Posts Tagged ‘#smallcapstocks’
AGORACOM Welcomes (FMR: TSX-V) With Newly Optioned Lithium Project Adjacent to RB Energy’s Quebec Lithium Mine $FMR.ca
- Property is located approximately 60 km north of Val d’Or Quebec.
- Contiguous to the north and south of RB Energy’s Quebec Lithium Mine with a published measured and indicated resources (at a 0.60% Li2O cutoff) of 41,556,000 tonnes at 1.09% Li2O, and an inferred resource of (at a 0.60% Li20 cutoff) of 17,766,000 million tonnes at 1.10% Li2O
- Also contiguous to Jourdan Resources Vallee Lithium property that drilled more than 4000m of core in 2011 and intersected more 100 pegmatite and aplite dikes.
- Jourdan Resources intersected values of up to 1.187% Li2O over 5.50m
- 2015 Revenues $USD 7.36M, Up 53% Over Previous
- Q4 2015 Revenue $USD 2.49M, Up 101% Over Previous
- Real Customers
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- 83% Of enterprises have difficulty finding the security skills they need
- 3.8 Million Average cost of a data breach in 2015(Ponemon Institute May 2015)
- #1 CIO priority in 2015 is security (Piper Jaffray CIO Survey)
- $75 Billion Projected global spend on data security in 2015 (Gartner)
- 75% of Of IT leaders planned to increase security budgets in 2015(Piper Jaffray CIO Survey)
FEATURE: Explor Resources (EXS: TSX-V) 609K oz Indicated / 470K Inferred, Teck Resources To Spend $12 MILLION To Earn 70% $EXS.ca
Why Explor Resources?
- Flagship Property Offers The Following:
- NI 43-101 Resource – 609,000 oz Indicated / 470,000 Inferred
- Teck Resources To Spend $12 MILLION To Earn 70%
- Property Is 2.5 KM From Lake Shore Gold Mine
- Property Is 13 KM From Downtown Timmins
- 2nd Project 43-101 Open Pit Resource
- 1.4 MILLION T Indicated @ 1.38% Copper
- 2.09 MILLION T Inferred @ 1.26% Copper
ONTARIO AND NEW BRUNSWICK PROPERTIES CURRENTLY UNDER EXPLORATION
Timmins Porcupine West (TPW) (4300 ha)
- NI 43-101 Resource: 609,000 oz Indicated
470,000 oz Inferred Gold
- 13 km from downtown Timmins
- Property is 2.5 km, NE of LSG West Timmins Mine
- Model: Hollinger McIntyre Gold System: 30,000,000 oz. Au
- Discovery Hole 10-30 : 9.22g/tonne over 11.0 meters
- Optioned to Teck Resources
- Teck to spend $12,000,000 to earn 70% interest
Chester Copper & VMS Project (3500ha)
- Mineral Target: Cu, Pb, Zn, Ag, & Au
- 70 km SW of Bathurst NB
- Structural Model Complete
- 300 m wide x 2000m long mineralized Corridor identified
- Ramp to ore zone (480 meter long (3m x 4m)
- Optioned to Brunswick Resources (BRU)
- Brunswick to spend $500,000 over 3 years
- Explore to receive $40,000 and 5,000,000 shares of BRU
- Open pit resource – NI 43-101 Resource: 1,400,000 Indicated t @ 1.38% Cu
2,089,000 Inferred t @ 1.26 % Cu
Kidd Creek Project (2466 ha)
- Mineral Target: Cu-Zn Ore
- Located 1.0 km west of Kidd Creek Mine
- Kidd Mine yielded 130M tonnes of Cu-Zn Ore since 1960
- Numerous Geophysical max/min and IP Targets
- Diamond Drilling winter 2015/2016
QUEBEC PROPERTIES CURRENTLY UNDER EXPLORATION
East Bay (3203 ha):
- Mineral Target: Gold
- Lies on Porcupine Destor Fault Zone, on strike with Beattie & Donchester mine
- Historical channel samples by Lacana Mining in 1982 including: 0.81 oz/ton over 5ft; 0.16 oz/ton over 6 ft; 0.10 oz/ton over 10 ft
- Wrap around Clifton Star
Nelligan (1198 ha):
- Mineral Target: Nickel
- Located in Val d’Or mining district of Quebec
- Historical grab samples of 10% Ni and 0.6% Cu obtained by INCO
- Discovered anomalous Nickel, Copper Zones
Launay (2250 ha):
- Mineral Target: Nickel
- Mineralized zones contained in mafic volcanic rocks
- Contiguous to Royal Nickel’s Dumont property (NW end)
12 Month Stock Chart
- PyroGenesis Canada Inc. has advised Uragold that the PUREVAP™ Quartz Vaporization Reactor validation program, now in its beneficiation stage, has restarted
- First batch of three samples have been produced since the restart
- Bernard Tourillon, Chairman and CEO of Uragold stated, “The quick restart of the testing program demonstrates PyroGenesis ability and commitment to the advancement of our project. We are very satisfied with the milestones reached to date and we wait with anticipation for the next key milestone results.”
MONTREAL, QUEBEC–(May 25, 2016) - Uragold (TSX VENTURE:UBR)(FRANKFURT:UGE)(OTC PINK:URAGD) would like to inform its shareholders that PyroGenesis Canada Inc. (“PyroGenesis”) has advised Uragold that the PUREVAP™ Quartz Vaporization Reactor (QVR) validation program, now in its beneficiation stage, has restarted and that a first batch of three (3) samples have been produced since the restart.
Bernard Tourillon, Chairman and CEO of Uragold stated, “The quick restart of the testing program demonstrates PyroGenesis ability and commitment to the advancement of our project. We are very satisfied with the milestones reached to date and we wait with anticipation for the next key milestone results.”
ANTICIPATED TIMELINE FOR TESTING AND RESULTS
Having already validated that the PUREVAP™ QVR process can transform Uragold Quartz into Silicon Metal (Si), (See Uragold Press Release of April 19, 2016), the new material produced by the reactor was delivered to the INRS Laboratory in Quebec City for LA-ICP-MS (Laser Ablation Inductively Coupled Plasma Mass Spectrometry) analysis.
Generally speaking, Uragold anticipates receiving results within two weeks but reminds investors the exact timeline is beyond its control. The goal of these tests is the establishment of a baseline purity of the material produced by the reactor under three (3) different operational conditions and quantifying beneficiation improvements attained to date.
Theoretical modeling of the process indicates that transforming Uragold Raw Quartz into Solar Grade Purity Silicon metals is feasible. Determining the baseline purity of the Si produced by the PUREVAP™ QVR and quantifying beneficiation success are crucial steps in the validation and the advancement of the program.
Tourillon added, “Reaching our goal of transforming Uragold Quartz into Solar Grade Purity Silicon seems within reach but it will probably require identifying and implementing process improvements and completing additional tests. Having said that, we are very close to reaching the point where the following recent statement made by PyroGenesis CEO, P. Peter Pascali, takes on its importance as we are about to have the information necessary to decide about advancing the project to the pilot stage – ‘We look forward to the final results of our testing program and advancing to the pilot stage with Uragold’.”
UPCOMING AGM – JUNE 22, 2016
Uragold would like to remind shareholders that our AGM will be on June 22, 2016 at 10:00 AM. Shareholders of record as of May 16, 2016 should soon receive their Information circular and proxy documentation. The meeting will be held at the offices of McCarthy Tétrault, 25th floor, 1000 Rue de la Gauchetière W, Montreal, Quebec, in the MTL/QC conference room. We invite all of our shareholders to attend, meet management, vote on agenda items and discuss the company’s milestones, as well as, future plans…
ADDITIONAL FUND RAISING
The Corporation is embarking on an accelerated development strategy where, in combination with it presents and anticipated PUREVAP™ QVR development programs; Uragold will soon be starting a field exploration campaign program on our Roncevaux Quartz Property in order to delineate a resource. This is the first step required for the preparation of a Preliminary Economic Assessment (“PEA”) of Roncevaux as the feed material for the PyroGenesis’ PUREVAP™ QVR process. In order to meet these goals and cover the legal and regulatory cost associated with the gold spin out, the Corporation has chosen to complete the following financing:
Uragold announces that it’s proceeding with a two new non-brokered private placements. The first being for a maximum of 2,700,000 hard cash units (“HC Unit”) at $0.14 per Unit for a gross proceeds of $378,000 and the second being for a maximum of 2,700,000 Flow Through Shares (“FT Shares”) at $0.14 per FT Shares for a gross proceeds of $378,000. Both placements combined represent a total gross amount of $756,000. Insider participation in this placement could accounts up to 5% of the total amount subscribed. The net proceeds from the Private Placement will be used for general corporate expenditures, PUREVAP™ QVR related expenses and exploration activities.
In case of over-subscription of the placement and other certain conditions, Uragold reserve the right to increase the size of the Hard Cash private placement by up to an additional 3,500,000 HC Unit at $0.14 per Unit for an additional gross proceeds of $490,000 and up to an additional 1,500,000 FT Shares at $0.14 per FT Shares for an additional gross proceeds of $210,000.
Each Hard cash Unit will be comprised of one (1) common share and one (1) common share purchase warrant (“Warrant”) of the Company. Each Warrant will entitle the holder thereof to purchase one common share of the capital stock of the Company at an exercise price of $ 0.25 during a period of 24 months from the date of closing of the placement. Each share issued pursuant to the placement will have a mandatory four (4) month holding period from the date of closing of the placement. The placement is subject to standard regulatory approvals. No purchase warrants will be available for the Flow Through Shares placement.
In Connection with the above placement, the Company may end up paying a cash finder’s fee of $42,000 and issued of 240,000 common shares and 60,000 options to EMD Financial Inc. of Montreal Quebec. Each option will give the right to purchase one (1) common share at 14 cents for 24 months. In case of over-subscription, these amounts may increase.
SHARES FOR SERVICES PROGRAM
Further to our press release of April 15 2016, a debt of $ 28,250 was extinguished through the issuance of 370,780 common shares of the Corporation.
Uragold Bay Resources is a TSX-V listed junior exploration company planning to become a vertically integrated and diversified High Value Specialty Materials Company. Uragold has announced plans to spin out its Beauce Gold Project – the largest placer gold deposit in eastern North America. Our Business model is focused on developing unique projects that can generate high yield returns and significant free cash flow within a short time line.
High Value Specialty Materials
In September 2015, PyroGenesis announced that it had filed for a provisional patent for the PUREVAP™ Quartz Vaporization Reactor (QVR) process, which it noted was able to produce silicon, at a lower cost, while generating less CO2 emissions than current processes.
On April 19, 2016, PyroGenesis announced that early test results of the PUREVAP™ QVR process have demonstrated that it can transform high purity quartz into silicon metal. The PUREVAP™ QVR validation program his now in its second stage whereby the operational parameters of the reactor are adjusted in order to achieve the transformation of Uragold Quartz into Solar Grade Purity Si.
Uragold, with its worldwide exclusive usage of PyroGenesis’ PUREVAP™ QVR, is endeavouring to become a vertically integrated Silicon Metal (98.5% Si), High Purity Silicon Metal (99.99% Si), Solar Grade Silicon Metal (6N Purity / 99.9999% Si) and/or Higher (9N Purity / 99.9999999% Si) producer.
The PUREVAP™ QVR process’s big advantage is its one step direct transformation of Quartz into High Purity Silicon Metal Solar Grade Silicon Metal and/or Higher Purity product, thereby potentially allowing Uragold to manufacture high value material for the same operating cost presently being paid by traditional producers to make Metallurgical Grade Si (98.5% Si) using the traditional arc furnace approach.
The Science Behind PyroGenesis PUREVAP™ QVR Process Is Solid:
- Plasma arc based process can and has transformed High Purity Quartz into Mg Si.
- Plasma arc based process can and is being used to purify Mg Si into higher value materials such as Sg Si.
- Finally, refining Mg Si using an electron-beam furnace in a high vacuum-processing environment has proven the concept of the elimination of elements whose vapor pressures are higher than that of silicon.
What is unique and ground breaking is the combination of these three proven processes into one step.
A Green And Clean Company
Uragold, with its worldwide exclusive usage of PyroGenesis’ PUREVAP™ QVR will also be implementing a process to make Sg Si, which is estimated to generate 14.1 kg CO2 eq/Kg SG Si, versus the 54.0 kg CO2 eq/Kg SG Si of emissions generated by the Siemens process (90% of the present production process). This represents 75% fewer greenhouse gas emissions, which is justified by elimination of the emissions emanating from the use of chemicals, as well as, energy consumption from the additional purification step.
High Purity Quartz Properties
Uragold is also the largest holder of High Purity Quartz properties in Quebec, with over 3,500 Ha under claims. Despite the abundance of quartz, very few deposits are suitable for high purity applications. High Purity Quartz supplies are tightening, prices are rising, and exponential growth is forecast. Quartz from the Roncevaux property successfully passed rigorous testing protocols of a major silicon metal producer confirming that our material is highly suited for their silicon metal production.
About Our Beauce Gold Project – Preparing To Be Spun Out To Unlock Value
The Beauce Gold Project is a unique, historically prolific gold field located in the municipality of Saint-Simon-les-Mines in the Beauce region of Southern Quebec. Comprising of a block of 37 claims 100% owned by Uragold Bay Resources, the project area hosts a six (6) km long unconsolidated gold bearing sedimentary units (a lower saprolite and an upper brown diamictite) holding the largest placer gold deposit in eastern North America. The gold in saprolite indicates a close proximity to a bedrock source of gold providing significant potential for further exploration discoveries.
This press release contains certain forward-looking statements, including, without limitation, statements containing the words “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “in the process” and other similar expressions which constitute “forward-looking information” within the meaning of applicable securities laws. Forward-looking statements reflect the Company’s current expectation and assumptions, and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. These forward-looking statements involve risks and uncertainties including, but not limited to, our expectations regarding the acceptance of our products by the market, our strategy to develop new products and enhance the capabilities of existing products, our strategy with respect to research and development, the impact of competitive products and pricing, new product development, and uncertainties related to the regulatory approval process. Such statements reflect the current views of the Company with respect to future events and are subject to certain risks and uncertainties and other risks detailed from time-to-time in the Company’s on-going filings with the securities regulatory authorities, which filings can be found at www.sedar.com. Actual results, events, and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements either as a result of new information, future events or otherwise, except as 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.
Shares outstanding: 124,424,454
Bernard J. Tourillon
Chairman and CEO
President and COO
Paradox Public Relations Inc.
Pacific North West Capital Acquires 3rd 100% Owned Lithium Project Lithman West Project, Southeast Manitoba $PFN.ca
- The company acquires 3rd 100% owned Lithium project
- LITHMAN WEST is located adjacent to the Tanco Mine Leases, southeast Manitoba
- The Tanco Mine was Canada’s largest producer of spodumene, tantalum and cesium, producing from the Tanco Pegmatite
- Spodumene is mined from pegmatites and is one of the primary lithium ore minerals in hard rock lithium mines
- The Tanco Mine presently produces cesium formate, a completion fluid for the petroleum industry.
- Project is located 1250 meters along geological strike and to the west of the Tanco Pegmatite
- The project has excellent infrastructure and is located approximately 140 km (87 miles) northeast of the provincial capital
- LITHMAN WEST project is situated approximately 9 km from the Lithium One Project, our 2nd project in the prolific Winnipeg River Pegmatite Field
May 24, 2016 / Vancouver, Canada – Pacific North West Capital Corp. (“PFN”, the “Company”) (TSX.V: PFN; Frankfurt: P7J.F; OTCQX: PAWEF announces that it has acquired through staking, an additional lithium project in southeast Manitoba. The project is held in Lithium Canada which is a 100% subsidiary of PFN. Mr. Barr, Chairman and CEO noted that “The project was selected due to favorable local geology and more specifically to cover the gabbro intrusive unit that hosts the world-class Tanco Pegmatite. This strategic Lithium acquisition is the third project added to the company’s growing portfolio of Lithium and Rare Metals projects to fuel the growing demand for energy storage and other core 21st Century Technologies.”
The LITHMAN WEST Project is situated to the west of the present day Tanco Mine, which currently is producing cesium formate, a completion fluid for the petroleum industry. The Tanco Mine, was previously stated as North America’s largest producer of spodumene, tantalum and cesium. Spodumene is one of the primary lithium ores minerals in hard rock Lithium mines. The 100% owned project consists of 7 claims for a total area of 1,047 hectares (2,587 acres). The project is situated to the west and adjacent to the Tanco Mine Leases.
The project area is situated in the Bird River Greenstone Belt and was staked to cover the gabbro intrusive unit that hosts the Tanco Mine. The Tanco Mine is situated at the eastern edge of the gabbro intrusion and this rock unit extends to the west, across the LITHMAN WEST Project area. The project is located approximately 1250 meters west from the known extent of the Tanco Pegmatite and approximately 140 kilometers (87 miles) northeast of Winnipeg, the capital of the province of Manitoba.
The Tanco Pegmatite was discovered on the west side of Bernic Lake from surface drilling in the 1920’s. The mine went into production in 1969 and has produced over the years, in varying capacity, and is still producing today. It is a buried pegmatite and not exposed at surface, except for under Bernic Lake. It is an extremely fractionated, rare-metal, complex type-petalite subgroup, LCT (Lithium-cesium-tantalum) pegmatite and is hosted by a late stage, subvolcanic gabbro. The total tonnage of the Tanco pegmatite has been calculated to be approximately 25 million tons. It is a part of the Bernic Lake Pegmatite Group of the Winnipeg River Pegmatite Field. A western extrapolation of the pegmatite group would extend it onto the LITHMAN WEST Project area.
The company considers the LITHMAN WEST Project to have the potential to host additional Lithium-bearing pegmatites similar to others found in the region. The area has strong infrastructure, is an active mining area, and is along strike of a world-class producing mine. The LITHMAN WEST Project and the Lithium One Project (PFN News Release April 21st, 2016) increases the company’s presence in southeast Manitoba and in the Winnipeg River Pegmatite Field, host to the world-class Tanco Pegmatite.
With respect to the LITHMAN WEST Project, a finder’s fee in the amount of 60,000 shares of the Company is payable to Carey Galeschuk. The finder’s fee is subject to TSX Venture Exchange approval.
All shares issued in connection with the finder’s fee are subject to a four month and one day hold period from the date of issuance.
Further announcements with regards to joint venture partners and exploration plans will be forthcoming.
About The Company’s Lithium Division
The company’s new Lithium Division will focus on the acquisition, exploration and development of Lithium Projects in Canada. In the United States the company will use its wholly owned U.S.A subsidiary to acquire and develop projects in active mining camps in Nevada, Arizona and California.
Management believes that these new age metals, Lithium, PGM’s and Rare Earths, have robust macro trends with surging demands and limited supply. Going forward, this new division will explore for the minerals needed to fuel the demand for energy storage and other core 21st Century Technologies.
The company has a growing portfolio of lithium projects. The Clayton Valley Forks Li Project in Nevada is a recent lithium brine project acquired by the company (PFN News Releases April 25th, 2016 and May 9th, 2016). The company also has hard rock lithium projects in Canada.
Lithium and Platinum group metal prices have improved dramatically in recent months. Lithium supplies remain in deficit relative to their demand. Both metals groups are used for the expanding worldwide automobile industry (conventional and electric). In the case of PGM’s, demand is increasing for autocatalysts, a key component for reducing toxic emissions for automotive, gasoline and diesel engines. In regards to Lithium, there is an ever increasing demand for batteries in cellphones, laptops, electric cars, solar storage, wireless charging and renewable energy products.
About the company’s Platinum Group Metals Division
Achievements to date and future plans for River Valley are outlined below as follows:
- 1.PFN currently has 100% ownership in the River Valley Project, subject to a 3% NSR, with options to buy down
- 2.Completed exploration and development programs on the River Valley property include more than 600 holes drilled since year 2000 and several mineral resource estimates and metallurgical studies;
- 3.Results for the current (2012) mineral resource estimate are below;
- 4.2015 drill program confirms new high grade T2 discovery
- 5.Exploration and development plans outlined for 2016
- 6.Ongoing strategic partner search for River Valley project
- 7.Results for the most recent Metallurgical Testwork Study are summarized below:
– Prepared by Tetra Tech (Wardrop)
– High Confidence: Measured plus Indicated = 72% of total
– Reported on PdEq basis: Pd=40% & Pt=20% of the payable metals
– Pd to Pt ratio = 2.5:1; Cu to Ni ratio = 3:1
– High Grade potential, particularly in the north part of River Valley deposit
– Resources under evaluation for development potential as open pit mining operation
- 8.Results for the 2015 discovery drill program on the T2 target are as follows:
-Drill hole intercepts much higher than the average grade of current mineral resource estimate
-Possible new mineralized zone at the north end of the River Valley deposit
-Show potential to take the River Valley PGM Project in a new direction
-More drilling required
- 9. Exploration and Development Plans for 2016
- -Mineral prospecting and geological mapping on surface-Drill programs targeted to add more higher grade-Geological interpretation and 2D/3D modelling of all drill and surface results
-Application to the OPA’s Junior Exploration Assistance Program (JEAP) for 33% refund of all exploration expenditures up to $300,000.
-Ongoing Strategic Partner Search for River Valley
The contents contained herein that relates to Exploration Results or Mineral Resources is based on information compiled, reviewed or prepared by Dr. Bill Stone, Principal Consulting Geoscientist for Pacific Northwest Capital. Dr. Stone is the Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the technical content.
On behalf of the Board of Directors
” Harry Barr ”
Chairman and CEO
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.
Cautionary Note Regarding Forward Looking Statements. This release contains forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results and are based on current expectations or beliefs. For this purpose, statements of historical fact may be deemed to be forward-looking statements. In addition, forward-looking statements include statements in which the Company uses words such as “continue”, “efforts”, “expect”, “believe”, “anticipate”, “confident”, “intend”, “strategy”, “plan”, “will”, “estimate”, “project”, “goal”, “target”, “prospects”, “optimistic” or similar expressions. These statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, among others, the Company’s ability and continuation of efforts to timely and completely make available adequate current public information, additional or different regulatory and legal requirements and restrictions that may be imposed, and other factors as may be discussed in the documents filed by the Company on SEDAR (www.sedar.com), including the most recent reports that identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. The Company does not undertake any obligation to review or confirm analysts’ expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Investors should not place undue reliance on forward-looking statements.
- In view of the current weak economic conditions in the GCC region due to the slump in oil prices, Omagine LLC, which plans to develop a US$2.5bn beach-front real-estate and tourism project in Oman, said it is in discussions with two leading Chinese contractors for construction of the project
In view of the current weak economic conditions in the GCC region due to the slump in oil prices, Omagine LLC, which plans to develop a US$2.5bn beach-front real-estate and tourism project in Oman, said it is in discussions with two leading Chinese contractors for construction of the project.
In a quarterly report submitted to the US Securities and Exchange Commission (SEC) last week, Omagine LLC’s US-based parent Omagine Inc said that since December 2015 Omagine LLC held multiple meetings with Consolidated Contractors International Co (CCIC), CCC-Oman and Royal Court Affairs (RCA) in an effort to conclude the foregoing arrangements and sign the CCC contract for the project. CCC-Oman is a subsidiary of CCIC.
“All parties are willing but the reality of the current economic scene and the effect it is having on bank liquidity and therefore on future requirements that Omagine LLC will have for construction financing was well recognised by all Omagine LLC shareholders,” Omagine Inc said.
It said that extensive financial negotiations and legal re-drafting of multiple versions of the CCC contract and the amended and restated shareholder agreement have taken place since December 2015.
Given the present liquidity issues at local banks, Omagine Inc said the matter of project construction debt financing is an issue that now moved to the forefront of the agendas of all concerned.
Furthermore, as an exercise in caution, the company said Omagine LLC’s management in February travelled to Beijing and Hong Kong where they held discussions with top executives of two of China’s leading building contractors – each of which is multiple times the size of CCIC.
“These discussions are well advanced at present and negotiations with the larger of the two Chinese contractors are at an advanced stage,” Omagine Inc added.
It said that the proposal being discussed with each of such Chinese contractor is identical and includes a requirement for the award of the Omagine Project construction contract to the Chinese contractor (as a sub-contractor to CCC-Oman) if, and only if, both of the following conditions are fulfilled: (i) an investment into Omagine LLC by the contractor (or its parent company), and (ii) the Chinese contractor (or its parent company) must arrange for the project finance for Omagine Project.
Omagine Inc added the Chinese banks have no such liquidity issue and they are moreover encouraged and directed by Chinese government to support their overseas Chinese contractors in this manner.
“Management is presently cautiously optimistic that it can arrange a transaction involving both CCIC and one of the Chinese contractors which will be beneficial to all parties concerned. No assurance however can be given at this time that management will be successful in this endeavor,” it said.
Omagine Inc added an agreement has been reached with CCIC regarding a new structure of the CCC contract whereby CCC-Oman would be the general contractor and managing contractor (but not necessarily the actual builder) and would oversee and manage the Chinese sub-contractor and CCIC would be paid a fixed fee for this.
“The descriptions of the draft CCC contract as previously disclosed during 2015 are no longer accurate or operative as we have now agreed to a management type general contractor agreement with CCC-Oman based on a flat fee,” the company added.
Omagine said it has held extensive presentations and meetings with local, regional and international banks with respect to the provision of syndicated bank financing, adding “thesediscussions and negotiations are ongoing with Chinese and US-based banks since the onset of the liquidity squeeze in GCC banks.”
Early Warning Report Issued Pursuant to National Instrument 62-103 in Respect of the Acquisition of Securities of Fairmont Resources Inc. $FMR.ca
- Douglas Eickmeier, a shareholder of Fairmont Resources Inc. (TSX VENTURE:FMR) announces that he owns, directly and indirectly, 2,537,500 common shares of the Company, representing 11.18% of the issued and outstanding common shares of the Company
- From April 25, 2016 to May 6, 2016, Mr. Eickmeier acquired, directly and indirectly, a total of 382,000 common shares of the Company at a total cost of $30,815.00 through on-market purchases on the TSX Venture Exchange
TORONTO, ONTARIO–(May 20, 2016) - Douglas Eickmeier, a shareholder of Fairmont Resources Inc. (TSX VENTURE:FMR) (the “Company”), announces that he owns, directly and indirectly, 2,537,500 common shares of the Company, representing 11.18% of the issued and outstanding common shares of the Company.
From April 25, 2016 to May 6, 2016, Mr. Eickmeier acquired, directly and indirectly, a total of 382,000 common shares of the Company at a total cost of $30,815.00 through on-market purchases on the TSX Venture Exchange. Immediately prior to the completion of the transactions, Mr. Eickmeier owned 2,255,500 common shares of the Company, representing 9.94% of the issued and outstanding common shares of the Company. Immediately after completion of the transactions, Mr. Eickmeier owned 2,537,500 common shares of the Company, representing 11.18% of the issued and outstanding common shares of the Company.
The acquisition by Mr. Eickmeier of the common shares of the Company was made for investment purposes. Mr. Eickmeier may increase or reduce its investment in the Company according to market conditions or other relevant factors.
For further information and to obtain a copy of the early warning report filed under applicable Canadian securities laws, please see the Company’s profile on the SEDAR website www.sedar.com.
For further information and to obtain a copy of the early warning report, please contact the below.
21 Mason Boulevard
Toronto, ON, M5M 3C6
Tel: (416) 488-2023