Sentient Group

Sydney, Australia

Sentient Group

Sydney, Australia

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News Article | May 17, 2017
Site: www.mining-journal.com

Enirgi, a company ultimately owned by the Sentient Group through ADY Resources, is positioning itself to be a producer and a processor of other brines in the region at its Salar del Rincon project in Salta.


NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES Era Resources Inc. ("Era" or the "Company") (TSX VENTURE:ERX) announces that it has received notices of exercise of the Company's remaining convertible debentures from Sentient Executive GP IV, Limited, for the general partner of Sentient Global Resources Fund IV, L.P. (collectively, "Sentient IV") relating to the conversion of US$41,000,000 principal amount of convertible debentures into common shares of the Company ("Common Shares") at a conversion price of C$0.25 per Common Share for an aggregate of 195,755,600 Common Shares. Following the conversion, Sentient IV holds 308,718,567 Common Shares, representing approximately 96.5% of the outstanding Common Shares, and the Sentient Group (as defined below) holds, in aggregate, 310,924,757 Common Shares, representing approximately 97.2% of the outstanding Common Shares. Prior to the conversion and as of the record date for the Meeting (as defined below), Sentient Global Resources Fund II, L.P., Sentient Global Resources Fund III, L.P. and Sentient IV (collectively, the "Sentient Group") held 115,169,157 Common Shares, representing approximately 92.8% of the Common Shares. Following the conversion, no convertible debentures of the Company remain outstanding. The Sentient Group intends to vote its Common Shares held as of the record date for the previously announced proposed going-private transaction, to be completed via an arrangement (the "Arrangement") and implemented under a statutory plan of arrangement (the "Plan of Arrangement") pursuant to section 192 of the Canada Business Corporations Act, at the special meeting (the "Meeting") of shareholders of the Company (the "Shareholders") that is scheduled to be held on June 6, 2017. In connection with the Meeting, Era has mailed the Management Information Circular (the "Circular"), the Letter of Transmittal, the form of proxy and related meeting materials (collectively, the "Meeting Materials") to Shareholders. Shareholders are urged to carefully review all Meeting Materials, including the Letter of Transmittal, as they contain important information concerning the Arrangement and the rights and entitlements of the Shareholders in relation to the Arrangement. The Meeting Materials are also available on SEDAR under the Company's profile at www.sedar.com. The hearing date for the application for the final order of the Court (the "Final Order") has been scheduled for June 7, 2017. Subject to obtaining the Final Order, the required approvals from the Shareholders at the Meeting and the TSX Venture Exchange, and the satisfaction or waiver of all conditions precedent set out in the Plan of Arrangement, the Arrangement is anticipated to be completed on or about June 14, 2017. This news release contains forward looking information within the meaning of applicable securities laws, including but not limited to forward looking information concerning the expected timing for closing of the Arrangement and the Company's expectations and assumptions concerning time of receipt of required regulatory approvals and the satisfactory other conditions to the completion of the Arrangement. Such forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could", or "might" occur or to be achieved and any other similar expressions. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those contained in the forward-looking information, including actual results of exploration activities, changes in market conditions, risks relating to international operations, fluctuating metal prices and currency exchange rates, and other risks of the mining industry. Some of these risks, uncertainties and other factors are described under the heading "Risks Factors" in the Company's annual information form available on the Company's profile on SEDAR at www.sedar.com. Forward-looking information is based on estimates and opinions of management at the date the statements are made. Except as required by applicable securities laws, Era does not undertake any obligation to update forward-looking information even if circumstances or management's estimates or opinions should change. Readers should not place undue reliance on forward-looking information. 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 OR ACCURACY OF THIS RELEASE.


News Article | November 4, 2016
Site: www.marketwired.com

- Special Meeting to be held November 30, 2016 to approve the announced Arrangement with Orla Mining ltd. (the "Arrangement") - Board of Directors recommends Shareholder and Optionholder Approval of the Arrangement THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT AUTHORIZED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. Ressources Pershimco Inc. ("Pershimco" or the "Corporation") (TSX VENTURE:PRO)(FRANKFURT:BIZ) announces that it has filed its management information circular (the "Information Circular") with the Canadian securities commissions in preparation for a special meeting of affected securityholders to be held at 10:15 a.m. (Montreal time) on Wednesday, November 30, 2016, at La Tour Deloitte, 1190 Canadiens-de-Montréal Avenue, 4th Floor, Suite 4-001, Montreal, Quebec, Canada (the "Meeting"). The Information Circular has been filed on SEDAR (www.sedar.com). Under the terms of the Arrangement, Pershimco and Orla Mining Ltd. ("Orla") will combine their respective businesses by way of merger (the "Transaction"), creating a new, growth-oriented gold company in the Americas ("NewCo"). Pursuant to the Transaction, each Pershimco Shareholder will receive one (1) Newco common share for every 5,2632 Pershimco shares held. In addition, each Pershimco Shareholder will receive one (1) NewCo common share for every 25 Pershimco shares held. The Board of Directors of Pershimco has determined that the Transaction is in the best interests of Pershimco's shareholders based on a number of factors, including a fairness opinions received and the unanimous recommendation of its Special Committee. The Board of Directors of Pershimco unanimously approved the terms of the Transaction and recommends that the Shareholders and Optionholders vote in favor of the Transaction. Pershimco's Shareholders and Optionholders of record as of 5:00 p.m. (Montréal time) on October 21, 2016, will be entitled to receive notice of, and vote at, the Meeting. The Information Circular, which Shareholders and Optionholders are expected to receive in the coming days, provides important information on the Arrangement and related matters, including voting procedures. Shareholders and Optionholders who require assistance in voting their proxy may direct their inquiry to Pershimco's proxy solicitation agent, D.F. King Canada, toll-free in North America at 1-800-622-1678 or by email at inquiries@dfking.com. On October 31, 2016, the Québec Superior Court granted an Interim Order providing for the calling and holding of the Meeting and certain other matters related to the Meeting and the Arrangement. A copy of the Interim Order is included in the Information Circular. Pershimco Resources (TSX VENTURE:PRO)(FRANKFURT:BIZ) is a mineral exploration and development company with a near-term gold oxide production scenario and a copper-gold porphyry target at its 100%-owned Cerro Quema Project in Panama. Cerro Quema's sizable concession boasts paved road access, no indigenous communities and the most favorable climate for mining in the country. Pershimco is currently in the last stage of the permitting process for its proposed gold oxide heap leach operation. The Company's documents are available on www.sedar.com. Please visit the Company's website at www.pershimco.ca. Orla Mining is a closely held mineral exploration company led by a group of seasoned mining executives. The Company's focus is to acquire mineral exploration opportunities where the Company's exploration and development expertise and corporate share structure could substantially enhance shareholder value. Statements made in this press release, including those regarding the closing and the use of proceeds of the private placement, Agnico Eagle Mines Limited and The Sentient Group's expected holdings of common shares following the private placement or management objectives, forecasts, estimates, expectations, or predictions of the future may constitute "forward-looking statements", which can be identified by the use of conditional or future tenses or by the use of such verbs as "believe", "expect", "may", "will", "should", "estimate", "anticipate", "project", "plan", and words of similar import, including variations thereof and negative forms. This press release contains forward-looking statements that reflect, as of the date of this press release, Pershimco's expectations, estimates and projections about its operations, the mining industry and the economic environment in which it operates. Statements in this press release that are not supported by historical fact are forward-looking statements, meaning they involve risk, uncertainty and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Although Pershimco believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which apply only at the time of writing of this press release. Pershimco disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by securities legislation. 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 or accuracy of this news release. Statements made in this news release that are not historical facts are "forward-looking statements" and readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results, may vary materially from those in these "forward-looking" statement.


- Special Meeting to be held November 30, 2016 to approve the previously announced Arrangement with Orla Mining Ltd. (the "Arrangement") - Board of Directors recommends Shareholder and Optionholder Approval of the Arrangement This document corrects and replaces the press release that was sent today at 06:53 AM ET THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT AUTHORIZED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. Ressources Pershimco Inc. ("Pershimco" or the "Corporation") (TSX VENTURE:PRO)(FRANKFURT:BIZ) announces that it has filed its management information circular (the "Information Circular") with the Canadian securities commissions in preparation for a special meeting of affected securityholders to be held at 10:15 a.m. (Montreal time) on Wednesday, November 30, 2016, at La Tour Deloitte, 1190 Canadiens-de-Montréal Avenue, 4th Floor, Suite 4-001, Montreal, Quebec, Canada (the "Meeting"). The Information Circular has been filed on SEDAR (www.sedar.com). Under the terms of the Arrangement, Pershimco and Orla Mining Ltd. ("Orla") will combine their respective businesses (the "Transaction"), creating a new, growth-oriented gold company in the Americas ("NewCo"). Pursuant to the Transaction, each Pershimco Shareholder will receive 0.19 of a NewCo share for each Pershimco common share ("Pershimco Share") held. In addition, each Pershimco Shareholder will receive 0.04 of a class A common share of NewCo for each Pershimco Share held. Each whole class A common share of NewCo will entitle its holder to receive, without payment of additional consideration, one NewCo share conditional upon the issuance of a ministerial resolution by the Ministry of Environment of Panama, accepting the Environmental and Social Impact Study ("ESIA") for Pershimco's Cerro Quema project on or prior to January 31, 2017. If a ministerial resolution accepting the ESIA for the Cerro Quema project is not received prior to January 31, 2017, the right to receive NewCo shares will terminate. The Board of Directors of Pershimco has determined that the Transaction is in the best interests of Pershimco's shareholders based on a number of factors, including a fairness opinions received and the unanimous recommendation of its Special Committee. The Board of Directors of Pershimco unanimously approved the terms of the Transaction and recommends that the Shareholders and Optionholders vote in favor of the Transaction. Pershimco's Shareholders and Optionholders of record as of 5:00 p.m. (Montréal time) on October 21, 2016, will be entitled to receive notice of, and vote at, the Meeting. The Information Circular, which Shareholders and Optionholders are expected to receive in the coming days, provides important information on the Arrangement and related matters, including voting procedures. Shareholders and Optionholders who require assistance in voting their proxy may direct their inquiry to Pershimco's proxy solicitation agent, D.F. King Canada, toll-free in North America at 1-800-622-1678 or by email at inquiries@dfking.com. On October 31, 2016, the Québec Superior Court granted an Interim Order providing for the calling and holding of the Meeting and certain other matters related to the Meeting and the Arrangement. A copy of the Interim Order is included in the Information Circular. Pershimco Resources (TSX VENTURE:PRO)(FRANKFURT:BIZ) is a mineral exploration and development company with a near-term gold oxide production scenario and a copper-gold porphyry target at its 100%-owned Cerro Quema Project in Panama. Cerro Quema's sizable concession boasts paved road access, no indigenous communities and the most favorable climate for mining in the country. Pershimco is currently in the last stage of the permitting process for its proposed gold oxide heap leach operation. The Company's documents are available on www.sedar.com. Please visit the Company's website at www.pershimco.ca. Orla Mining (TSX VENTURE:OLA) is a closely held mineral exploration company led by a group of seasoned mining executives. The Company's focus is to acquire mineral exploration opportunities where the Company's exploration and development expertise and corporate share structure could substantially enhance shareholder value. Statements made in this press release, including those regarding the closing and the use of proceeds of the private placement, Agnico Eagle Mines Limited and The Sentient Group's expected holdings of common shares following the private placement or management objectives, forecasts, estimates, expectations, or predictions of the future may constitute "forward-looking statements", which can be identified by the use of conditional or future tenses or by the use of such verbs as "believe", "expect", "may", "will", "should", "estimate", "anticipate", "project", "plan", and words of similar import, including variations thereof and negative forms. This press release contains forward-looking statements that reflect, as of the date of this press release, Pershimco's expectations, estimates and projections about its operations, the mining industry and the economic environment in which it operates. Statements in this press release that are not supported by historical fact are forward-looking statements, meaning they involve risk, uncertainty and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Although Pershimco believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which apply only at the time of writing of this press release. Pershimco disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by securities legislation. 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 or accuracy of this news release. Statements made in this news release that are not historical facts are "forward-looking statements" and readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results, may vary materially from those in these "forward-looking" statement.


News Article | December 6, 2016
Site: www.marketwired.com

VANCOUVER, COLOMBIE-BRITANNIQUE ET ROUYN-NORANDA, QUÉBEC--(Marketwired - 6 déc. 2016) - Orla Mining Ltd. (« Orla »)(TSX CROISSANCE:OLA) et Ressources Pershimco Inc. (« Pershimco »)(TSX CROISSANCE:PRO) (FRANCFORT:BIZ) sont heureux d'annoncer l'accomplissement du plan d'arrangement précédemment annoncé, fait en vertu de la Loi canadienne sur les sociétés par actions (« LCSA »), à la suite duquel Orla et Pershimco unissent leurs activités respectives, créant ainsi une nouvelle société aurifère dans les Amériques (l' « Arrangement »). Dans le cadre de la clôture de l'Arrangement, les produits du placement privé de 50 millions $ CA en reçus de souscription, précédemment réalisé par Orla, ont été libérés et les actions ordinaires de Orla sous-jacentes ont été émises. Les produits nets tirés du placement privé seront utilisés pour rembourser tout montant dû à RK Mine Finance en lien avec la facilité de crédit de Pershimco, pour la croissance de l'exploration de Cerro Quema et pour l'usage des frais généraux. La nouvelle société (« NewCo »), qui opérera sous le nom de « Orla Mining Ltd », se concentrera à poursuivre l'exploration et le développement du projet Cerro Quema situé au Panama et a l'intention de chercher de nouvelles opportunités de croissance dans les Amériques. Marc Préfontaine dirigera NewCo à titre de Président et de Chef de la direction. Marc Préfontaine, Président et Chef de la direction de NewCo a déclaré : « Nous sommes heureux d'avoir complété la fusion avec Pershimco, et nous sommes impatient d'aller de l'avant et d'exécuter notre stratégie. NewCo a un bilan financier solide, sans dette et nous avons actuellement l'intention d'explorer et de développer le projet Cerro Quema. Nous croyons actuellement que le projet Cerro Quema a un potentiel d'exploration significatif - premièrement pour accroitre les ressources d'oxyde qui supporteront l'établissement d'une mine exploitée par lixiviation en tas à faible coût et deuxièmement pour explorer les cibles de porphyre de grand tonnage. J'aimerais remercier les actionnaires de Orla et de Pershimco pour leur très grand support de la transaction. Finalement, j'aimerais souhaiter la bienvenue à Alain Bureau et Jean Robitaille sur le Conseil d'administration et aux investisseurs stratégiques, Agnico Eagle et The Sentient Group, dans notre registre des actionnaires. » Alain Bureau, Administrateur de NewCo, a commenté : « Cette fusion a été possible grâce à une vision commune de la planification stratégique entre Pershimco et Orla. Nous croyons que les organisations qui se concentrent sur les alliances stratégiques et la planification à long terme peuvent générer de la croissance et de la performance sur le long terme. À notre avis cette nouvelle injection de capital et d'expérience amène beaucoup de puissance à un projet ayant des aspects positifs. Je crois également que nous avons formé une société solide avec un plan solide et nous espérons continuer à créer de la valeur pour l'ensemble des actionnaires. J'aimerais aussi exprimer ma gratitude envers l'ensemble de la direction et du Conseil d'administration de Pershimco qui ont fait de cette transaction un succès. » Suivant la réalisation de l'Arrangement, NewCo a approximativement 115,86 million d'actions ordinaires (les « Actions de NewCo ») émises et en circulation avec environ 53,1% des Actions de NewCo détenues par des anciens actionnaires de Orla et 46,9% des Actions de NewCo détenues par des anciens actionnaires de Pershimco. De plus, NewCo a approximativement 11,44 million d'actions de catégorie « A » émises et en circulation qui sont détenues par des anciens actionnaires de Pershimco. Chaque action de catégorie « A » de NewCo accordera à son porteur le droit de recevoir, sans paiement ou contrepartie additionnelle, une Action de NewCo conditionnellement à la délivrance d'une résolution ministérielle du Ministère de l'Environnement du Panama acceptant l'étude d'impact environnemental et social (« ESIA ») pour le projet Cerro Quema de Pershimco et ce le ou avant le 31 janvier 2017. Si une résolution ministérielle approuvant le ESIA pour le projet Cerro Quema n'est pas obtenue le ou avant le 31 janvier 2017, le droit de recevoir des Actions de NewCo s'éteindra et les actions de catégorie « A » seront automatiquement annulées. Les 12 121 212 actions ordinaires de Pershimco détenues par Orla ont été annulées aux fins de l'Arrangement. Les Actions de NewCo commenceront à se négocier sur la Bourse de croissance TSX (« TSXV ») sous le symbole OLA à partir du 7 décembre 2016. Les actions de Pershimco seront radiées de la cote de la TSXV à la fermeture des marchés le 6 décembre 2016. Des informations supplémentaires sur l'Arrangement se trouvent dans la circulaire d'information de la direction de Orla daté du 31 octobre 2016 ou dans la circulaire d'information de la direction de Pershimco daté du 31 octobre 2016 qui sont disponible sur SEDAR dans les profils d'émetteurs de Orla et de Pershimco au : www.sedar.com. Suivant la clôture de la Transaction, l'équipe de direction de NewCo sera composée de : Le Conseil d'administration de NewCo voudrait remercier les administrateurs sortants de Pershimco pour leur dévouement et leur support continu. Information pour les anciens actionnaires de Orla En vertu de l'Arrangement, les anciens actionnaires de Orla ont droit de recevoir une Action de NewCo pour chaque action de Orla détenue. Pour pouvoir recevoir les Actions de NewCo en échange des anciennes actions ordinaires de Orla, les actionnaires inscrits de Orla doivent compléter, signer, dater et retourner la lettre d'envoi qui a été envoyée par la poste à chaque actionnaire de Orla avant la clôture (la « Lettre d'envoi de Orla »). La Lettre d'envoi de Orla est aussi disponible sous le profil SEDAR de Orla au www.sedar.com. Pour les actionnaires de Orla ayant des actions inscrites au nom d'un courtier, d'une banque, d'une société de fiducie ou d'un autre intermédiaire ou représentant, ils doivent communiquer avec leur représentant pour organiser la remise de leurs actions de Orla et doivent suivre les instructions d'un tel intermédiaire ou représentant. Information pour les anciens actionnaires de Pershimco En vertu de l'Arrangement, chaque actionnaire de Pershimco recevra 0,19 Actions de NewCo et 0,04 actions de catégorie « A » de NewCo pour chaque action de Pershimco détenue. Pour pouvoir recevoir les Actions de NewCo en échange des actions ordinaires de Pershimco, les actionnaires inscrits de Pershimco doivent compléter, signer, dater et retourner la lettre d'envoi qui a été envoyée par la poste à chaque actionnaire de Pershimco avant la clôture (la « Lettre d'envoi de Pershimco »). La Lettre d'envoi de Pershimco est aussi disponible sous le profil SEDAR de Pershimco au www.sedar.com. Pour les actionnaires de Pershimco ayant des actions inscrites au nom d'un courtier, d'une banque, d'une société de fiducie ou d'un autre intermédiaire ou représentant, ils doivent communiquer avec leur représentant pour organiser la remise de leurs actions de Pershimco et doivent suivre les instructions d'un tel intermédiaire ou représentant. Aucun certificat ne sera émis pour les actions de catégorie « A », et les actions de catégorie « A » ne sont pas transférables. Aucun des titres émis aux termes de l'Arrangement n'ont été ou ne seront enregistrés en vertu de la Loi de 1933 sur les valeurs mobilières des États-Unis, telle que modifiée (la « Loi américaine sur les valeurs mobilières ») ou toute autre loi sur les valeurs mobilières d'un état, et tous les titres émis en vertu de l'Arrangement seront émis sur la base des exemptions disponibles de ces exigences d'enregistrement en vertu de l'article 3 (a) (10) et de l'article 3 (a) (9), selon le cas, de la Loi américaine sur les valeurs mobilières et des exemptions applicables en vertu des lois sur les valeurs mobilières d'un état. Ce communiqué de presse ne constitue pas une offre de vente ni la sollicitation d'une offre d'achat de titres aux États-Unis. Orla a retenu les services de GMP Securities L.P. en tant qu'aviseur financier et ceux de Cassels Brock & Blackwell LLP en tant que conseillers juridiques. Neal, Gerber & Eisenberg LLP a agi à titre de conseillers juridiques américains pour Orla. Pershimco a retenu les services de Minvisory Corp. en tant que conseiller financier et Séguin Racine, Avocats Ltée en tant que conseillers juridiques. Primary Capital Inc. et Dentons Canada LLP ont agi respectivement en tant qu'aviseur financier et conseillers juridiques pour le comité spécial de Pershimco. Orla Mining est une société d'exploitation minière dirigée par un groupe de dirigeants détenant une longue expérience dans le domaine minier. La société se concentre sur l'acquisition d'opportunités d'exploration minière dans lesquelles son expertise ainsi que sa structure corporative d'actionnariat peuvent augmenter substantiellement la valeur pour les actionnaires. Le projet Minera Cerro Quema est détenu à 100% et comprend un scénario de production à court terme d'un gisement porphyrique d'or/cuivre au Panama. La concession considérable de Cerro Quema est accessible par une route pavée, dispose du support de la population locale et bénéficie de l'un des climats les plus favorables au pays. Le projet Cerro Quema est présentement à la dernière étape du processus d'obtention de permis pour son opération d'exploitation d'oxyde d'or par lixiviation en tas. De plus, le projet Cerro Quema présente des avantages significatifs pour l'exploration. Veuillez-vous référer à l'Étude de préfaisabilité sur les gisements d'oxyde d'or La Pava et Quemita ‐ Projet Cerro Quema, disponible sur le site Internet de Pershimco et déposée sur SEDAR le 22 août 2014 ainsi qu'au communiqué de presse du 8 juillet 2014. Certaines informations contenues dans ce communiqué de presse contiennent des « énoncés prospectifs » et de « l'information prospective » selon les lois des valeurs mobilières applicables. À l'exception des énoncés de faits historiques, certaines informations contenues dans la présente constituent les énoncés prospectifs, ce qui inclut des attentes quant à la réalisation de la Transaction et du Placement privé, ainsi que la participation attendue de la direction et des administrateurs de Orla dans le Placement privé, l'utilisation de procédés, la composition du Conseil d'administration de NewCo et son équipe de dirigeants, la performance future, les estimés de la préfaisabilité et l'optimisation, les augmentations de la valeur du projet, les avantages de l'exploration, les permis, la capitalisation pro forma et la propriété, l'approbation du ESIA, le coût monétaire attendu et les ressources minérales estimées, et qui sont basés sur les attentes internes de Orla et Pershimco, les estimés, les projections, les croyances et hypothèses, qui peuvent se démontrer être fausses. Certains des énoncés prospectifs peuvent être signalés par l'utilisation du conditionnel ou du futur, par l'utilisation de termes tel que « sera », « attendu », « peut », « devrait », « estimé », anticipé », « croire », « projeté », « planifié », et d'autres expressions similaires, incluant toute variation ou formes négatives. Ces énoncés ne sont pas garants des performances futures et une confiance indue ne devrait pas leur être accordée. Ces énoncés prospectifs comportent nécessairement des risques inconnus ou incertaines qui pourraient causer aux performances actuelles ou aux résultats financiers de Orla, Pershimco ou NewCo de différer substantiellement dans le futur nonobstant toutes projections des performances futures ou résultats exprimés ou sous-entendus par ces énoncés prospectifs. Ces risques et incertitudes inclus, mais sans s'y limiter : les risques et incertitudes relativement à la réalisation de la Transaction tel que défini plus haut, la possibilité d'intégrer avec succès les opérations et réaliser les bénéfices anticipés par l'acquisition du passif de Pershimco inhérent au développement et à la production minière; les risques géologiques, les problèmes miniers et ceux du processus technique; l'inhabilité de NewCo d'obtenir les licences minières, les permis miniers et les approbations règlementaires requis pour toutes opérations minières; la compétition pour, entre autre, le capital, l'acquisition de réserves, les terres non-développées et la main d'œuvre qualifiée; les évaluations incorrectes de la valeur des acquisitions; les changements dans le prix des commodités et les taux de change; les fluctuations du taux de change et des intérêts; plusieurs évènements qui peuvent perturber les opérations et/ou le transport des produits minéraux, incluant les arrêts des travailleurs et des conditions météorologiques sévères; la demande pour la disponibilité d'un chemin de fer, d'un port ou tout autre moyen de transport; la capacité à sécuriser un financement adéquat, le risque que la direction de Orla ne participerait pas au placement privé à la hauteur des attentes, et la capacité de la direction à anticiper et gérer les facteurs de risque précédemment énumérés. Il n'y a aucune assurance que les énoncés prospectifs seront précis, et les résultats actuels et les évènements futurs pourraient différer substantiellement de ce qui est attendu de ces énoncés. Orla et Pershimco ne prennent aucune obligation de mettre à jour les énoncés prospectifs si les circonstances ou les opinions ou estimés de la direction devraient changer, à l'exception de ce que les lois sur les valeurs mobilières imposent. Le lecteur est averti qu'il ne doit pas accorder une confiance indue sur les énoncés prospectifs, que ce soit suite à de la nouvelle information, des évènements futurs ou autre chose, à l'exception de ce qui est prévu dans la loi. Les investisseurs sont avertis que, à l'exception de ce qui est divulgué dans les circulaires d'information de la direction qui seront préparés relativement à la Transaction, toute information divulguée ou reçue en lien avec la Transaction pourrait ne pas être précise ou complète et ne devrait pas être considérée comme fiable. La négociation des actions de Orla et Pershimco doit être considérée comme hautement spéculative. Les sociétés mentionnées dans ce communiqué de presse préparent chacune leur divulgation conformément aux exigences des lois sur les valeurs mobilières en vigueur au Canada, qui diffèrent des exigences des lois américaines sur les valeurs mobilières. Les termes relatifs aux ressources minérales dans ce communiqué de presse sont définis conformément au Règlement canadien 43-101 sur l'information concernant les projets miniers (« Règlement 43-101 ») et à l'Institut canadien des mines, de la métallurgie et du pétrole (la «ICM») - Normes de la ICM sur les ressources minérales et les réserves minérales, adoptées par le Conseil de la ICM, tel qu'amendées. La Securities and Exchange Commission (SEC) des États-Unis autorise les compagnies minières, dans leur dépôt auprès de la SEC, à ne divulguer que les gisements minéraux qu'une entreprise peut extraire du produit sur le plan économique et légal. Les sociétés mentionnées dans le présent communiqué de presse peuvent utiliser certaines expressions telles que «ressources minérales», «ressources minérales mesurées», «ressources minérales indiquées» et «ressources minérales présumées» que la SEC ne reconnaît pas (ces termes peuvent être utilisés ou renvoyés dans le présent communiqué de presse et sont inclus dans les documents publics de ces sociétés qui ont été déposés auprès de la SEC et des commissions de valeurs mobilières ou autorités similaires au Canada). En conséquence, les informations contenues ou faisant l'objet de références dans ce communiqué de presse contenant des descriptions de gisements minéraux peuvent ne pas être comparables à des informations similaires rendues publiques par des sociétés américaines assujetties aux exigences de déclaration et de divulgation en vertu des lois fédérales américaines sur les valeurs mobilières et des règlements en vertu de ces derniers. La Bourse de croissance TSX ne s'est pas prononcé sur la qualité de la Transaction proposée et n'a pas approuvé ou désapprouvé le contenu de ce communiqué de presse.


News Article | December 6, 2016
Site: www.marketwired.com

VANCOUVER, BRITISH COLUMBIA and ROUYN-NORANDA, QUEBEC--(Marketwired - Dec. 6, 2016) - Orla Mining Ltd. ("Orla")(TSX VENTURE:OLA) and Pershimco Resources Inc. ("Pershimco")(TSX VENTURE:PRO) (FRANKFURT:BIZ) are pleased to announce that they have completed the previously announced plan of arrangement under the Canada Business Corporations Act ("CBCA"), pursuant to which Orla and Pershimco have combined to create a new gold company in the Americas (the "Arrangement"). In connection with the closing of the Arrangement, the proceeds of Orla's previously completed C$50 million private placement of subscription receipts released from escrow and the underlying common shares of Orla were issued. The net proceeds of the private placement will be used to repay any amounts owed to RK Mine Finance in connection with Pershimco's credit facility, for exploration growth at the Cerro Quema project, and for general corporate purposes. The new company ("NewCo"), which will continue to operate under the name "Orla Mining Ltd.", will focus on continued exploration and development of the Cerro Quema project located in Panama, and intends to seek further growth opportunities in the Americas. Marc Prefontaine will lead NewCo as President and Chief Executive Officer. Marc Prefontaine, President and Chief Executive Officer of NewCo stated: "We are pleased to have completed the merger with Pershimco, and look forward to moving forward and executing on our strategy. NewCo has a strong balance sheet, with no debt, and we currently intend to explore and advance the Cerro Quema project. We currently believe the Cerro Quema project has significant exploration potential - first to expand the oxide resource which will support the establishment of a low cost heap leach mine and second to explore for large bulk tonnage porphyry targets. I would like to thank the shareholders of both Orla and Pershimco for their overwhelming support of the transaction. Finally, I would like to welcome Alain Bureau and Jean Robitaille to Orla's Board of Directors and strategic investors, Agnico Eagle and The Sentient Group to our shareholder registry." Alain Bureau, Director of NewCo commented: "This merger was possible through a common vision of strategic planning between Pershimco and Orla. We believe that organisations that focus on strategic alliances and long-term planning can bring long-term performance and growth. It is our view that this new injection of capital and experience will brings horsepower to a project with potential upside. It is also my belief that we have formed a solid company with a solid plan and we expect that it will continue to build value for all shareholders. I also express my gratitude to all of Pershimco's Management and Board members who made this transaction a success." Following completion of the Arrangement, NewCo has approximately 115.86 million common shares (the "Newco Shares") issued and outstanding with approximately 53.1% of the NewCo Shares being held by former shareholders of Orla and 46.9% of the NewCo Shares being held by former shareholders of Pershimco. Additionally, NewCo has approximately 11.44 million class A shares issued and outstanding, which are all held by former shareholders of Pershimco. Each class A share of NewCo will entitle its holder to receive, without payment of additional consideration, one NewCo Share conditional upon the issuance of a ministerial resolution by the Ministry of Environment of Panama, accepting the Environmental and Social Impact Study ("ESIA") for Pershimco's Cerro Quema project on or prior to January 31, 2017. If a ministerial resolution accepting the ESIA for the Cerro Quema project is not received prior to January 31, 2017, the right to receive NewCo Shares will terminate and the class A shares will be automatically cancelled. The 12,121,212 common shares of Pershimco held by Orla were cancelled in connection with the Arrangement. The NewCo Shares will commence trading on the TSX Venture Exchange under the symbol OLA on December 7, 2016. The Pershimco shares will be delisted from the TSXV at the close of markets on December 6, 2016. Full details of the Arrangement and certain other matters are set out in the management information circulars of each of Orla and Pershimco dated October 31, 2016. Copies of the Circulars can be found under Orla's and Pershimco's respective profiles on SEDAR at www.sedar.com. Following completion of the Arrangement, the leadership team of NewCo includes: The Board of Directors of NewCo would like to thank former directors of Pershimco for their dedication and continued support. Pursuant to the Arrangement, former Orla shareholders are entitled to receive one NewCo Share for each Orla share held. In order to receive NewCo Shares in exchange for former Orla common shares, registered shareholders of Orla must complete sign, date and return the letter of transmittal that was mailed to each Orla shareholder prior to closing (the "Orla Letter of Transmittal"). The Orla Letter of Transmittal is also available under Orla's SEDAR profile at www.sedar.com. For those shareholders of Orla whose shares are registered in the name of a broker, investment dealer, bank, trust company, trust or other intermediary or nominee, they should contact such nominee for assistance in depositing their Orla Shares and should follow the instructions of such intermediary or nominee. Pursuant to the Arrangement, former Pershimco shareholders are entitled to receive 0.19 NewCo Shares and 0.04 class A shares for each Pershimco share held. In order to receive NewCo Shares in exchange for Pershimco common shares, registered shareholders of Pershimco must complete sign, date and return the letter of transmittal that was mailed to each Pershimco shareholder prior to closing (the "Pershimco Letter of Transmittal"). The Pershimco Letter of Transmittal is also available under Pershimco's SEDAR profile at www.sedar.com. For those shareholders of Pershimco whose shares are registered in the name of a broker, investment dealer, bank, trust company, trust or other intermediary or nominee, they should contact such nominee for assistance in depositing their Orla Shares and should follow the instructions of such intermediary or nominee. There will be no certificates issued in respect of the class A shares, and the class A shares are not transferable. None of the securities to be issued pursuant to the Arrangement have been or will be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and any securities issued pursuant to the Arrangement are intended to be issued in reliance upon available exemptions from such registration requirements pursuant to Section 3(a)(10) and Section 3(a)(9), as applicable, of the U.S. Securities Act and applicable exemptions under state securities laws. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in the United States. Orla retained GMP Securities L.P. as financial advisor and Cassels Brock & Blackwell LLP as legal advisor. Neal, Gerber & Eisenberg LLP acted as United States legal advisor to Orla. Pershimco retained Minvisory Corp. as financial advisor and Seguin Racine, Avocats Ltée as legal advisor. The Special Committee of Pershimco retained Primary Capital Inc. as financial advisor and Dentons Canada LLP as legal advisor. Orla Mining is a mineral exploration company led by a group of seasoned mining executives. The company's focus is to acquire mineral exploration opportunities where the Company's exploration and development expertise and corporate share structure could substantially enhance shareholder value. The 100% owned Cerro Quema project includes a near-term gold oxide production scenario and a copper-gold porphyry target in Panama. Cerro Quema's sizable concession boasts paved road access, a supportive local population and the most favorable climate for mining in the country. As previously reported by the company, the Cerro Quema project is currently in the last stage of the permitting process for a proposed gold oxide heap leach operation. Additionally, the Cerro Quema project has significant exploration upside with resource expansion potential. Please refer to the Cerro Quema Project - Pre-Feasibility Study on the La Pava and Quemita Oxide Gold Deposits, available on Pershimco's website, and filed on SEDAR on August 22, 2014 as well as to the press release of Pershimco July 8, 2014. Certain information set forth in this news release contains "forward-looking statements", and "forward-looking information under Canadian, United States and other applicable securities laws. Except for statements of historical fact, certain information contained herein constitutes forward-looking statements, which include expectations about the completion of the Transaction and Private Placement, and the intended participation of management and directors of Orla in the Private Placement, use of proceeds, the composition of the Board of Directors of NewCo and its senior executive team, future performance, pre-feasibility estimates and optimization, increases to project value, exploration upside, permitting, pro forma capitalization and ownership, receipt of the ESIA, expected cash costs and mineral resource estimates, and are based on Orla's and Pershimco's current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. Some of the forward-looking statements may be identified by the use of conditional or future tenses or by the use of such words such as "will", "expects", "may", "should", "estimates", "anticipates", "believes", "projects", "plans", and similar expressions, including variations thereof and negative forms. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause Orla, Pershimco or NewCo's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: risks and uncertainties relating to the completion of the transactions as described herein, the ability to successfully integrate operations and realize the anticipated benefits of the Pershimco acquisition liabilities inherent in mine development and production; geological, mining and processing technical problems; NewCo's inability to obtain required mine licences, mine permits and regulatory approvals required in connection with mining and mineral processing operations; competition for, among other things, capital, acquisitions of reserves, undeveloped lands and skilled personnel; incorrect assessments of the value of acquisitions; changes in commodity prices and exchange rates; currency and interest rate fluctuations; various events that could disrupt operations and/or the transportation of mineral products, including labour stoppages and severe weather conditions; the demand for and availability of rail, port and other transportation services; the ability to secure adequate financing, the risk that management and directors of Orla may not ultimately participate in the private placement to the extent anticipated, and management's ability to anticipate and manage the foregoing factors and risks. There can be no assurance that forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Orla and Pershimco undertake no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. Orla and Pershimco disclaim any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by securities legislation. Investors are cautioned that, except as disclosed in the management information circulars to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of Orla and Pershimco should be considered highly speculative. The companies referenced in this press release each prepare their disclosure in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of United States securities laws. Terms relating to mineral resources in this press are defined in accordance with Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") - CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended. The United States Securities and Exchange Commission ("SEC"), permits mining companies, in their filing with the SEC, to disclose only those mineral deposits that a company can economically and legally extract of produce. The companies reference in this press release may use certain terms, such as "mineral resource", "measured mineral resource", "indicated mineral resource" and "inferred mineral resource" that the SEC does not recognize (these terms may be used or referred to in this news release and are included in the public filings of such companies, which have been filed with the SEC and the securities commissions or similar authorities in Canada. Accordingly, information contained or referenced in this press release containing descriptions of mineral deposits may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder. The TSX Venture Exchange has in no way passed upon the merits of the proposed Transaction and has neither approved nor disapproved the contents of this press release.


Amer M.W.,Monash University | Marshall M.,Monash University | Fei Y.,Monash University | Jackson W.R.,Monash University | And 3 more authors.
Fuel | Year: 2013

Reactions of a Jordanian El-Lajjun oil shale under N2 or H 2 for 1 h results in almost complete conversion of the organic material to liquid products at 355 °C or 390 °C. In contrast, reactions for 1 h of the algal coal, torbanite, give minimal conversion at 390 °C, but almost total conversion if the reaction time is extended to 5 h. At 355 °C reactions of torbanite are minimal at 1 and 5 h reaction times, however at 425 °C for 1 h almost complete conversion is observed. In addition, the oil to asphaltene ratio for the products from the Jordanian oil shale increases in the temperature range 355-390 °C, whereas the oil to asphaltene ratio for the products from torbanite strongly favours oil at all temperatures. The oil from both materials is highly aliphatic. The torbanite oil is mainly long chain, saturated hydrocarbons with few aromatic compounds. The oil from the Jordanian shale also has a high aliphatic content but a much wider range of aromatics. In addition, significant amounts of sulfur-containing compounds are present. © 2012 Elsevier Ltd. All rights reserved.


News Article | November 28, 2016
Site: www.marketwired.com

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 28, 2016) - Cancana Resources Corp. (TSX VENTURE:CNY)("Cancana "or the "Company"), and Meridian Mining S.E. ("Meridian") today announced that they have successfully completed the previously announced plan of arrangement (the "Arrangement"), pursuant to which Meridian has acquired all of the issued and outstanding common shares of Cancana in exchange for shares of Meridian. In connection with the Arrangement, each Cancana common share will be exchanged for 0.4 Meridian common shares. Cancana has delivered a letter of transmittal to all registered shareholders to facilitate the exchange of the common shares of Cancana. Cancana encourages all registered shareholders to return their completed letter of transmittal to Computershare Investor Services Inc. as the depositary. On November 14, 2016, Cancana held its Annual and Special Meeting of the holders of Cancana common shares and options. At the meeting, the Arrangement was approved by more than 99% of the holders of Cancana common shares and 100% of the holders of options. Subsequently, on November 17, 2016, the Supreme Court of British Columbia issued a final order approving the Arrangement. With the completion of the Arrangement, Cancana's common shares will cease trading prior to market opening on November 28, 2016 and the Meridian common shares will commence trading on the TSX Venture Exchange (the "TSXV") under the symbol "MNO" on November 28, 2016. Meridian is now a reporting issuer in the Provinces of British Columbia and Alberta. On behalf of the Board of Directors of Cancana is focused on exploring and developing the BMC manganese project in Brazil with its joint venture partner Ferrometals BV, a wholly owned subsidiary of Meridian Mining S.E. ("Meridian"). The JV is employing a two-pronged strategy at BMC, where the primary objective is to advance the project to an initial resource and onward to feasibility, while also expanding current small-scale production to support those exploration activities. Further information can be found at cancanacorp.com, and bmcorporation.com.br. Meridian (formerly, Ferrometals Holdings Cooperatief UA) was established by Sentient Global Resources Fund IV, L.P., which is part of The Sentient Group, a privately-held metals group. Meridian was established to focus on the acquisition, exploration, and development of mining activities. The share exchange will result in Meridian holding 100 per cent of the shares of Brasil Manganês Corporation Mineração S.A. ("BMC"), but Meridian intends to expand into other projects and become a multi-project metals group, focused on acquisition, exploration, development and mining activities. Upon completion of the share exchange Meridian's shares will commence trading on the TSXV under the ticker "MNO". Refer to the news release dated October 3, 2016 for additional information. Further information can be found at www.meridianmining.co. Some statements in this news release contain forward-looking information or forward-looking statements for the purposes of applicable securities laws. These statements include, among others, statements in respect to the arrangement and timing of listing of the Meridian shares on the TSXV, statements with respect to the Company's plans for exploration and development of BMC's properties and potential mineralization. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such risk factors include, among others, failure to obtain regulatory approvals, failure to complete anticipated transactions, the timing and success of future exploration and development activities, exploration and development risks, title matters, inability to obtain any required third party consents, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices and one-time events. In making the forward-looking statements, the Company has applied several material assumptions including, but not limited to, the assumptions that: (1) the proposed exploration and development of mineral projects will proceed as planned; (2) market fundamentals will result in sustained metals and minerals prices and (3) any additional financing needed will be available on reasonable terms. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation. The TSX Venture Exchange has in no way passed upon the merits of the proposed Arrangement and has neither approved nor disapproved the contents of this news release. Neither 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 or accuracy of this release.


News Article | November 15, 2016
Site: www.marketwired.com

VICTORIA, BRITISH COLUMBIA--(Marketwired - Nov. 15, 2016) - Cancana Resources Corp. (TSX VENTURE:CNY) ("Cancana" or the "Company"), today announced the voting results from the Company's Annual and Special meeting of shareholders held November 14, 2016 (the "Meeting"). A total of 62,138,974 common shares were voted at the meeting, representing 75.91% of the votes attached to all outstanding common shares. Shareholders voted in favour of all items of business before the meeting, including the approval of the plan of arrangement (the "Arrangement") pursuant to which Meridian Mining S.E and Cancana will complete a reorganization transaction whereby Meridian will acquire all of the issued and outstanding common shares of Cancana in exchange for shares of Meridian (the "Meridian Shares"). The Arrangement was approved with more than 99% of all the votes cast by securityholders voting in favour. More than 99% of the shares voted by minority shareholders also voted in favour of the Arrangement. The Arrangement will unify ownership of the Brazil manganese project joint venture ("BMC") into a single public company that will be listed on the TSX Venture Exchange ("TSXV"). The Company expects to complete the share exchange and for the Meridian Shares to commence trading on the TSXV under the symbol "MNO" before the end of November, 2016. "We would like to thank our shareholders for their continued strong support, which reinforces the Company's view that this transaction will create value for Cancana shareholders by creating a more stable and financeable corporate structure," said Anthony Julien, President and CEO of Cancana. "The merger sets the foundation for BMC to expand on its exploration and production of high grade manganese product and to accelerate a multi-commodity exploration program." The shareholders also re-elected all director nominees listed in the information circular. The five director nominees as proposed by the Company were elected to the board. The directors are Senator J. Trevor Eyton, Anthony Julien, William Pfaffenberger, Barry Bolitho and Douglas Willock. The shareholders also approved a resolution appointing Davidson and Company LLP as auditors for the Company for the ensuing year, and re-approved the 10% rolling stock option plan of the Company in accordance with the policies of the TSXV. On behalf of the Board of Directors of CANCANA RESOURCES CORP. Cancana is focused on exploring and developing the BMC manganese project in Brazil with its joint venture partner Ferrometals BV, a wholly owned subsidiary of Meridian Mining SE ("Meridian"). The JV is employing a two-pronged strategy at BMC, where the primary objective is to advance the project to an initial resource and onward to feasibility, while also expanding current small-scale production to support those exploration activities. Further information can be found at cancanacorp.com, and bmcorporation.com.br. Cancana and Meridian have entered into a definitive arrangement agreement, pursuant to which Meridian and Cancana will complete a reorganization transaction whereby Meridian will acquire all of the issued and outstanding common shares of Cancana in exchange for shares of Meridian pursuant to a statutory plan of arrangement under the Business Corporations Act (British Columbia). Ownership of Meridian upon completion of the arrangement will be commensurate with the proportional beneficial interest in BMC as currently held by Cancana shareholders and Meridian, but with a 20-per-cent premium for Cancana shareholders. Subject to the terms set out in the arrangement agreement, Cancana common shareholders (other than Meridian and its affiliates, which currently hold approximately 47.2 per cent of the common shares of Cancana) will receive 0.4 Meridian share. Upon the completion of the arrangement Meridian will hold 100 per cent of the shares of BMC. Refer to the news release dated October 3, 2016 for additional information. The completion of the arrangement is subject to customary conditions, including receipt of all necessary court and regulatory approvals. Meridian (formerly, Ferrometals Holdings Cooperatief UA) is wholly-owned by Sentient Global Resources Fund IV, Limited Partnership, which is part of The Sentient Group, a privately-held metals group, focusing on acquisition, exploration, development and mining activities. Meridian has been focused on the BMC project but intends expand into other projects and become a multi project metals group, focused on acquisition, exploration, development and mining activities. Ferrometals currently holds 38,612,010 Cancana common shares, representing approximately 47.17% of the issued and outstanding common shares of Cancana. Ferrometals is a private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of the Netherlands, and is a wholly-owned subsidiary of Meridian. Further information can be found at http://meridianmining.co. Some statements in this news release contain forward-looking information or forward-looking statements for the purposes of applicable securities laws. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "expects", "anticipate", "intends", or variations of similar words and phrases or state that certain actions, events or results "may, "could", "would", "might" or "will", or "occur". These statements include, among others, statements with respect to the proposed Arrangement, the anticipated benefits of the Arrangement to the Company and its securityholders, the completion of the Arrangement and the anticipating timing thereof, the receipt of court, regulatory approval required for completion of the Arrangement, the listing of Meridian Shares on the TSX Venture Exchange, and Meridian's plans for the combined business following the Arrangement. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors, which may be beyond the Company's control and may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such risk factors include, among others, failure to obtain regulatory approvals, failure to complete anticipated transactions, the timing and success of receipt of the approvals required for completion of the Arrangement, the satisfaction of other conditions which are typical for transactions of this nature, which if not waived or satisfied in accordance with their terms and conditions, may result in the termination of the Arrangement Agreement, and fluctuation in foreign exchange rates. The foregoing list of risk factors is not exhaustive. Additional information on these and other risks that could affect completion of the Arrangement will be set forth in the Company's management information circular in respect of the Meeting to approve the Arrangement, among other things, which will be available on SEDAR at www.sedar.com. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The actual results, performance or achievement of the Company could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance 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 benefits that the Company will derive therefrom. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Completion of the Arrangement is subject to a number of conditions, including TSX Venture Exchange acceptance and disinterested shareholder approval as described in this news release. The Arrangement cannot close until the required shareholder approval is obtained. There can be no assurance that the Arrangement will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the Company's management information circular to be prepared in connection with the Arrangement, any information released or received with respect to the Arrangement may not be accurate or complete and should not be relied upon. Trading in the securities of the Company should be considered highly speculative. The TSX Venture Exchange has in no way passed upon the merits of the proposed Arrangement and has neither approved nor disapproved the contents of this news release. Neither 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 or accuracy of this release.


News Article | November 1, 2016
Site: www.marketwired.com

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 1, 2016) - Cancana Resources Corp. (TSX VENTURE:CNY) (the "Company" or "Cancana") and its joint venture partner Ferrometals BV, together today announced continued production growth from the Brazil Manganese Corporation ("BMC") Project. "We continue to execute on our strategic plan to install and build infrastructure that will support expanded production in the near term," said Anthony Julien, President and CEO of Cancana. "BMC previously established a strong domestic customer base for its premium product, but we are now preparing our first shipments for international export as a growing list of customers begins to recognize the value of our high grade ore. All of this is taking place against a backdrop of strengthening fundamentals in manganese pricing." BMC EXPANDS INTO NEW MARKETS WITH INCREASED PRODUCTION The Cancana JV achieved a new quarterly production record of 13,445 tonnes of manganese oxide mineral product in the third quarter of 2016.The new production figure represents almost double the output compared to the equivalent period in 2015. Production for the first nine months of 2016 of 21,176 tonnes already exceeds the 2015 annual production total of 17,037 tonnes. For the period from January 1, 2016 through October 31, 2016 production totalled 26,259 tonnes. The increased production follows the successful commissioning of a new dry screen established at the Ademir Califórnia Prospect, which has supported an increase in weekly production rates (averaging 1,037 tonnes since installation at the end of June). The dry screen operates by removing the <5mm soil fraction at the site of the colluvial extraction, allowing more concentrated feed to be trucked to the operation's wash plants (resulting in higher output and lower transportation costs). The dry screen supports an increase in production capacity to approximately 30,000 tonnes for 2016, based on expected utilisation into the wet season transition. Preparations continue for installation of the pilot plant, with all imported equipment now in Brazil and civil works bidding under review. The pilot plant will introduce more efficient jigging and improved water utilisation, along with the ability to crush and process harder breccia ore types beyond the capability of the current wash plants. During the third quarter of 2016, BMC sold 6,622 tonnes of manganese mineral product, reaching a total of 20,088 tonnes delivered for the nine month period to September 30, 2016. For the period from January 1, 2016 through October 31, 2016 sales totalled 25,660 tonnes, with negotiated commitments for an additional 10,507 tonnes, bringing the total for sold and committed sales to date of 36,167 tonnes. The sales team continues to target speciality applications in the battery, fertilizer, welding and steel industries, which recognize a premium for the high quality of BMC's product. The expanded production is allowing BMC to develop new relationships with international customers, with its first order being prepared for export from Porto Velho in October. Initial sales contracts are for placement to Chinese and Korean customers. CIF Tianjin pricing for 44% manganese was $1.86 per dmtu as of January 4, 2016 and was US$7.38 per dmtu as of October 21, 2016 (source: www.metalbulletin.com). On behalf of the Board of Directors of CANCANA RESOURCES CORP. The technical information about the Company's activities has been prepared under the supervision of and verified by Dr. Adrian McArthur (B.Sc. Hons, PhD. FAusIMM), a consultant to Brazil Manganese Corporation, who is a "qualified person" within the meaning of National Instrument 43-101. Cancana is focused on exploring and developing the BMC manganese project in Brazil with its joint venture partner Ferrometals BV, a wholly owned subsidiary of Meridian Mining SE ("Meridian"). The JV is employing a two-pronged strategy at BMC, where the primary objective is to advance the project to an initial resource and onward to feasibility, while also expanding current small-scale production to support those exploration activities. Further information can be found at cancanacorp.com, and bmcorporation.com.br. Cancana and Meridian have entered into a definitive arrangement agreement, pursuant to which Meridian and Cancana will complete a reorganization transaction whereby Meridian will acquire all of the issued and outstanding common shares of Cancana in exchange for shares of Meridian pursuant to a statutory plan of arrangement under the Business Corporations Act (British Columbia). Ownership of Meridian upon completion of the arrangement will be commensurate with the proportional beneficial interest in BMC as currently held by Cancana shareholders and Meridian, but with a 20-per-cent premium for Cancana shareholders. Subject to the terms set out in the arrangement agreement, Cancana common shareholders (other than Meridian and its affiliates, which currently hold approximately 47.2 per cent of the common shares of Cancana) will receive 0.4 Meridian share. Upon the completion of the arrangement Meridian will hold 100 per cent of the shares of BMC. Refer to the news release dated October 3, 2016 for additional information. The completion of the arrangement is subject to customary conditions, including receipt of all necessary court, securityholder and regulatory approvals. The arrangement will require the approval of 66-2/3 per cent of the votes cast by Cancana shareholders and optionholders voting together, and by the majority of Cancana's minority shareholders as considered to be required by Multilateral Instrument 61-101. Meridian (formerly, Ferrometals Holdings Cooperatief UA) is wholly-owned by Sentient Global Resources Fund IV, Limited Partnership, which is part of The Sentient Group, a privately-held metals group, focusing on acquisition, exploration, development and mining activities. Meridian has been focused on the BMC project but intends expand into other projects and become a multi project metals group, focused on acquisition, exploration, development and mining activities. Ferrometals currently holds 38,612,010 Cancana common shares, representing approximately 47.17% of the issued and outstanding common shares of Cancana. Ferrometals is a private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of the Netherlands, and is a wholly-owned subsidiary of Meridian. Further information can be found at ferrometals.net. Stockpile tonnages are currently monitored by an independent weighbridge service, with trucks weighed upon arrival and departure in the township of Espigao d'Oeste. Production tonnage reported for the third quarter includes 8,661 tonnes confirmed by weighbridge records, with the remaining 4,784 tonnes reported in interim stockpile reports at the Rio Madeira and Jaburi Plants. Tonnages are reconciled during shipping. Stockpile grades are monitored by a channel sampling program, with samples currently being sent for analysis via lithium borate fusion XRF techniques at an accredited laboratory (ALS Minerals, Vancouver, Canada). Results for the full quarter ended September 30, 2016 are pending. Q2 production grades included 3,306 tonnes at 52.0% Mn (Califórnia, Orlando, Gabrech, Claudio, Adesvaldo, Vânio production sources), and the remaining material from the Lucas breccia vein trial mining (1,987 t at 34.1% Mn; unbeneficated). Some statements in this news release contain forward-looking information or forward-looking statements for the purposes of applicable securities laws. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "expects", "anticipate", "intends", or variations of similar words and phrases or state that certain actions, events or results "may, "could", "would", "might" or "will", or "occur". These statements include, among others, statements with respect to the proposed Arrangement, the anticipated benefits of the Arrangement to the Company and its securityholders, the completion of the Arrangement and the anticipating timing thereof, filing and mailing of the Company's management information circular, the timing of the Meeting, the receipt of court, securityholder and regulatory approval required for completion of the Arrangement, the board and management team of Meridian following completion of the Arrangement, the listing of Meridian Shares on the TSX Venture Exchange, and Meridian's plans for the combined business following the Arrangement. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors, which may be beyond the Company's control and may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such risk factors include, among others, failure to obtain regulatory approvals, failure to complete anticipated transactions, the timing and success of receipt of the approvals required for completion of the Arrangement, the satisfaction of other conditions which are typical for transactions of this nature, which if not waived or satisfied in accordance with their terms and conditions, may result in the termination of the Arrangement Agreement, and fluctuation in foreign exchange rates. The foregoing list of risk factors is not exhaustive. Additional information on these and other risks that could affect completion of the Arrangement will be set forth in the Company's management information circular in respect of the Meeting to approve the Arrangement, among other things, which will be available on SEDAR at www.sedar.com. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The actual results, performance or achievement of the Company could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance 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 benefits that the Company will derive therefrom. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Completion of the Arrangement is subject to a number of conditions, including TSX Venture Exchange acceptance and disinterested shareholder approval as described in this news release. The Arrangement cannot close until the required shareholder approval is obtained. There can be no assurance that the Arrangement will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the Company's management information circular to be prepared in connection with the Arrangement, any information released or received with respect to the Arrangement may not be accurate or complete and should not be relied upon. Trading in the securities of the Company should be considered highly speculative. The TSX Venture Exchange has in no way passed upon the merits of the proposed Arrangement and has neither approved nor disapproved the contents of this news release. Neither 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 or accuracy of this release.

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