|By Marketwired .||
|December 28, 2012 11:47 AM EST||
LEVIS, QUEBEC -- (Marketwire) -- 12/28/12 -- GRANIZ MONDAL INC. (the "Company") (TSX VENTURE:GRA.H) announces that it has been advised by the TSX Venture Exchange that trading in the Company's shares on the NEX will be reinstated, effective the opening December 31, 2012.
This reinstatement follows the TSX Venture Exchange's approval of the Company's acquisition of an option to earn a 75% interest in the Mousseau West graphite property located in Quebec, as well as the Company's completion of the second tranche of a private placement in which it raised a total of $342,600.
Background of Trading Halt, Suspension and Reinstatement on NEX
On September 25, 2012, the NEX announced that trading in Company shares would be suspended because of the Company's failure to submit, by September 20, 2012, the required application and other documents seeking to have trading of Company shares resume as the original reason for the halt in trading was no longer applicable.
Subsequently, the Company prepared and submitted an application to the TSX Venture Exchange for reinstatement, and provided the requested documents and information.
In light of this reinstatement, the Company is issuing this announcement further to its press release of December 21, 2012, so as to provide investors with a comprehensive summary of its acquisition of an interest in the Mousseau West property and the related private placement of securities.
Acquisition of Mousseau West
The Company entered into an option agreement dated December 13, 2012 (the "Option Agreement") for the acquisition of a 75% interest in the Mousseau West graphite property ("Mousseau West") from the current owners of that property: Berthe Lambert (a director of the Company) as to 45%, Richard-Marc Lacasse (an insider of the Company and a former director and President of the Company), as to 45% and Donald Theberge (currently a director and the President of the Company) as to 10% (collectively, the "Vendors").
This acquisition and the related private placement were undertaken to reactivate the Company, but they do not constitute a reverse takeover under the policies of the TSX Venture Exchange and they are not at this time sufficient to allow the Company to graduate to Tier 2 on the TSX-V. Therefore, the Company will remain on the NEX following the completion of these transactions.
The Mousseau West graphite property is comprised of 12 mining claims covering a total of approximately 489 hectares straddling the boundaries of Brunet and Mousseau Townships in Quebec, approximately 12 km north of the town of St-Veronique (near Mont-Laurier) Quebec. The mining claims comprising Mousseau West are identified in Schedule "A" to the Management Information Circular prepared by the Company and sent to shareholders in advance of the Meeting. (A copy of the Management Information Circular may be viewed at www.sedar.com.) The Company's purpose in acquiring an option for an interest in the Mousseau West property is to explore for graphite.
The Option Agreement replaces a letter of intent dated June 26, 2012, which sets out the proposed terms of the acquisition. The Option Agreement is consistent with the letter of intent signed in June, except that the Vendors and the Company have agreed that the payment of $165,000 that would have been payable now will only be payable one year from now, plus interest of 8% per annum. Accordingly, the principal terms of the Company's acquisition of a 75% interest in Mousseau West are as follows:
a. a cash payment of $165,000 plus 8% interest must be paid to the Vendors on or before December 19, 2013; b. 2,000,000 common shares must be issued to the Vendors immediately, pro rata in accordance with their percentage ownership of Mousseau West; c. on or before December 19, 2013, the Company must pay the Vendors $25,000 and issue them 1,000,000 common shares; d. on or before December 20, 2014, the Company must pay the Vendors $25,000 and issue them 1,000,000 common shares; and e. Berthe Lambert and Richard-Marc Lacasse will retain, collectively, a 2% net smelter returns royalty over and with respect to any and all graphite concentrate produced from Mousseau West, subject to the additional condition that the Company will retain a right of first refusal over any proposed sale of that royalty.
The Company's 75% interest in Mousseau West will be subject to the following additional conditions:
a. in each of the two years following the completion of the acquisition, the Company will be required to complete $200,000 of "Approved Expenditures" (as defined under the policies of the TSX-V), for a total of $400,000 over two years, without any contribution or other payment from the Vendors, and without limiting such obligation and until such time as the Company has obtained a pre-feasibility study on Mousseau West and filed such study on SEDAR, the Company will be responsible for paying any and all costs related to and/or arising from the ownership, management, maintenance in good standing and exploration of Mousseau West (collectively, the "Maintenance and Exploration Costs"); b. after the date when a pre-feasibility study on Mousseau West has been filed on SEDAR and delivered to the Vendors, the Vendors will be responsible for paying for the portion of the Maintenance and Exploration Costs that is equal to their ownership interest in Mousseau West, subject to the further requirement that a joint venture be formed to manage and operate Mousseau West; c. the Vendors will be required to provide reasonable cooperation to the Company so as to permit the Company to register its 75% ownership interest in and to Mousseau West on any appropriate registries or records maintained by or on behalf of the Government of Quebec with respect to Mousseau West, such registration(s) to be made at the cost and expense of the Company; and d. with respect to the 25% ownership interest in and to Mousseau West retained by the Vendors (the "Residual Interest"), the Company will hold, and the Vendors will recognize the Company as holding an option to purchase and a right of first refusal over that interest.
Approval of Private Placement
It was a pre-condition to the Company's acquisition of its interest in Mousseau West that the Company raise capital through a private placement. A first closing of this private placement occurred earlier this year, raising proceeds of approximately $317,000, and a second closing was recently completed raising proceeds of $342,600. The total raised through the both closings of this private placement was approximately $659,600 through the issuance of common share units at $0.12 per unit, those units having separated at closing into 5,496,666 common shares and 2,748,333 warrants. The warrants are exercisable for one year at $0.24 per share. All shares and warrants issued in this financing will be subject to a four month hold period
Investors in this private placement include three insiders of the Company: Berthe Lambert, a Vendor and director of the Company who subscribed 350,000 common share units, Martin Lacasse, a director of the Company who subscribed for 420,000 common share units and Martin Lafrance, also a director who subscribed for 200,000 common share units.
Donald Theberge, President of Graniz commented: "Management and the Board are very pleased that shares of Graniz Mondal Inc. are being reinstated on the NEX. Having now acquired an option for an interest in a very interesting graphite property, and having succeeded in raising considerable sums notwithstanding challenging market conditions, the Company looks forward to moving ahead with its exploration plans for Mousseau West."
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. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Completion of the acquisition of Mousseau West and of the private placement are subject to a number of conditions, including but not limited to the TSX Venture Exchange'sacceptance. There can be no assurance that the acquisition of Mousseau West and of the private placement will be completed as proposed or at all.
The foregoing information may contain forward-looking statements relating to the future performance of Graniz Mondal Inc. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially from the plans and expectations of Graniz. These plans, expectations, risks and uncertainties are detailed herein and from time to time in the filings made by Graniz with the TSX Venture Exchange/NEX and securities regulators. Graniz does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
Feb. 28, 2017 02:15 AM EST Reads: 689
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
Feb. 28, 2017 02:15 AM EST Reads: 5,064
"A lot of times people will come to us and have a very diverse set of requirements or very customized need and we'll help them to implement it in a fashion that you can't just buy off of the shelf," explained Nick Rose, CTO of Enzu, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Feb. 28, 2017 02:15 AM EST Reads: 7,084
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
Feb. 27, 2017 11:45 PM EST Reads: 903
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
Feb. 27, 2017 11:00 PM EST Reads: 9,165
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform and how we integrate our thinking to solve complicated problems. In his session at 19th Cloud Expo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and sh...
Feb. 27, 2017 09:15 PM EST Reads: 4,177
Big Data, cloud, analytics, contextual information, wearable tech, sensors, mobility, and WebRTC: together, these advances have created a perfect storm of technologies that are disrupting and transforming classic communications models and ecosystems. In his session at @ThingsExpo, Erik Perotti, Senior Manager of New Ventures on Plantronics’ Innovation team, provided an overview of this technological shift, including associated business and consumer communications impacts, and opportunities it m...
Feb. 27, 2017 08:00 PM EST Reads: 7,971
WebRTC is about the data channel as much as about video and audio conferencing. However, basically all commercial WebRTC applications have been built with a focus on audio and video. The handling of “data” has been limited to text chat and file download – all other data sharing seems to end with screensharing. What is holding back a more intensive use of peer-to-peer data? In her session at @ThingsExpo, Dr Silvia Pfeiffer, WebRTC Applications Team Lead at National ICT Australia, looked at differ...
Feb. 27, 2017 07:45 PM EST Reads: 7,387
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
Feb. 27, 2017 07:30 PM EST Reads: 2,278
SYS-CON Events announced today that IoT Now has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. IoT Now explores the evolving opportunities and challenges facing CSPs, and it passes on some lessons learned from those who have taken the first steps in next-gen IoT services.
Feb. 27, 2017 07:15 PM EST Reads: 2,007
SYS-CON Events announced today that WineSOFT will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Based in Seoul and Irvine, WineSOFT is an innovative software house focusing on internet infrastructure solutions. The venture started as a bootstrap start-up in 2010 by focusing on making the internet faster and more powerful. WineSOFT’s knowledge is based on the expertise of TCP/IP, VPN, SSL, peer-to-peer, mob...
Feb. 27, 2017 07:00 PM EST Reads: 2,225
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, discussed the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports.
Feb. 27, 2017 07:00 PM EST Reads: 2,611
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
Feb. 27, 2017 06:30 PM EST Reads: 2,156
WebRTC sits at the intersection between VoIP and the Web. As such, it poses some interesting challenges for those developing services on top of it, but also for those who need to test and monitor these services. In his session at WebRTC Summit, Tsahi Levent-Levi, co-founder of testRTC, reviewed the various challenges posed by WebRTC when it comes to testing and monitoring and on ways to overcome them.
Feb. 27, 2017 06:15 PM EST Reads: 8,322
In his session at @ThingsExpo, Steve Wilkes, CTO and founder of Striim, will delve into four enterprise-scale, business-critical case studies where streaming analytics serves as the key to enabling real-time data integration and right-time insights in hybrid cloud, IoT, and fog computing environments. As part of this discussion, he will also present a demo based on its partnership with Fujitsu, highlighting their technologies in a healthcare IoT use-case. The demo showcases the tracking of patie...
Feb. 27, 2017 04:45 PM EST Reads: 1,529
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settle...
Feb. 27, 2017 04:45 PM EST Reads: 1,888
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
Feb. 27, 2017 03:30 PM EST Reads: 2,350
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
Feb. 27, 2017 02:45 PM EST Reads: 2,671
SYS-CON Events announced today that Cloud Academy will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloud Academy is the industry’s most innovative, vendor-neutral cloud technology training platform. Cloud Academy provides continuous learning solutions for individuals and enterprise teams for Amazon Web Services, Microsoft Azure, Google Cloud Platform, and the most popular cloud computing technologies. Ge...
Feb. 27, 2017 02:30 PM EST Reads: 2,030
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Feb. 27, 2017 01:45 PM EST Reads: 2,568