:00 PM EDT Reads: 4,827
There is little doubt that Big Data solutions will have an increasing role in the Enterprise IT mainstream over time. 8th International Big Data Expo, co-located with 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - has announced its Call for Papers is open. As advanced data storage, access and analytics technologies aimed at handling high-volume and/or fast moving data all move center stage, aided by the cloud computing bo...
May. 26, 2015 08:45 PM EDT Reads: 1,419
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
May. 26, 2015 06:00 PM EDT Reads: 1,582
The 5th International DevOps Summit, co-located with 17th International Cloud Expo – being held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the...
May. 26, 2015 05:30 PM EDT Reads: 3,970
You use an agile process; your goal is to make your organization more agile. But what about your data infrastructure? The truth is, today's databases are anything but agile - they are effectively static repositories that are cumbersome to work with, difficult to change, and cannot keep pace with application demands. Performance suffers as a result, and it takes far longer than it should to deliver new features and capabilities needed to make your organization competitive. As your application an...
May. 26, 2015 05:00 PM EDT Reads: 3,385
Move from reactive to proactive cloud management in a heterogeneous cloud infrastructure. In his session at 16th Cloud Expo, Manoj Khabe, Innovative Solution-Focused Transformation Leader at Vicom Computer Services, Inc., will show how to replace a help desk-centric approach with an ITIL-based service model and service-centric CMDB that’s tightly integrated with an event and incident management platform. Learn how to expand the scope of operations management to service management. He will al...
May. 26, 2015 05:00 PM EDT Reads: 1,335
Over the years, a variety of methodologies have emerged in order to overcome the challenges related to project constraints. The successful use of each methodology seems highly context-dependent. However, communication seems to be the common denominator of the many challenges that project management methodologies intend to resolve. In this respect, Information and Communication Technologies (ICTs) can be viewed as powerful tools for managing projects. Few research papers have focused on the way...
May. 26, 2015 05:00 PM EDT Reads: 1,699
As the world moves from DevOps to NoOps, application deployment to the cloud ought to become a lot simpler. However, applications have been architected with a much tighter coupling than it needs to be which makes deployment in different environments and migration between them harder. The microservices architecture, which is the basis of many new age distributed systems such as OpenStack, Netflix and so on is at the heart of CloudFoundry – a complete developer-oriented Platform as a Service (PaaS...
May. 26, 2015 05:00 PM EDT Reads: 1,578
The Industrial Internet revolution is now underway, enabled by connected machines and billions of devices that communicate and collaborate. The massive amounts of Big Data requiring real-time analysis is flooding legacy IT systems and giving way to cloud environments that can handle the unpredictable workloads. Yet many barriers remain until we can fully realize the opportunities and benefits from the convergence of machines and devices with Big Data and the cloud, including interoperability, ...
May. 26, 2015 05:00 PM EDT Reads: 4,730
High-performing enterprise Software Quality Assurance (SQA) teams validate systems that are ready for use - getting most actively involved as components integrate and form complete systems. These teams catch and report on defects, making sure the customer gets the best software possible. SQA teams have leveraged automation and virtualization to execute more thorough testing in less time - bringing Dev and Ops together, ensuring production readiness. Does the emergence of DevOps mean the end of E...
May. 26, 2015 04:00 PM EDT Reads: 5,216