Welcome!

.NET Authors: Sandi Mappic, Ivan Antsipau, JP Morgenthal, Yeshim Deniz, Carmen Gonzalez

News Feed Item

Canadian Phoenix Releases Third Quarter Results and Issues Management Information Circular

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/21/12 -- CANADIAN PHOENIX RESOURCES CORP. (TSX VENTURE:CXP) ("Canadian Phoenix" or the "Corporation"), a junior oil and gas company, announces the results for the third quarter of its 2012 fiscal year and the release of a Management Information Circular.

2012 THIRD QUARTER HIGHLIGHTS


--  The Corporation held $78.1 million in cash and cash equivalents and
    maintained a working capital surplus of $78.0 million as at September
    30, 2012.
     
--  Net and comprehensive loss was $73 thousand, or $nil per share, and
    included a $90 thousand non-cash write-down of capitalized office
    leasehold costs.
     
--  The Corporation earned $290 thousand in interest income during the
    quarter.
     
--  The Corporation repurchased 422,400 of its common shares during the
    quarter at a volume-weighted average price of $1.14 per share by way of
    a Normal Course Issuer Bid, reducing the number of common shares issued
    and outstanding to 56,964,818 as at September 30, 2012.

The Corporation's unaudited condensed consolidated interim financial statements and related MD&A for the three and six months ended September 30, 2012 can be found at www.sedar.com and on the Corporation's website at www.canadian-phoenix.com.

SPECIAL MEETING OF SHAREHOLDERS

In connection with its previously announced plan of arrangement (the "Arrangement") with Renegade Petroleum Ltd ("Renegade"), Canadian Phoenix has scheduled a special meeting of its shareholders to be held on December 13, 2012 (the "Meeting"). The Notice of Meeting, Management Information Circular (the "Circular"), Form of Proxy and Letter of Transmittal were mailed on November 19, 2012 to the shareholders of record on November 9, 2012, and are available on the Corporation's website www.canadian-phoenix.com and on SEDAR at www.sedar.com.

At the Meeting, Canadian Phoenix Shareholders will be asked to consider and vote upon the Arrangement, which, through a series of steps outlined in the Circular, will result in:


1.  Canadian Phoenix providing $75 million of its cash and cash equivalents
    to Renegade to support its acquisition of oil-weighted oil assets in
    Saskatchewan and to transform to a dividend paying company;
     
2.  Canadian Phoenix shareholders receiving 0.5985 Renegade common shares
    for each Canadian Phoenix common share, while retaining a common share
    in the post-Arrangement Canadian Phoenix; and
     
3.  The completion of a $114.3 million private placement of subscription
    receipts (the "Private Placement") in Canadian Phoenix Acquisition Corp.
    ("AcquisitionCo), a newly created, wholly-owned subsidiary of Canadian
    Phoenix. Proceeds from the Private Placement were received in escrow on
    November 16, 2012. Upon approval and completion of the Arrangement, the
    Private Placement proceeds will be released from escrow, the
    subscription receipts will ultimately be converted to common shares of
    Renegade, and Renegade will take control of AcquisitionCo.

Canadian Phoenix is very pleased to be entering into this transaction with the team at Renegade. This transaction meets all the criteria for which the Canadian Phoenix Board of Directors has been searching over the past two and a half years:


--  Strong management team; 
--  Good valuation metrics; 
--  Excellent asset base; and 
--  Sustainable and defined business plan.

Michael Atkinson, Canadian Phoenix's president and CEO states, "We look forward to supporting Renegade's strong management team as they transform into a dividend paying corporation within the Canadian oil and gas industry. We are very pleased about the valuation metrics of Canadian Phoenix's investment and the solid business model that Renegade is deploying."

In addition to the Arrangement, at the Meeting, the Canadian Phoenix shareholders will also be asked to consider and vote upon the following items concerning the Corporation's post-Arrangement structure:


1.  A special resolution authorizing the change of name of Canadian Phoenix
    to "Knol Resources Corp.", or such other name as the directors of
    Canadian Phoenix determine is appropriate and which name change will not
    be implemented unless the Arrangement becomes effective
     
2.  A special resolution approving an amendment to the articles of
    incorporation of Canadian Phoenix to consolidate the issued and
    outstanding new common shares of Canadian Phoenix issued in connection
    with the Arrangement (the "Canadian Phoenix New Common Shares") on the
    basis of one (1) post-consolidation Canadian Phoenix New Common Share
    for up to every 10 pre-consolidation Canadian Phoenix New Common Shares
    and which consolidation will not be conducted unless the Arrangement
    becomes effective; and
     
3.  Subject to the Arrangement being completed, an ordinary resolution
    approving a post-Arrangement private placement of Canadian Phoenix New
    Common Shares and which private placement will not be conducted unless
    the Arrangement becomes effective.

About Canadian Phoenix

Canadian Phoenix Resources Corp. is a publicly-traded junior oil and gas company seeking investment opportunities in Western Canada. Canadian Phoenix's shares trade on the TSX Venture Exchange under the symbol "CXP".

FORWARD-LOOKING STATEMENTS: This news release may contain forward-looking information. All statements and information other than statements of historical fact are forward-looking information. In some cases, forward-looking information can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue", or the negative of these terms or other comparable terminology. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the control of Canadian Phoenix, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources. Readers are cautioned that actual results, performance or achievements 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 Canadian Phoenix will derive there from. The forward-looking statements and information contained in this news release are made as of the date hereof and Canadian Phoenix undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

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.

Contacts:
Canadian Phoenix Resources Corp.
Michael Atkinson
President & CEO
(604) 689-1428

Canadian Phoenix Resources Corp.
John Downes
Interim Chief Financial Officer
(604) 488-5415

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
The Internet of Things will greatly expand the opportunities for data collection and new business models driven off of that data. In her session at Internet of @ThingsExpo, Esmeralda Swartz, CMO of MetraTech, will discuss how for this to be effective you not only need to have infrastructure and operational models capable of utilizing this new phenomenon, but increasingly service providers will need to convince a skeptical public to participate. Get ready to show them the money! Speaker Bio: Esmeralda Swartz, CMO of MetraTech, has spent 16 years as a marketing, product management, and busin...
Samsung VP Jacopo Lenzi, who headed the company's recent SmartThings acquisition under the auspices of Samsung's Open Innovaction Center (OIC), answered a few questions we had about the deal. This interview was in conjunction with our interview with SmartThings CEO Alex Hawkinson. IoT Journal: SmartThings was developed in an open, standards-agnostic platform, and will now be part of Samsung's Open Innovation Center. Can you elaborate on your commitment to keep the platform open? Jacopo Lenzi: Samsung recognizes that true, accelerated innovation cannot be driven from one source, but requires a...
SYS-CON Events announced today that Red Hat, the world's leading provider of open source solutions, will exhibit at Internet of @ThingsExpo, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Red Hat is the world's leading provider of open source software solutions, using a community-powered approach to reliable and high-performing cloud, Linux, middleware, storage and virtualization technologies. Red Hat also offers award-winning support, training, and consulting services. As the connective hub in a global network of enterprises, partners, a...
P2P RTC will impact the landscape of communications, shifting from traditional telephony style communications models to OTT (Over-The-Top) cloud assisted & PaaS (Platform as a Service) communication services. The P2P shift will impact many areas of our lives, from mobile communication, human interactive web services, RTC and telephony infrastructure, user federation, security and privacy implications, business costs, and scalability. In his session at Internet of @ThingsExpo, Robin Raymond, Chief Architect at Hookflash Inc., will walk through the shifting landscape of traditional telephone a...
BSQUARE is a global leader of embedded software solutions. We enable smart connected systems at the device level and beyond that millions use every day and provide actionable data solutions for the growing Internet of Things (IoT) market. We empower our world-class customers with our products, services and solutions to achieve innovation and success. For more information, visit www.bsquare.com.
SYS-CON Events announced today that Matrix.org has been named “Silver Sponsor” of Internet of @ThingsExpo, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Matrix is an ambitious new open standard for open, distributed, real-time communication over IP. It defines a new approach for interoperable Instant Messaging and VoIP based on pragmatic HTTP APIs and WebRTC, and provides open source reference implementations to showcase and bootstrap the new standard. Our focus is on simplicity, security, and supporting the fullest feature set.
How do APIs and IoT relate? The answer is not as simple as merely adding an API on top of a dumb device, but rather about understanding the architectural patterns for implementing an IoT fabric. There are typically two or three trends: Exposing the device to a management framework Exposing that management framework to a business centric logic • Exposing that business layer and data to end users. This last trend is the IoT stack, which involves a new shift in the separation of what stuff happens, where data lives and where the interface lies. For instance, it’s a mix of architectural style...
SYS-CON Events announced today that SOA Software, an API management leader, will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. SOA Software is a leading provider of API Management and SOA Governance products that equip business to deliver APIs and SOA together to drive their company to meet its business strategy quickly and effectively. SOA Software’s technology helps businesses to accelerate their digital channels with APIs, drive partner adoption, monetize their assets, and achieve a...
From a software development perspective IoT is about programming "things," about connecting them with each other or integrating them with existing applications. In his session at @ThingsExpo, Yakov Fain, co-founder of Farata Systems and SuranceBay, will show you how small IoT-enabled devices from multiple manufacturers can be integrated into the workflow of an enterprise application. This is a practical demo of building a framework and components in HTML/Java/Mobile technologies to serve as a platform that can integrate new devices as they become available on the market.
SYS-CON Events announced today that Utimaco will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Utimaco is a leading manufacturer of hardware based security solutions that provide the root of trust to keep cryptographic keys safe, secure critical digital infrastructures and protect high value data assets. Only Utimaco delivers a general-purpose hardware security module (HSM) as a customizable platform to easily integrate into existing software solutions, embed business logic and build s...
Connected devices are changing the way we go about our everyday life, from wearables to driverless cars, to smart grids and entire industries revolutionizing business opportunities through smart objects, capable of two-way communication. But what happens when objects are given an IP-address, and we rely on that connection, sometimes with our lives? How do we secure those vast data infrastructures and safe-keep the privacy of sensitive information? This session will outline how each and every connected device can uphold a core root of trust via a unique cryptographic signature – a “bir...
Internet of @ThingsExpo Silicon Valley announced on Thursday its first 12 all-star speakers and sessions for its upcoming event, which will take place November 4-6, 2014, at the Santa Clara Convention Center in California. @ThingsExpo, the first and largest IoT event in the world, debuted at the Javits Center in New York City in June 10-12, 2014 with over 6,000 delegates attending the conference. Among the first 12 announced world class speakers, IBM will present two highly popular IoT sessions, which will take place November 4-6, 2014 at the Santa Clara Convention Center in Santa Clara, Calif...
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at Internet of @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, will discuss how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.

SUNNYVALE, Calif., Oct. 20, 2014 /PRNewswire/ -- Spansion Inc. (NYSE: CODE), a global leader in embedded systems, today added 96 new products to the Spansion® FM4 Family of flexible microcontrollers (MCUs). Based on the ARM® Cortex®-M4F core, the new MCUs boast a 200 MHz operating frequency and support a diverse set of on-chip peripherals for enhanced human machine interfaces (HMIs) and machine-to-machine (M2M) communications. The rich set of periphera...

SYS-CON Events announced today that Aria Systems, the recurring revenue expert, has been named "Bronze Sponsor" of SYS-CON's 15th International Cloud Expo®, which will take place on November 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Aria Systems helps leading businesses connect their customers with the products and services they love. Industry leaders like Pitney Bowes, Experian, AAA NCNU, VMware, HootSuite and many others choose Aria to power their recurring revenue business and deliver exceptional experiences to their customers.
The Internet of Things (IoT) is going to require a new way of thinking and of developing software for speed, security and innovation. This requires IT leaders to balance business as usual while anticipating for the next market and technology trends. Cloud provides the right IT asset portfolio to help today’s IT leaders manage the old and prepare for the new. Today the cloud conversation is evolving from private and public to hybrid. This session will provide use cases and insights to reinforce the value of the network in helping organizations to maximize their company’s cloud experience.
The Internet of Things (IoT) is making everything it touches smarter – smart devices, smart cars and smart cities. And lucky us, we’re just beginning to reap the benefits as we work toward a networked society. However, this technology-driven innovation is impacting more than just individuals. The IoT has an environmental impact as well, which brings us to the theme of this month’s #IoTuesday Twitter chat. The ability to remove inefficiencies through connected objects is driving change throughout every sector, including waste management. BigBelly Solar, located just outside of Boston, is trans...
SYS-CON Events announced today that Matrix.org has been named “Silver Sponsor” of Internet of @ThingsExpo, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Matrix is an ambitious new open standard for open, distributed, real-time communication over IP. It defines a new approach for interoperable Instant Messaging and VoIP based on pragmatic HTTP APIs and WebRTC, and provides open source reference implementations to showcase and bootstrap the new standard. Our focus is on simplicity, security, and supporting the fullest feature set.
Predicted by Gartner to add $1.9 trillion to the global economy by 2020, the Internet of Everything (IoE) is based on the idea that devices, systems and services will connect in simple, transparent ways, enabling seamless interactions among devices across brands and sectors. As this vision unfolds, it is clear that no single company can accomplish the level of interoperability required to support the horizontal aspects of the IoE. The AllSeen Alliance, announced in December 2013, was formed with the goal to advance IoE adoption and innovation in the connected home, healthcare, education, aut...