|By Marketwired .||
|August 27, 2014 07:30 AM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 08/27/14 -- Challenger Deep Resources Corp. ("Challenger" or the "Company") (TSX VENTURE:CDE) is pleased to announce that its Board of Directors has initiated a process to review potential strategic alternatives for the Company. The focus of the review will be on non-resource opportunities with particular emphasis on the technology sector. Challenger cautions shareholders that there is no assurance that the strategic review will result in any specific strategic or financial transactions and no timetable has been set for completion. Challenger will keep shareholders updated on the strategic review process and any material developments.
Challenger also announces a non-brokered private placement to raise gross proceeds of up to $1,000,000 (the "Offering"). Pursuant to the Offering, Challenger intends to issue, pursuant to applicable exemptions from registration and prospectus requirements of Canadian and United States securities laws, up to 15,384,615 common share units (the "Units) at a price of CAD $0.065 per Unit. Each Unit is comprised of one Common Share and one common share purchase warrant (each a "Warrant"). Each Warrant entitles the holder to purchase one additional Common Share of Challenger at an exercise price of CAD $0.10 for a period of three (3) years from the date of issuance of the Units.
Challenger may pay a finder's fee in connection with the issue and sale of any or all of the Units under this Offering. The finder's fee shall consist of a payment of no more than 8% of the gross proceeds of the Offering in relation to subscribers introduced by any particular finder, subject to compliance with applicable securities laws.
The gross proceeds from the Offering will be used for working capital purposes and to fund the Corporation's strategic review process.
The Offering is subject to the approval of the TSX Venture Exchange. Pursuant to applicable securities laws, all securities issued pursuant to the Offering will be subject to a hold period of four mouths following the closing of the Offering.
Challenger also announces that the previously announced (April 2, 2014) Letter of Intent ("LOI") relating to the sale of its Indonesian subsidiary PT Bestindo Energy ("Bestindo"), has been terminated because of the purchaser's inability to meet its financial obligations thereunder. In consequence and due to the general state of the Asian thermal coal prices and markets and the Corporation's cash constraints, Challenger has completed the sale of Bestindo to an officer and director of Bestindo for nominal consideration. The effective date of the share sale was April 1, 2014. Under the terms of the agreement the purchaser has agreed to pay to, or share with Challenger, for a period of two years from the effective date, one half of any and all consideration which may be received in connection with the sale or partial disposition of the shares of Bestindo or the Barito coal project which is held by Bestindo.
Challenger also announces that it intends to call a special meeting of shareholders to consider a resolution to consolidate the common shares of the corporation on a four to one basis. The timing of the special meeting of shareholders has not been determined.
Challenger Deep Resources Corp. is an exploration company presently focused on the Asian coal industry.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this news release.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Statements in this press release may contain forward-looking information including, statements regarding exploration and production and marketing activities. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Challenger. Factors that could cause the actual results to differ materially from those in forward-looking statements include, inability to identify available strategic opportunities, the continued availability of capital and financing, and general economic, market or business conditions in North America and in the Asia Pacific region. The reader is cautioned not to place undue reliance on any forward-looking information. There can be no assurance that the proposed strategic review or private placement will be completed or, if completed, will be successful or that any proceeds will ultimately be received in connection with the sale of the shares of Bestindo.
The forward-looking statements contained in this press release are made as of the date of this press release, and Challenger does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as required by securities law.
Email: [email protected]
Darold H. Parken
Want to enable self-service provisioning of application environments in minutes that mirror production? Can you automatically provide rich data with code-level detail back to the developers when issues occur in production? In his session at DevOps Summit, David Tesar, Microsoft Technical Evangelist on Microsoft Azure and DevOps, will discuss how to accomplish this and more utilizing technologies such as Microsoft Azure, Visual Studio online, and Application Insights in this demo-heavy session.
Nov. 27, 2014 09:45 AM EST Reads: 861
The 4th International DevOps Summit, co-located with16th International Cloud Expo – being held June 9-11, 2015, at the Javits Center in New York City, NY – announces that its Call for Papers is now 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 world's large...
Nov. 27, 2014 09:45 AM EST Reads: 1,560
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...
Nov. 27, 2014 09:45 AM EST Reads: 830
Some developers believe that monitoring is a function of the operations team. Some operations teams firmly believe that monitoring the systems they maintain is sufficient to run the business successfully. Most of them are wrong. The complexity of today's applications have gone far and beyond the capabilities of "traditional" system-level monitoring tools and approaches and requires much broader knowledge of business and applications as a whole. The goal of DevOps is to connect all aspects of app...
Nov. 27, 2014 09:30 AM EST Reads: 388
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...
Nov. 27, 2014 09:30 AM EST Reads: 835
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 ...
Nov. 27, 2014 09:15 AM EST Reads: 1,235
15th Cloud Expo, which took place Nov. 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA, expanded the conference content of @ThingsExpo, Big Data Expo, and DevOps Summit to include two developer events. IBM held a Bluemix Developer Playground on November 5 and ElasticBox held a Hackathon on November 6. Both events took place on the expo floor. The Bluemix Developer Playground, for developers of all levels, highlighted the ease of use of Bluemix, its services and functionalit...
Nov. 27, 2014 09:00 AM EST Reads: 596
"We help companies that are using a lot of Software as a Service. We help companies manage and gain visibility into what people are using inside the company and decide to secure them or use standards to lock down or to embrace the adoption of SaaS inside the company," explained Scott Kriz, Co-founder and CEO of Bitium, in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Nov. 27, 2014 08:45 AM EST Reads: 1,160
"SAP had made a big transition into the cloud as we believe it has significant value for our customers, drives innovation and is easy to consume. When you look at the SAP portfolio, SAP HANA is the underlying platform and it powers all of our platforms and all of our analytics," explained Thorsten Leiduck, VP ISVs & Digital Commerce at SAP, in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Nov. 27, 2014 08:15 AM EST Reads: 1,215
One of the biggest challenges when developing connected devices is identifying user value and delivering it through successful user experiences. In his session at Internet of @ThingsExpo, Mike Kuniavsky, Principal Scientist, Innovation Services at PARC, described an IoT-specific approach to user experience design that combines approaches from interaction design, industrial design and service design to create experiences that go beyond simple connected gadgets to create lasting, multi-device exp...
Nov. 27, 2014 08:00 AM EST Reads: 1,102
SAP is delivering break-through innovation combined with fantastic user experience powered by the market-leading in-memory technology, SAP HANA. In his General Session at 15th Cloud Expo, Thorsten Leiduck, VP ISVs & Digital Commerce, SAP, discussed how SAP and partners provide cloud and hybrid cloud solutions as well as real-time Big Data offerings that help companies of all sizes and industries run better. SAP launched an application challenge to award the most innovative SAP HANA and SAP HANA...
Nov. 27, 2014 08:00 AM EST Reads: 1,180
Enthusiasm for the Internet of Things has reached an all-time high. In 2013 alone, venture capitalists spent more than $1 billion dollars investing in the IoT space. With "smart" appliances and devices, IoT covers wearable smart devices, cloud services to hardware companies. Nest, a Google company, detects temperatures inside homes and automatically adjusts it by tracking its user's habit. These technologies are quickly developing and with it come challenges such as bridging infrastructure gaps,...
Nov. 27, 2014 07:45 AM EST Reads: 1,416
"Cloud consumption is something we envision at Solgenia. That is trying to let the cloud spread to the user as a consumption, as utility computing. We want to allow the people to just pay for what they use, not a subscription model," explained Ermanno Bonifazi, CEO & Founder of Solgenia, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Nov. 27, 2014 07:15 AM EST Reads: 1,035
The Domain Name Service (DNS) is one of the most important components in networking infrastructure, enabling users and services to access applications by translating URLs (names) into IP addresses (numbers). Because every icon and URL and all embedded content on a website requires a DNS lookup loading complex sites necessitates hundreds of DNS queries. In addition, as more internet-enabled ‘Things' get connected, people will rely on DNS to name and find their fridges, toasters and toilets. Acco...
Nov. 27, 2014 07:00 AM EST Reads: 1,387
"For the past 4 years we have been working mainly to export. For the last 3 or 4 years the main market was Russia. In the past year we have been working to expand our footprint in Europe and the United States," explained Andris Gailitis, CEO of DEAC, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Nov. 27, 2014 06:45 AM EST Reads: 1,182