Namaste (N:CSE) Closes Acquisition of URT1
Namaste (N:CSE) Closes Acquisition of URT1
– Momentum Public Relations –
Press Release: October 18, 2016
Namaste Technologies Inc. (“Namaste” or the “Company”) (CSE:N)(FRANKFURT:M5BQ) is pleased to announce that the Company has closed its acquisition of certain assets of URT1 Limited and it’s wholly owned US subsidiaries (collectively referred to as “URT1”). With completion of this acquisition, Namaste is now the world’s largest e-commerce company focused on sale of vaporizers and accessories. The acquisition of URT1 significantly increases Namaste’s revenue and gross profit on a proforma basis and re-affirms the Company’s role as the industry’s principal consolidator.
URT1 is one of the top 5 domains in the world for the sale of vaporizers, pipes and accessories. The company operates two websites, www.everyonedoesit.com and www.everyonedoesit.co.uk, and retails through select third-party marketplaces. Unaudited 12 month trailing revenues were approximately C$3.2 million for the period ended August 31, 2016 with a gross profit margin of 53{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}. URT1 has been in business since 2000.
Terms of the Transaction
Pursuant to the terms of the Definitive Asset Purchase Agreement announced on September 15, 2016, Namaste has acquired all the website domains, the customer list of over 40,000 individuals, the EDIT Collection of smoking accessories, direct relationships with over 190 vendors, intellectual property and related technologies. The purchase price was calculated as one-times the 12-month trailing gross revenue of URT1, subject to adjustments for inventory, wind down costs, and assumed liabilities. The assumed liabilities include a secured note of approximately C$500,000 for 4 years at an interest rate of 4{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} payable in equal annual installments. Upon closing of the transaction, the Company has provided an initial 80{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of the purchase price to URT1 of the estimated cash wind down costs and 13,771,933 common shares. The Company will make an adjustment to the purchase price in 45 days, subject to the actual wind down costs realized by URT1. Any additional consideration to URT1 will either be provided in cash or common shares of the Company at a 25{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} discount to the 10 day volume weighted average trading price of the common shares of the Company on the Canadian Securities Exchange.
Liberty North Capital Corp. acted as an advisor to URT1 in connection with the transaction.
Management and Board Appointments
Philip van den Berg has been appointed as Chief Financial Officer, Corporate Secretary and Director and Kiran Sidhu has been appointed as an Independent Director, subject to the approval of the Canadian Securities Exchange.
Philip van den Berg graduated cum laude in economics in 1985 at the University of Amsterdam. After graduating, Mr. van den Berg joined Pierson, Heldring & Pierson in the Netherlands as investment analyst. Most of his experience on the sell side was with Goldman Sachs in London where he joined when its European equities division was established in 1987. In 1995 Philip went to Deutsche Morgan Grenfell to participate in re-establishing its European equities division. During his career on the sell-side, he held various positions within research departments as investment analyst, supervisory analyst, member of the investment policy committee and head of research. In 1997 Philip moved to the buy-side as co-founder of Olympus Capital Management, one of the first European hedge funds (long short equity). In 2006 Philip co-founded Taler Asset Management, a wealth management company based in Gibraltar. Currently Philip is a non-executive director at Taler. Since 2014 Philip has been an active investor in various start-up companies in Europe and the US where he has held positions as director and CFO, including Golden Leaf Holding and URT1. He has implemented corporate governance and administrative systems, has been involved in a number of capital market transactions, oversaw a public listing and has been involved in mergers and acquisitions.
Kiran Sidhu graduated with and A.B. honors in computer science in 1985 from Brown University and an MBA in Finance from the Wharton School of Business in 1987. Mr. Sidhu was a manager with Price Waterhouse’s strategic consulting group in Los Angeles and a senior associate with Merrill Lynch Capital Markets in mergers and acquisitions in New York. Mr. Sidhu served as CFO of On Stage Entertainment and oversaw its initial public offering on NASDAQ. On Stage was subsequently sold to McCown De Leeuw & Co. Mr. Sidhu was a founder and the finance director of Nano Universe PLC where he oversaw its listing on the LSE-AIM. In 2003 he built Aspen Communication located in New Delhi, India into an outsourcing company skilled in e-commerce fraud detection, accounting, customer and systems support and data analytics to large customers included Party Gaming.
Sidney Himmel has resigned as Chairman of the Company and will remain with the Company as an advisor on accounting and corporate finance related activities. Darren Collins will remain with the Company as Executive Vice President, Corporate Development.
Management Commentary
Sean Dollinger, President and CEO of Namaste, comments: “The acquisition of URT1 represents our second major acquisition since taking the Company public in March of this year and positions Namaste as the largest e-commerce company focused on the sale of vaporizers and accessories globally. In combination with our recently completed capital raise, Namaste is poised for significant organic growth and will continue to seek strategic acquisition opportunities. I would like to thank all those individuals involved in bringing this transaction together. I would also like to personally thank Sidney and Darren for their contribution to the company and look forward to continuing to work with them both in their new roles.”
About Namaste Technologies Inc.
Namaste Technologies Inc. is an emerging leader in vaporizer and accessories space. Namaste has 26 ecommerce retail stores in 20 countries, offers the largest range of brand name vaporizers products on the market and is actively manufacturing and launching multiple unique proprietary products for retail and wholesale distribution. The Company is currently focused on expanding its product offering, acquisitions and strategic partnerships, and entering new markets globally.
On behalf of the Board of Directors
Sean Dollinger, Chief Executive Officer
Further information on the Company and its products can be accessed through the links below:
- Published in Namaste Technologies, News Home
IWS in Scotland: A Billion Dollar Opportunity
IWS in Scotland: A Billion Dollar Opportunity
Published by RockStone Research October 17, 2016
View Original: Here
Last Friday, International Wastewater Systems Inc. (“IWS”) has announced a strategic alliance with Scottish Water Horizons Ltd., the commercial subsidiary of Scottish Water, a public water utility owned 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} by the Scottish Government.
Also on Friday, Scotland’s national newspaper The Herald called IWS “a Canadian renewables giant”. From a strict market capitalization perspective (currently at $44 million CAD), IWS is not really a “giant” (yet), but let´s take a look at the market potential as Scottish Water Horizons has estimated that up to 750 SHARC systems are needed to be installed to enable Scotland to achieve its carbon savings targets by 2020.
One SHARC system has already been installed successfully at the Borders College in Scotland, at costs estimated at $1.7 million CAD. If 750 such systems are to be installed in Scotland within the next 4 years, the market potential for IWS translates into a massive $1.3 billion CAD opportunity. This figure excludes any potential revenue sharing and cash distributions between IWS and Scottish Water from the heat and energy sales agreements that can be generated from such projects, which typically run for >20 years. The Borders College project has a revenue sharing agreement in place whereby IWS earns its share of revenue from heat sales to Borders College over the life of the project.
The IWS press-release disclosed that Scottish Water Horizons and IWS have collaborated for over 2 years, resulting in an identified pipeline of projects valued at £20 million GBP ($32.4 million CAD). From this it’s clear that Scottish Water Horizons and IWS are already executing against their ambitious goal of 750 SHARC systems; this is not simply a ‘blue sky’ target.
IWS may be a growth stage company but it’s already executing a >$1 billion dollar mandate with a world-class, national water utility in Scottish Water. And Scotland is only one, relatively small market (population of 5.3 million) when considering the global potential for the IWS technology.
In August 2016, IWS announced a $80 million CAD joint venture with RENEW Energy Partners LLC, a US-based clean energy developer and funding company committed to finance capital expenditures for 1,000 PIRANHA systems from IWS to be installed in California. Therefore, a single PIRANHA system installation averages about $80,000 CAD.
PIRANHA is a small, self-contained water heating system with a capacity of up to 100 kW, designed to be an easy to install “plug and play” system for commercial and 50-200 unit residential applications.
SHARC is a large, custom-designed water heating and space conditioning system with a capacity of 440-880 kW (source), which can be scaled to serve large district heating networks by adding multiple SHARCs. SHARC installations are individually designed and engineered for industrial, commercial and >200 unit residential applications. Thus, the price for a single SHARC system is much higher than a PIRANHA (also due to customized engineering on site), whereas the PIRANHA module can be shipped in a container to be installed easily on site with less engineering.
Federal and state grants totalling $1.3 million USD (1.7 million CAD) were made available to install a single SHARC system at the Camden Municipal Wastewater Treatment Plant in New Jersey, USA (source):
Susan Rice, Chair of Scottish Water, gave the following statement in the company´s Annual Report and Accounts 2015/2016:
“In 2015/16, we also commenced a 6 year, £3.5 billion investment programme which will see further improvements to water and waste water infrastructure around Scotland, improving drinking water quality, enhancing the environment and supporting jobs in the Scottish economy.”
Rockstone is looking forward to the release of further information from IWS and its alliance with Scottish Water Horizons, as they continue to execute on a billion dollar opportunity in Scotland over the next few years, which indeed would make IWS “a renewables giant” in due course.
Disclaimer: IWS has not reviewed this content prior to publication and may not agree to the statements made herein. Please read the full disclaimer here.
- Published in Blog, Green Technology, International Wastewater Systems
Namaste (N:CSE) Closes Private Placement
Namaste Closes Private Placement
– Momentum Public Relations –
Press Release: October 17, 2016
Namaste Technologies Inc. (“Namaste” or the “Company”) (CSE:N)(FRANKFURT:M5BQ) is pleased to announce the closing of its non-brokered private placement for gross proceeds of $3,000,000. In addition, the Company is pleased to announce the bridge note to the private placement has been converted to equity increasing the cash proceeds available to the Company.
Further to the Company’s press releases on October 5, 2016 and October 12, 2016, the Company has completed its non-brokered private placement of 25,000,000 units (the “Units”) of the Company for gross proceeds of $3,000,000 (the “Offering”). The Offering was completed at a price of $0.12 per Unit. Each Unit consists of one common share of the Company (a “Common Share”) and one-half of one common share purchase warrant (a “Warrant”), with each full Warrant being exercisable for one Common Share at an exercise price of $0.20 per Common Share for a period of 24 months from the date of closing.
The proceeds from the offering will be utilized to fund cash closing costs associated with the wind down and integration of the URT1 acquisition, increases in stock needed to support the expected sales increase as a result of the URT1 acquisition and general working capital. The acquisition of URT1 is anticipated to close in the coming days. The Company will also pay finders’ fees of 7{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} cash and 7{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} broker’s warrants to select eligible parties.
Further to the Company’s press release dated September 7, 2016, the Company has received election from its arm’s length bridge note lender (the “Lender”) to convert the total $400,000 principal amount into common shares of the Company at a price of $0.15 per common share in lieu of repayment. As a result, the Company will issue the Lender a total of 2,666,666 common shares and have increased cash proceeds available to the Company.
Sean Dollinger, President and CEO of Namaste, comments: “I am proud to say we now move forward fully capitalized to execute our acquisition of URT1 and business plan. I would like to thank investors for their overwhelming support for our placement.”
About Namaste Technologies Inc.
Namaste Technologies Inc. is an emerging leader in vaporizer and accessories space. Namaste has 26 ecommerce retail stores in 20 countries, offers the largest range of brand name vaporizers products on the market and is actively manufacturing and launching multiple unique proprietary products for retail and wholesale distribution. The Company is currently focused on expanding its product offering, acquisitions and strategic partnerships, and entering new markets globally.
- Published in Namaste Technologies, News Home
The Many Pros of Mobile Couponing
The Many Pros of Mobile Couponing
– Momentum Public Relations –
Gone are the days of sitting down, browsing the newspaper for weekly deals and daily coupons. Over the past few years, the weekly coupon cutting has been replaced with online daily deals, loyalty cards and digital coupon apps. In fact, in the United States alone, 103 million adults used digital coupons online. This represents 52{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of the population, with numbers only expected to grow within in upcoming years.
Mobile coupons have also grown in popularity over the last few years, and have benefitted companies who can now add deals and coupons in Apple’s passbook and through other mobile apps. This allow consumers to browse deals from brick and mortar stores, credit card in hand, rather than at home in front of their computers. Interestingly enough, 47{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of consumers would like to receive promotions and coupons on their devices when they are in or near retailers. Consumers carry their mobile phone wherever they go, using it as a main organizational tool in their lives. Knowing this, mobile coupons offer many advantages, even when compared to their digital counterparts.
For one, mobile couponing is mutually beneficial to both the consumer and the retailer. While consumers can view deals while in-store, saving them both time and money, the underlying technology allows merchants and retailers to measure real-time data on consumer purchases and buying habits, not to mention ROI. This information is vital in order to provide consumers with targeted discounts and coupons, which in turn creates more brand loyalty. We now see top retailers like Sephora, Target and even Starbucks offer coupons, conveniently accessible on a consumer’s smartphone. Retailers can also use special geo-targeting and proximity to end-user to ensure the most relevant ads are sent to certain consumers – they hit at the highest moment of impact, when the consumer can smell the fresh baked bread standing right outside the store.
Mobile coupons are also much more convenient over the traditional paper coupons – it’s much easier to show a barcode than to carry around countless pieces of paper, scurrying to find a relevant one at the cash register. As mentioned, consumers no longer need to browse weekly flyers and spend time cutting out relevant coupons. Because of the technology, companies can also send reminders to use mobile coupons, rather than leaving it up to the consumer to redeem.
Certain tech companies like Mobi724 Global Solutions have taken mobile couponing to the next level by allowing for the streamlining of mobile deals and couponing into what they call smart transactions. They allow the consumer to link all of their coupons and loyalty programs onto one banking card in order to benefit from a wide variety of discounts without even having to scan a barcode. With this technology, consumers can pick their interests and Mobi will find and link all relevant coupons to a credit or debit cards. This allows consumers the convenience of having to carry only one card, and to pick out areas of interest so that their deals are especially relevant. Using this smart transaction technology allows companies to target their coupons and advertising to the right consumers all while building brand loyalty and better customer relations. If there’s one thing the consumer has become less tolerant to through mobile couponing, it’s irrelevant advertising that is more difficult to ignore than through more traditional paper and digital couponing. This service also benefits the banks by ensuring constant use of the same bankcard on which the savings, thus ensuring better customer loyalty.
Statistically, mobile coupon users have higher household incomes, are better educated, shop more frequently than users of paper coupons. There will also be an estimated 1.05 billion mobile coupon users by the year 2019. These numbers show that smart transaction technology like Mobi’s will become increasingly popular, not to mention relevant. By offering targeted advertising, companies and larger retailers can create better relationships with their consumers and in turn, maximize their profits.
MOBI724 Global Solutions Inc. (CSE:MOS), a leader in the Fintech industry based in Montreal (Canada), offers a unique and fully integrated suite of Payment & Digital Marketing solutions. They are innovating in our market with a combined EMV Payment, Card Linked Offers, and Digital Marketing platform that works on any card and any mobile device. We pioneered in adding intelligence to all types of transactions benefiting banks, retailers and cardholders.
For more information on Mobi724 please visit: www.mobi724globalsolutions.com
- Published in Blog, Financial Technology, Mobi724 Global Solutions, Mobile Technology, Technology
IWS Announces Strategic Alliance with Scottish Water Horizons
IWS Announces Strategic Alliance with Scottish Water Horizons
– Momentum Public Relations –
Press Release: October 14, 2016
International Wastewater Systems Inc. (the “Company”) (CSE:IWS)(FRANKFURT:IWI)(OTC PINK:INTWF) is pleased to announce that its wholly owned subsidiary SHARC Energy Systems (UK) Ltd. (“SHARC Energy”) will form a strategic alliance with Scottish Water Horizons Ltd. (“Scottish Water Horizons”), the commercial subsidiary of Scottish Water, a public water utility owned 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} by the Scottish Government.
Scottish Water serves approximately 5 million residential customers and 150,000 business customers in Scotland, and is the sole provider of water and waste water services to an area of over 30,000 square miles, a third of the area of Britain. Scotland has a coastline of over 6,800 miles, with a small and relatively dispersed population which requires a large number of small water and waste water treatment plants. Every day Scottish Water supplies 1.34 billion litres of drinking water and takes away 847 million litres of waste water from customers and treats it before returning it to the environment.
Scottish Water Horizons is mandated to drive Scottish Water’s green agenda, developing renewable energy projects and leveraging commercial value from Scottish Water’s assets to contribute to a greener and better connected Scotland.
Scottish Water Horizons and SHARC Energy are joining forces to help businesses and public organizations reduce heating costs and carbon emissions. The companies have confirmed their intention to establish a strategic alliance to expand and accelerate the deployment of Sewage Heat Recovery systems around Scotland (“Strategic Alliance”).
The Strategic Alliance follows the launch of the UK’s first Sewage Heat Recovery system, developed by SHARC Energy at Borders College in Galashiels, Scotland (approximately 5,500 students) which aims to displace 1.8 GWhs (Giga Watt hours) of natural gas and save 150 tonnes of carbon emissions per year.
The innovative SHARC thermal heat recovery system developed by International Wastewater Systems has been deployed in numerous international locations, intercepts wastewater from sewers and uses heat pump technology to amplify the natural warmth of waste water. This generates an energy-saving, cost-effective and environmentally-friendly system for heating, cooling and hot water production in commercial, residential and industrial buildings.
The Strategic Alliance will support the Scottish Government’s ambitious renewable heat and carbon reduction targets for 2020. It is the result of 2 years of informal collaboration between SHARC Energy and Scottish Water Horizons, which has created a £20 million (CAN$32.4 million) pipeline of potential installations across Scotland that when deployed would generate 170 GWHs per year of heating and cooling to displace the fossil fuel currently used.
Scottish Water Horizons has estimated that up to 750 such systems would need to be installed by 2020 to enable Scotland to achieve its carbon savings targets.
Commenting on the announcement, Andrew Macdonald, Head of Scottish Water Horizons, said:
“The potential to deploy this technology is significant. Heat accounts for over half of Scotland’s total energy use and we believe that by harnessing the natural resources of our vast waste water network, we can further the development of Scotland’s low carbon economy, whilst protecting and enhancing the environment.”
“Scottish Water treats over 900 million litres of waste water every year and we are determined to maximise the opportunities presented. Our alliance with SHARC Energy is an exciting opportunity which will help to accelerate the deployment of this proven technology on a wider scale, providing customers with an innovative and sustainable lower cost heating solution.”
Commenting on the announcement, Russ Burton (COO) International Wastewater Systems, said:
“This announcement is a very exciting step for SHARC Energy and IWS and represents the culmination of two and a half years working with Scottish Water Horizons to identify opportunities for the SHARC technology. Having the support from Scottish Water Horizons will give customers the confidence in the SHARC technology, positioning it as a sustainable and viable wastewater heat recovery solution.”
Lynn Mueller (CEO) International Wastewater Systems commented:
“IWS’s strategic alliance with Scottish water is a significant milestone for our Company and demonstrates how far we have come in a very short space of time. We are delighted to be partnering with one of the world’s leading water utility operations. This achievement truly is indicative of the scale of the opportunity we have uncovered.”
ON BEHALF OF THE BOARD
Lynn Mueller, Chairman and Chief Executive Officer
About Scottish Water Horizons Ltd.
Scottish Water Horizons Ltd is a commercial subsidiary wholly owned by Scottish Water. The company plays a key role in supporting the development of Scotland’s sustainable and circular economy by making the most of the public utility’s vast array of assets.
From generating renewable energy from waste, wind and solar power to recycling food and aggregates waste, Scottish Water Horizons is improving connections, communications and enabling sustainable development.
The company’s growth strategy is to support Scotland as a developing Hydro Nation and take opportunities to harness Scottish Water’s asset base through both its own development and working in partnership with other organisations including the public and private sectors.
www.scottishwater.co.uk/horizons
About Scottish Water
Scottish Water provides clear fresh drinking water to 2.46 million households and 150,000 business premises across Scotland. Every day, Scottish Water also takes away 921 million litres of waste water, which is treated before being safely returned to the environment. In recent years, Scottish Water has been working to build an increasingly sustainable business.
About International Wastewater Systems Inc.
International Wastewater Systems Inc. (and its wholly owned subsidiary SHARC Energy Systems (UK) Ltd.) is a world leader in thermal heat recovery. IWS systems recycle thermal energy from wastewater, generating the most energy efficient and economical systems for heating, cooling & hot water for commercial, residential and industrial buildings. IWS is publicly traded in Canada (CSE: IWS), the United States (OTC: INTWF) and Germany (Frankfurt: IWI).
http://www.sewageheatrecovery.com/
- Published in Green Technology, International Wastewater Systems, News Home
Puma Exploration to Acquire 100 of Murray Brook Deposit and Significant Land Package
Puma Exploration to Acquire 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of Murray Brook Deposit and Significant Land Package in the Brunswick Belt in New Brunswick
– Momentum Public Relations –
Press Release: October 13, 2016
Puma Exploration (TSX VENTURE:PUM)(SSE:PUMA) is pleased to announce that it has executed an asset purchase agreement with Votorantim Metals Canada Inc. and signed a letter of intent with El Nino Ventures (ELN-V) to acquire, respectively, approximatively 67.9{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} and 32.1{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} beneficial interest in the Murray Brook Zn-Pb-Cu-Ag Volcanogenic Massive Sulphide (“VMS”) deposit located in the famous Bathurst Mining Camp (“BMC”) of northern New Brunswick. The Murray Brook property consists of Mining Lease 252 and contiguous Mineral Claim Block 4925 (245 claims) located 4 km west of the producing Caribou Mine, which is owned and operated by Trevali Mining Corporation. Both of the aforementioned transactions are expected to close on or about November 15th, 2016.
HIGHLIGHTS:
• The Murray Brook deposit contains historical resources of 1 billion pounds (lbs) of zinc, 183 million lbs of copper, 390 million lbs of lead, 23.9 million ounces (“oz”) silver and 338,000 oz. of gold within historical Measured and indicated Resources of 17,884,000 tons @ 2.73{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Zn, 0.47{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Cu, 0.99{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Pb, 41.7 grams per ton (“g/t Ag”) and 0.59 g/T Au. The historical resource estimates were prepared for Votorantim Metals Canada Inc in accordance with NI43-101. in 2012 from 132 holes and use terminology compliant with current reporting standards. Puma has not made any attempt to re-classify the estimates according to current standards of disclosure and is not treating the estimate as current mineral resources or mineral reserves. Investors are cautioned that “historical resources” are considered conceptual in nature and there is no guarantee that historic “potential resources” will be able to be converted into current NI43-101 resource categories or demonstrate economic viability. A qualified person has no done sufficient work to classify the historical estimate as current mineral resources.
• Preliminary metallurgical tests indicated recoveries of up to 88{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} zinc.
• Gravity and soil geochemical targets exist along strike from the Murray Brook deposit and there are high priority drill-ready targets in favorable stratigraphy and along strike from the nearby Caribou Mine within Mineral Claim Block 4925.
Marcel Robillard, president of Puma, said “I am very pleased that we have been able to reach agreement with Votorantim Metals Canada Inc. and El Nino Ventures Inc. to acquire 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of the Murray Brook deposit and look forward to completing the definite transactions by November 15th, 2016. The next step will be to update the historical Resources Estimate done in 2012 and the PEA released in 2013 to show the actual metal prices. This acquisition is another step to become a leader in Zinc Exploration in New Brunswick and it is a substantial addition to our portfolio of base metals projects in New Brunswick, which include the Turgeon, Nicholas-Denys and the newly acquired Red Brook projects.”
The Murray Brook VMS deposit is hosted within a sheath fold; enveloped by a halo of chlorite-sericite alteration. There are 2 distinct lenses to the deposit; a western lens, which is deeper and zinc-rich, and an eastern lens that is shallower and copper-rich with some zinc. The bottom of the deposit is approximately 350 meters below surface.
Table 2. Selected drill-hole intersections at Murray Brook Deposit
Hole ID | From (m) |
To (m) |
Interval (m) |
Cu {92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} |
Pb {92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} |
Zn {92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} |
Au (g/t) |
Ag (g/t) |
MB-2012-138 | 182.00 | 226.00 | 44.00 | 0.19 | 4.90 | 9.16 | 0.68 | 164 |
MB-2011-52 | 181.00 | 224.00 | 43.00 | 0.29 | 3.64 | 8.51 | 0.99 | 118 |
MB-2012-132 | 165.00 | 200.00 | 35.00 | 0.14 | 3.48 | 10.35 | 1.36 | 121 |
MB-2012-110 | 108.00 | 154.00 | 46.00 | 0.08 | 1.46 | 6.96 | 0.23 | 57 |
MB-2011-49 | 118.00 | 157.00 | 39.00 | 0.32 | 3.22 | 7.67 | 1.39 | 120 |
MB-2012-107 | 60.00 | 93.00 | 33.00 | 0.10 | 2.63 | 8.66 | 0.33 | 109 |
MB-2012-70 | 211.00 | 234.00 | 23.00 | 0.41 | 4.74 | 11.94 | 1.56 | 153 |
MB-2012-90 | 165.00 | 189.00 | 24.00 | 0.13 | 4.22 | 11.10 | 0.74 | 160 |
MB-10-16 | 44.00 | 71.00 | 27.00 | 0.47 | 3.39 | 9.56 | 0.12 | 122 |
MB-2011-39 | 190.00 | 210.00 | 20.00 | 0.18 | 3.82 | 10.90 | 1.34 | 115 |
MB-2011-30 | 55.00 | 78.00 | 23.00 | 0.14 | 3.03 | 8.93 | 0.46 | 131 |
The Murray Brook VMS deposit is hosted within sedimentary rocks of the Mount Brittain formation. Recent geological mapping has identified exposures of the same rocks to the east of the deposit (on Mineral Claim Block 4925), that have not been recognized in the past. Notably, several gravity anomalies defined by a recent ground survey as well as a number of lead-zinc in-soil anomalies are coincident with the mapped exposures of the Mount Brittain formation and provide excellent targets for diamond drilling in efforts to find additional mineralization. Of note, the Murray Brook VMS deposit shows up prominently as a strong gravity anomaly coincident with strong lead and zinc in-soil values. Additionally, large-loop electromagnetic surveys (Pulse EM) are warranted in the immediate locale of the deposit itself and along strike from it, to assist in finding satellite deposits to the known mineralization.
Terms of the transactions:
Puma will acquire Votorantim Metals Canada Inc.’s 67.9{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} beneficial interest and El Nino Ventures Inc.’s 32.1{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} beneficial interests in the Murray Brook property by concluding two (2) distinct transactions.
To acquire Votorantim Metals Canada interest (67.9{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce})
a. C$1.0 million upon closing (no later than November 15th, 2016)
b. C$2.0 million payable 12 months from closing
c. C$3.0 million upon the earliest of commercial production or September 30th, 2019,
plus a laddered NSR starting at 0.25{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} at a zinc price of US$1.04/lb and increasing, in increments of 0.25{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}, to a maximum of 1.75{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} above US$1.50/lb Zn in relation to 67.9{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of the production from the Murray Brook Property, which includes the Mining Lease and the Camel Back claims, for actual Murray Brook deposit and any new discovery for their respective life of mine.
Additionally, Puma will assume and fund Votorantim Metals Canada Inc.’s liability for the C$2 million Environmental Bond Letter of Credit with the New Brunswick government and assume the C$3 million + 0.25{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} NSR or the 1{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} NSR, December 2017 option payment obligation to Murray Brook Minerals.
To acquire El Nino Ventures’s interest (32.1{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce})
a. C$50,000 non-refundable deposit to be paid 10 days following the waiver of the ROFR from El Nino. This deposit becomes binding on receipt of the waiver of the ROFR from El Nino.
b. C$0.6 million upon closing of this transaction (no later than Nov.15th, 2016)
c. C$0.4 million payable six (6) months after the closing (no later than May.15th, 2017)
d. C$1.0 million payable twelve (12) months from closing (no later than Nov.15th, 2017)
e. C$1.0 million payable twelve (24) months from closing (no later than Nov.15th, 2018)
f. 2,000,000 warrants given the right to buy 2,000,000 Puma’s ordinary shares expiring 3 year after the closing of the transaction based on the following exercise prices:
1) 0 to Year 1 (Nov 15, 2017): Equal to the price of the acquisition equity financing;
2) Year 1 to Year 2 (Nov 15, 2018): a 20{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} premium to the price indicated in 1) above;
3) Year 2 to Year 3: a 20{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} premium to the price indicated in 2) above,
plus a laddered NSR starting at 0.25{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} at a zinc price of US$1.04/lb and increasing, in increments of 0.25{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}, to a maximum of 1.75{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} above US$1.50/lb Zn in relation to 32{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of the production from the Murray Brook Property, which includes the Mining Lease and the Camel Back claims, for actual Murray Brook deposit and any new discovery for their respectively LOM.
Votorantim Metals Canada Inc. will retain title to the project as security until the assumption of the environmental liability has been completed and Votorantim Metals Canada Inc.’s liability is released by the Government of New Brunswick.
About BMC
The BMC is a well-established mining district hosting numerous mines with infrastructures mines and deposits including the Brunswick No. 12 deposit, having produced zinc, lead, silver and gold for well over 60 years. In addition to Brunswick No. 12, there are more than 30 other massive sulphide deposits and numerous prospects in the BMC, attesting to its vast world-class endowment and mineral potential.
About Puma Exploration
Puma Exploration is a Canadian mineral exploration company with advanced precious and base metals projects in Canada. The Company’s major assets are the Turgeon Zinc-Copper Project and the Nicholas-Denys Project in New Brunswick and their equity interest in BWR as related to the Little Stull Lake Gold Project in Manitoba. Puma is focusing its exploration efforts in New Brunswick. Canada.
To view the maps associated with this press release, please visit the following links:
Puma Exploration Acquisition: http://media3.marketwire.com/docs/490_Acquisition.pdf
Geophysical Targets on Murray Brook Claims: http://media3.marketwire.com/docs/490_GphTargets.pdf
You can visit us on Facebook and Twitter.
Learn more by clicking here: www.pumaexploration.com
- Published in Mining, News Home, Puma Exploration
Equitas (EQT:tsxv) Reports Drilling Results , and Announces Termination of Negotiations with Cartesian
Equitas Resources Corp. Reports Drilling Results from the Crente Zone at the Cajuiero Project, and Announces Termination of Negotiations with Cartesian Royalty Holdings
– Momentum Public Relations –
Press Release: October 13, 2016
Equitas Resources Corp. (“Equitas” or the “Company”) (TSXV: EQT) (US: EQTRF) (Frankfurt: T6UN) reports on drilling results at Crente and provides a progress update for the 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}-owned Cajueiro Gold Project (“Cajueiro”) in Central Brazil.
Major highlights include:
- Two in-fill holes beneath the Garimpeiro pit at Crente further define the broad zone of near-surface Au mineralization intersected by historic drilling;
- A topographic survey has been completed over the current area of interest at Cajueiro;
- Engineering design and costing is in progress for the initial 600 tonne per day (tpd) Carbon-In-Leach (CIL) plant to process material from the upcoming bulk sampling program;
- The environmental permitting process is ongoing.
- The Company and Cartesian Royalty Holdings (CRH) have agreed to not pursue further negotiations on a proposed US$ 6 million equity and debt facility.
https://www.equitasresources.com/assets/img/crente-wb-+-baldo-rb-targets.jpg
Figure 1: Crente Target at Cajueiro Property
Crente Drilling
After conclusion of the 2016 Baldo drilling program, two additional holes (CJO_094 and CJO_095) totaling 252m were drilled below the old Garimpo pit at Crente, to provide in-fill in the near-surface environment, and to test an interpretation that suggested a significant steeply dipping mineralized trend intersected by historic borehole CJO_019-10 (31m @ 2.37 g/t Au, including 9.4m @ 4.15 g/t Au). Results are documented in Table 1 below:
BHID | From (m) | To (m) | Cored Intvl (m) | g/t Au |
CJO_094 | 90.0 | 121.0 | 31.0 | 1.12 |
including | 103.0 | 107.0 | 4.0 | 2.20 |
CJO_095 | 20.0 | 49.0 | 29.0 | 1.03 |
including | 36.0 | 40.0 | 4.0 | 3.14 |
including | 37.0 | 38.0 | 1.0 | 8.20 |
https://www.equitasresources.com/assets/img/table-1.JPG
Table 1: Mineralized intervals from CJO_094 and CJO_095 at Crente
The intervals achieved are typical of the Crente environment, hosted within a broad sericite-chlorite-quartz alteration package, emplaced along a 040o striking, -70o SE dipping shear, with later brittle deformation interpreted as the trigger for the mineralizing events. Gold mineralization is associated with quartz veining, massive veinlets of pyrite and disseminated pyrite within the altered rhyolitic package. Of note is that both intersections host a “core” of Au enrichment compared to the surrounding mineralized envelope.
Commenting on the results of the drilling, VP Exploration Everett Makela stated “Results of the drilling have not shown any conclusive evidence for a higher-grade structure separate from the current Crente model. Instead, the broad, near-surface intervals of mineralization encountered in this round of drilling lend further support for the potential of Crente to represent a significant portion of the open-pit component at the Cajueiro Project.”
https://www.equitasresources.com/assets/img/8.2.jpg
Figure 2: Mineralization in CJO_095 @ 37.7m. Interval from 37.0m to 38.0m grades 8.20 g/t Au
https://www.equitasresources.com/assets/img/long-section.jpg
Figure 3: Crente Vertical Longitudinal Section, with historic borehole length-weighted intervals, and intervals achieved in CJO_094 and CJO_095
Topographic Survey
A high-resolution Unmanned Aerial Vehicle (UAV) topographic survey covering a 1324 ha area encompassing the current Cajueiro resource and exploration areas, and the proposed processing site, was completed during late August by Geoscan Geotecnica. Final products were delivered in late September, including a Digital Terrain Model (DTM), 1m contour interval maps, and a geodesic point mark with 10mm precision to serve as first order control for subsequent site surveys.
CIL Plant Design
Design and costing for a 600 tpd CIL plant to process material from the upcoming Cajueiro bulk sampling program is in progress, under the direction of Equitas’ General Manager Sergio Aquino, in collaboration with Testwork Desenvolvimento de Processa Ltda, based in Nove Lima, Minas Gerais State Brazil.
President and CEO of Equitas, Chris Harris commented “These results support our building of a case for the Crente south area as one which could provide a long-life, wide thickness moderate grade backbone to support our proposed CIL plant operations at the Cajueiro Project.”
Quality Assurance\Quality Control (QA\QC) and Analytical Method
All sample batches include 5{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} QA\QC samples consisting of blanks, standards and duplicates or twins, submitted to SGS GEOSOL in Vespasiano, Minas Gerais State, Brazil. Analysis is performed by fire assay with 50g fusion and Atomic Absorption Spectroscopy.
Cajueiro Project
The Cajueiro Project is located in Central Brazil within Mato Grosso and Para states. The project encompasses 39,053 hectares and is located 95 kilometers north of the city of Alta Floresta.
The NI 43-101 Technical Report on Resources (Gustavson, 2016) for Cajueiro documents an Indicated Mineral Resource of 8.636 million tonnes containing 214,100 ounces of gold at 0.771 g/t (sulphide bedrock domain); an Inferred Mineral Resource of 9.526 million tonnes containing 203,500 ounces of gold at 0.664 g/t (sulphide bedrock domain), and an Inferred Mineral Resource of 1.374 million tonnes containing 78,400 ounces of gold at 1.775 g/t (oxide saprolite domain).
The 2016 exploration program to date has added information to a portion of the Inferred Resources at Baldo, and the Indicated Resource (sulphide) at Crente. A revised 43-101 Resource Estimate will be completed after all of the results from the 2016 exploration program have been received and incorporated into the model.
Termination of the CRH US$ 6 Million Funding Opportunity
Despite extensive negotiations over the last few months, the Company and CRH were ultimately unable to agree on mutually acceptable terms for the binding equity and debt financing proposal, and in good faith both parties agreed to step away from the proposed deal. Equitas is in discussions with several other providers of long term financing to fund our business plan of exploration and development.
NI 43-101 Disclosure
Everett Makela, P. Geo., VP Exploration for Equitas Resources Corp., a Qualified Person as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release.
For more information on Equitas Resources Corp., please contact Sean Kingsley, Corporate Communications at 604-681-1568 or skingsley@equitasresources.com.
On Behalf of the Board of Directors,
EQUITAS RESOURCES CORP.
“Chris Harris” Chris Harris
President & CEO
Tel: 604-681-1568
- Published in Equitas Resources, Mining, News Home
Riverbed Stabilization and Tailings Pond Work Completed LIDAR Survey Commencing
October 12, 2016 / TheNewswire / Vancouver, Canada (TSX.V: KS) Further to the News Release dated August 31, 2016, Klondike Silver’s team, supervised by Golder Associates has successfully completed the armouring the southside of Carpenter Creek for 800 meters in order to mitigate the risk of the creek overflowing it banks and potentially damaging Klondike Silver’s surface infrastructures. This work was required by the British Columbia Ministry of Energy and Mines and approved by Fisheries and Oceans Canada and the British Columbia Ministry of Forests Lands and Natural Resources.
Golder Associates has completed the field work necessary to provide a current Annual Dam Safety Inspection Report for filing with the British Columbia Ministry of Energy and Mines. Golder Associates will utilize the inspection work to delineate a Dam Break Study which will assist Klondike Silver in carrying out further work necessary to comply with Ministry of Energy and Mines in regard to the Company’s tailings dams.
LIDAR Survey
Klondike Silver is in the process of conducting a LIDAR ( L ight I maging, D etection, A nd R anging) survey to be flown over the entire set of the Company’s claims. This technology uses a narrow laser beam to map physical features at a very high resolution, in UTM NAD83 coordinates. Klondike Silver’s goal is to use this survey as part of the plan to uncover new economic silver-lead-zinc mineralization in this under-explored area of British Columbia. New discoveries will enable the Company to put the property back into production.
The LIDAR survey will provide Klondike Silver with high resolution topography which will accurately delineate surface features such as roads, old mine dumps, portals, buildings, etc., that were unobtainable, in the past. A three dimensional (3D) map will be generated, for the first time in the Camp’s history. Historic workings and geological features, originally mapped on paper in numerous local mine grids will be digitized and translated into NAD83 coordinates. This data will be added to the 3D topographical map to generate geological models of the known lodes (veins) and other geological structures. These 3D geological models can then be extrapolated to identify new drill targets.
New surface exploration programs recommended in the 2016 NI 43-101 technical report will utilize the 3D map to uncover new, near-surface mineralization, on the Company’s property.
About Klondike Silver
Mr. Richard Hughes, Chairman of Klondike Silver’s Technical Advisory Board identified and initiated the purchase and staking of mineral claims in the Slocan Silver Camp commencing in approximately the year 2000. The Camp was fragmented among many owners throughout its history. Klondike Silver’s land package has grown in size to over 100 km 2 , to become the largest land package in the Slocan Silver Camp. Based on the British Columbia MINFILE mineral database, sixty eight (68) of the one hundred and seventy three (173) past producing mines in the Slocan Silver Camp are located in the Klondike Silver land package. Klondike Silver has created the first real opportunity to invest and properly explore a sizeable portion of one of the most historic mining camps in British Columbia.
The scientific and technical disclosure in this news release has been reviewed and approved by David Makepeace, P.Eng., Senior Geologist – Environmental Engineer for Micon International Limited, who is an independent consultant to the Company and qualified person as defined in NI 43-101.
For additional information please visit the company website www.klondikesilver.com .
CONTACT INFORMATION
Corporate Inquiries:
Dale Dobson: (604) 682-2928
Email: dale.dobson@klondikesilver.com
On Behalf of the Board of Directors
Klondike Silver Corp.
“Thomas Kennedy”
Thomas Kennedy
CEO
This news release contains certain forward looking statements which involve known and unknown risks, delays, and uncertainties not under the control of Klondike Silver Corp. which may cause actual results, performance or achievements of Klondike Silver Corp. to be materially different from the results, performance or expectation implied by these forward looking statements. By their nature, forward looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors.
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.
Copyright (c) 2016 TheNewswire – All rights reserved.
- Published in Klondike Silver Corp., Mining, News Home
Namaste Announces New Agreements With PAX Labs and Firefly Vapor
Namaste Announces New Agreements With PAX Labs and Firefly Vapor
– Momentum Public Relations –
Press Release: October 11, 2016
Namaste Technologies Inc. (“Namaste” or “Company”) (CSE:N)(FRANKFURT:M5BQ) is pleased to announce two new agreements with industry leading manufacturers, PAX Labs (“PAX”) and Firefly Vapor (“Firefly”). The agreements with PAX and Firefly approve Namaste to sell their products in North America and over 20 countries internationally. Namaste is the only company in the world to receive international rights from these companies.
PAX and Firefly are two of the most innovative manufacturers of portable vaporizers and carry two of the most sought after products on the market. As the Company prepares for the holiday season, the most productive period of the year for vaporizer and accessory sales, these expanded relationships position Namaste for what is anticipated to be considerable e-commerce traffic and sales generation. Provided to a select number of companies in the industry, these contracts were awarded based on Namaste’s leading position in the e-commerce market segment with the anticipated closing of the URT1 acquisition in the coming week, international exposure, and strong logistics networks and customer service standards.
Sean Dollinger, President and CEO of Namaste, comments: “These agreements with PAX and Firefly represent major commercial steps forward for Namaste and further display our expanding market position as the leading e-commerce seller of vaporizers and accessories globally. Both these companies set the standard for excellence and innovation in the industry and we anticipate strong demand for these products through our e-commerce platforms. Our team has worked extensively with each of these companies to secure the ability to offer these products in North American and overseas. I would like to thank each of these companies for their support and the faith they have in Namaste to successfully carry their brands.”
About PAX Labs
Founded by two Stanford Design Program graduates, San Francisco-based PAX was developed with the mission of making smoking obsolete. The company creates superior, beautiful and technologically advanced products that push the boundaries of vaporization. PAX is the manufacturer of the PAX 2, which is the best-selling portable dry herb vaporizer in the world. PAX recently announced the release of the PAX 3, an updated version of the PAX 2 that is compatible with waxes and essential oils, features medical-grade materials, built-in rechargeable battery that powers four heating temperatures, and a mobile application to customize the unit features.
About Firefly Vapor
Mark Williams and Sasha Robinson founded Firefly Vapor in 2012 with the singular goal of enhancing people’s lives by creating the very best vaporizers in the world. Their first product, the Firefly, immediately earned praises from the likes of Wired Magazine and the New York Times as well as vape experts and connoisseurs. Firefly is the manufacturer of the Firefly 2, an innovative vaporizer that offers best in class performance. The Firefly 2 is enhanced with multiple new technologies including a smart-phone application to control various temperature and user profiles, touch sensors to activate the heating element, light weight construction and heating components that bring the device to temperature in only 3 seconds.
About Namaste Technologies Inc.
Namaste Technologies Inc. is an emerging leader in vaporizer and accessories space. Namaste has 26 ecommerce retail stores in 20 countries, offers the largest range of brand name vaporizers products on the market and is actively manufacturing and launching multiple unique proprietary products for retail and wholesale distribution. The Company is currently focused on expanding its product offering, acquisitions and strategic partnerships, and entering new markets globally.
On behalf of the Board of Directors
Sean Dollinger, Chief Executive Officer
Further information on the Company and its products can be accessed through the link below:
- Published in Namaste Technologies, News Home
Puma Exploration Inc. (PUM:tsxv) Finalizes Negotiations on a Definitive Sale Agreement with BWR Exploration on Little Stull Lake Gold Project, Manitoba
Puma Exploration Inc. (PUM:tsxv) Finalizes Negotiations on a Definitive Sale Agreement with BWR Exploration on Little Stull Lake Gold Project, Manitoba
– Momentum Public Relations –
Press Release: October 7th, 2016
Puma Exploration (TSX VENTURE:PUM)(SSE:PUMA) has executed a definitive sale agreement, whereby BWR can acquire 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} interest in the Little Stull Lake Gold project in Northern Manitoba from Puma Exploration Inc. (“Puma”). The closing is subject to the approval of the TSX Venture exchange.
Definitive Agreement
The main elements of the definitive agreement include:
- Cash payments of $150,000 to Puma; the first $50,000 was paid upon signing the LOI on July 11, 2016, there are two additional milestone payments of $50,000 each, payable within 30 days of Edmund Lake and Kistigan Mineral Exploration Licenses being granted and transferred to BWR by Manitoba Department of Natural Resources.
- Puma will receive up to 10 million BWR common shares, of which 4,750,000 are subject to escrow provisions. 4,750,000 of the first 5,000,000 securities will be delivered to Puma upon execution and approval of the definitive agreement to be released in increments over a 36-month period, 250,000 shares will similarly be delivered as directed by Puma to a finder. The additional 5,000,000 additional securities are to be delivered to Puma as directed by Puma, upon certain exploration and development milestones being met by BWR over the next several years as follows:
- 1 million shares to be issued once 500,000 ounces of gold have been identified in the measured and indicated category;
- 1 million additional shares to be issued once 1,000,000 ounces of gold have been identified in the measured and indicated category;
- 1 million additional shares to be issued once a positive preliminary economic analysis has been prepared;
- 2 million additional shares to be issued upon delivery of positive feasibility study.
Notwithstanding the above, with respect to the additional 5,000,000 securities, BWR must expend $1.5 million in exploration within the first 36 months of the effective date. Failure on the part of BWR to do so will result in the additional 5,000,000 securities being issued to Puma in accordance with provisions of the escrow agreement.
- Puma has nominated Marcel Robillard to be their representative on the BWR Board of Directors as part of the agreement. BWR has agreed to add Mr. Robillard to its’ Board of Directors upon closing of the agreement.
- Puma will have the right to maintain its’ pro rata equity interest in BWR by investing in future financings of BWR for as long as it maintains greater than 10{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} equity. The pro rata equity interest calculation is as if Puma has received all 9.75 million shares.
- If commercial production is attained at the Little Stull Lake Project, Puma retains a non-buyable 1{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} NSR.
- BWR has assumed Puma’s right of first refusal regarding an underlying 1{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} net smelter royalty that is payable to Tanqueray Resources Inc. (“Tanqueray”). This underlying royalty is buyable in its entirety at anytime for $3 million by BWR, Tanqueray has consented to this assignment.
The Little Stull Lake Gold Project
The Little Stull Lake Gold project consists of 20 staked mining claims covering approximately 2,387 hectares that cover the main exploration sites for the project. The staked claims were originally staked in 1984 and have applied assessment credits making them valid until 2025. The 20 claims are surrounded by the Kistigan Mineral Exploration License (M.E.L. 1026A) application covering an area of approximately 15,640 hectares. The western extension of the project is covered by the Edmund Mineral Exploration License (M.E.L. 426A) application covering an area of approximately 20,308 hectares. The Little Stull Lake Project covers exploration rights over a total of 38,335 hectares (approximately 384 square kilometers), including the 20 claims and the two Mineral Exploration Licenses.
Historical results on Project
Historical drilling has been carried out in three drill campaigns, initially by Westmin Resources Inc. in the period 1984 to 1990 when 202 drill-holes were completed totalling 34,498 meters, followed by Wolfden Resources Inc. drilling 7 holes in 2000 totalling 1,423 meters, followed by Puma Exploration drilling 10 holes in 2007 totalling 1,500 meters. These 219 drill holes represent an aggregate of 37,421 metres, the analysis of which resulted in the delineation of five separate zones of gold mineralization along a 6.2 kilometre geological structure. Most of the drilling focussed on the West Zone reported by Westmin in 1991, to contain a potential resource estimate of 750,000 tons averaging 10.5 g/t Au as recorded in Open file 90-2 by Manitoba Department of Energy and Mines (p 58), also reported in Canadian Intergovernmental Working Group on Mineral Industry, in 2008. The Westmin resource estimate is considered historical in nature and was done prior to the implementation of NI 43-101 reporting requirements and adoption of CIM Guidelines for Estimation of Mineral Resources and Reserves, however the reported resource estimate is considered relevant as it has been used as reference to the gold potential of the region in various technical reports about the area by government agencies. A Qualified Person has not done sufficient work to classify this historical estimate and the Company is not treating this historical estimate as a current mineral resource estimate.
Recent activity in Project area
Most notably, in June, 2015 Yamana Gold (TSX:YRI) acquired Mega Precious Metals (TSX VENTURE:MGP), in a share transaction valued at an estimated $17.5 million. As a result of this corporate takeover, Yamana now holds title to the Monument Bay Gold Deposit, that is located approximately 20 km southwest of BWR’s Little Stull Lake Gold Project. The Little Stull Lake mineralized gold zones lie in a similar geological environment to those on the Monument Bay property. Recent news by Yamana includes an update press release on September 6, 2016 where they report an Indicated Mineral Resource of 1.787 million ounces of gold contained in 36.58 million tonnes at a grade of 1.52 g/t Au and an Inferred Mineral Resource of 1.781 million ounces of gold contained in 41.97 million tonnes at an average grade of 1.32 g/t Au. The mineralization hosted on the Monument Bay property is not necessarily indicative of the mineralization, if any, hosted on the Company’s property.
“BWR is excited about this new exploration and development opportunity acquired from Puma Exploration. Our Board of Directors is looking forward to working with Marcel Robillard of Puma over the next several years as the Little Stull Lake Gold Project matures from an attractive exploration project into what BWR hopes to be a development project. Puma will continue focussing their exploration efforts on their base metal assets in New Brunswick while BWR focuses on this exciting gold project.” notes Neil Novak, President and CEO of BWR Exploration Inc.
BWR is a public company (TSX VENTURE:BWR) focused on exploring early stage projects for base and precious metals, with three exploration projects in Northern Ontario, and more recently one in Northern Quebec, Canada. Management of BWR includes an accomplished group of exploration/mining specialists with many decades of operational experience in the junior resource sector. There are currently 39,191,961 shares issued in BWR prior to this transaction.
The contents of this press release were prepared by Dominique Gagné, PGeo, a Qualified Person as defined in NI 43-101. The samples were analyzed at the ALS Chemex laboratory in Val d’Or using the atomic absorption and ICP methods. There is not enough drilling data presently available to determine the shape and true width of the mineralized zone. 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.
This press release may contain forward-looking statements. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of BWR Exploration Inc. to be materially different from actual future results and achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date the statements were made, except as required by law. BWR Exploration Inc. undertakes no responsibility to publicly update or revise any forward-looking statements. These risks and uncertainties include: the uncertainty of completing the acquisition of the project from Puma at all as the final acquisition is subject to regulatory approval, or on the terms described in this press release, or that actual results obtained by BWR in the future may differ materially from the historical results described in this press release, which historical results have not been verified by BWR. In addition, readers of this press release should review the risks and uncertainties that are described in the quarterly and annual reports and in the documents submitted to the securities administration. Neither the Toronto 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.
About Puma Exploration
Puma Exploration is a Canadian mineral exploration company with advanced precious and base metals projects in Canada. The Company’s major assets are the Turgeon Zinc-Copper Project and the Nicholas-Denys Project in New Brunswick and their equity interest in BWR as related to the Little Stull Lake Gold Project in Manitoba. Puma is focusing its exploration efforts in New Brunswick. Canada.
You can visit us on Facebook and Twitter.
Learn more by clicking here: www.pumaexploration.com
- Published in Mining, News Home, Puma Exploration