Inspiration Provides Updates on Its Acquisition of Silk Energy AS and Announces Proposed Private Placement
TORONTO, Oct. 25, 2018 (GLOBE NEWSWIRE) -- Inspiration Mining Corporation (CSE: ISM) (“Inspiration” or the “Corporation”) is pleased to announce that, further to its press release of August 7, 2018, it has entered into a share purchase agreement dated October 24, 2018 (the “Agreement”) with the shareholders (collectively, the “Vendors”) of Silk Energy AS (“Silk”), an arm’s length party incorporated pursuant to the laws of Norway.
Pursuant to the terms of the Agreement, Inspiration will acquire one hundred percent (100%) of the issued and outstanding securities of Silk (the “Acquisition”) from the Vendors for an aggregate purchase price of $32,364,500 (the “Purchase Price”). The Purchase Price will be satisfied through the issuance of an aggregate 161,822,500 post-consolidated common shares (the “Consideration Shares”) in the capital of Inspiration at a deemed price of $0.20 per Consideration Share.
Silk has entered into a letter of intent with an arm’s length third party with respect to a proposed financing of US$26 million. The proceeds of the proposed financing will be used by Silk for the development of its oil assets. Upon the closing of the proposed financing, Inspiration’s ownership interest in Silk will be reduced to fifty percent (50%) of the issued and outstanding securities of Silk.
The closing of the Acquisition is subject to, among things, the successful completion of the Corporation’s due diligence review of Silk, and the Corporation obtaining shareholder approval for the consolidation of the issued and outstanding securities on a three (3) for one (1) basis. After the proposed consolidation, the Corporation will have an aggregate of 12,611,884 common shares issued and outstanding.
The entering into this Agreement is considered a fundamental change under Policy 8 of the Canadian Securities Exchange (“CSE”) and, as such, closing of the Acquisition is subject to all of the requirements of Policy 8 including, but not limited to, CSE and shareholder approval.
Corporation Private Placement
The Corporation would also like to announce that it intends to raise gross proceeds of up to $2 million through a non-brokered private placement of up to 40 million units (the “Units”) of the Corporation (or 13,333,333 Units on a consolidated basis) at a price of $0.05 per Unit (or $0.15 on a consolidated basis). Each Unit will consist of one (1) common share and one-half (½) of a common share purchase warrant (“Warrant”). Each whole Warrant will entitle the holder to purchase one (1) common share for a period of eighteen (18) months from the date of issuance (the “Expiry Date”) at an exercise price of $0.07 per Warrant (or $0.21 per Warrant on a consolidated basis).
In the event that the closing price of the outstanding common shares of the Corporation on any stock exchange on which such shares are listed and posted for trading is greater than $0.10 (or $0.30 on a consolidated basis) for a period of 20 non-consecutive trading days, the Corporation may, at its option, accelerate the Expiry Date of the Warrants and force the conversion of the Warrants by giving notice to the holders thereof, and in such case the Warrants will expire at 5:00 p.m. (Toronto time) on the date that is the 20th business day after the date on which such notice is sent to the holders by the Corporation.
The non-brokered private placement is subject to all necessary regulatory approvals. The Units and the underlying common shares and Warrants will be subject to a four month hold period in accordance with applicable Canadian securities laws.
About Silk Energy AS
Silk is a private Norwegian company, established specifically to secure undervalued and distressed oil assets in Kazakhstan. It recently agreed terms to participate in 50% of the Ustyurt license, comprising 6,451 sq km in the Caspian Sea region, which includes an obligation to pay US$5 million to KazMunaiGas to bring the licence up to date and a US$10 million work program incorporating the drilling of two wells in 2019. Ustyurt is less than 100 kms from the super giant Tengiz and Kashagan fields with a combined 22 billion barrels of recoverable reserves, and it's in the fairway of other giant fields.
In excess of $80 million has been spent by the previous owners and the state oil company on the acquisition and interpretation of a comprehensive set of 2D seismic. Despite all of the data, only one well has been drilled in the whole contract territory in the last 30 years. It is incredibly under-explored and management has multiple targets to exploit.
For further information, please contact Randy Miller, Chief Executive Officer of the Corporation, at 416.842.9000, www.inspirationmining.com
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
This press release contains forward-looking statements based on assumptions, uncertainties and management’s best estimates of future events. Actual results may differ materially from those currently anticipated. Investors are cautioned that such forward-looking statements involve risks and uncertainties. Important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements are detailed from time to time in the Corporation’s periodic reports filed with the Ontario Securities Commission and other regulatory authorities. The Corporation has no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
One Liberty Plaza - 165 Broadway
NY 10006 New York
GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
Følg saker fra GlobeNewswire
Registrer deg med din epostadresse under for å få de nyeste sakene fra GlobeNewswire på epost fortløpende. Du kan melde deg av når som helst.
Siste saker fra GlobeNewswire
UPDATE - Eurotunnel entrusts the mid-life renovation of its Passenger Shuttles to Bombardier Transportation20.3.2019 12:53:00 CET | Pressemelding
BERLIN, March 20, 2019 (GLOBE NEWSWIRE) -- As part of the 2018-2026 mid-life programme, Eurotunnel signed a contract with Bombardier Transportation to renovate nine “PAX” Shuttles. Composed in total of 254 wagons, each 800-meter long shuttle is made up for passengers’ vehicles with passengers remaining in their vehicles during for the 35-minute Channel crossing. In the 25-year period since the opening of the Channel Tunnel, these Shuttles have each travelled an average of 300 round trips per month and have enabled over 236 million passengers to travel very comfortably between France and Great-Britain. The contract is valued at €150 million ($171 million) over a period of seven years. Deliveries of the newly refurbished Shuttles will start in mid-2022 and continue until mid-2026. Teams from Bombardier France and Belgium1 originally designed and built these unique vehicles in the 90’s and launched Bombardier’s activities in France. This year, the company celebrates 30 years since its est
Consumers Love Messaging for Customer Service But Hate its Experience Silo20.3.2019 11:30:00 CET | Pressemelding
YouGov survey of US and UK consumers reveals that lack of consistent omnichannel experience is the biggest hurdle to faster adoption of messaging for customer service SUNNYVALE, Calif. and NEWBURY, United Kingdom, March 20, 2019 (GLOBE NEWSWIRE) -- eGain (NASDAQ: EGAN), the leading provider of digital-first, omnichannel customer engagement hubs, today announced the findings based on a consumer survey of the use of messaging for customer service. The survey revealed that consumers love the convenience of messaging but struggle mightily with its experience silo. Conducted by YouGov on behalf of eGain, the survey was based on responses from 1777 consumers who messaged a business for customer service in the last 12 months. When asked about their struggles1 when messaging businesses for customer service: 43% hated repeating information across agents or when escalating to other channels; 28% struggled with the speed of response; and 23% were stumped by the relevance of response. Another inte
IMImobile announces availability of its enterprise communications platform IMIconnect on Salesforce AppExchange20.3.2019 09:00:00 CET | Pressemelding
IMIconnect’s AppExchange app enables Salesforce users to automate two-way customer interactions across 10+ communication channels LONDON, March 20, 2019 (GLOBE NEWSWIRE) -- IMImobile today announced the availability of its enterprise cloud communications platform IMIconnect on Salesforce AppExchange. This can enable businesses utilising the Salesforce Platform to rapidly launch and orchestrate two-way, trigger-based customer communications, across 10+ communication channels including SMS, WhatsApp, Apple Business Chat, In App and Push, amongst others. The IMIconnect for Salesforce App will augment the existing customer interaction capabilities of Salesforce Service Cloud, Sales Cloud, Commerce Cloud and Field Service Lightning to enable proactive customer engagement and reduce the cost of serving customers across touchpoints. Enterprises will be able to automate communications, such as order and delivery notifications for retailers, engineer appointment bookings for utility providers a
Eurotunnel entrusts the mid-life renovation of its Passenger Shuttles to Bombardier Transportation20.3.2019 08:30:00 CET | Pressemelding
BERLIN, March 20, 2019 (GLOBE NEWSWIRE) -- As part of the 2018-2026 mid-life programme, Eurotunnel is signing a contract with Bombardier Transportation to renovate nine “PAX” Shuttles. Composed in total of 254 wagons, each 800-meter long shuttle is made up for passengers’ vehicles with passengers remaining in their vehicles during for the 35-minute Channel crossing. In the 25-year period since the opening of the Channel Tunnel, these Shuttles have each travelled an average of 300 round trips per month and have enabled over 236 million passengers to travel very comfortably between France and Great-Britain. The contract is valued at €150 million ($171 million) over a period of 7 years. Deliveries of the newly refurbished Shuttles will start in mid-2022 and continue until mid-2026. Teams from Bombardier France and Belgium1 originally designed and built these unique vehicles in the 90’s and launched Bombardier’s activities in France. This year, the company celebrates 30 years since its est
Standard Lithium Engages WorleyParsons’ Advisian for Preliminary Economic Assessment of Its Southern Arkansas Project20.3.2019 08:01:00 CET | Pressemelding
VANCOUVER, British Columbia, March 20, 2019 (GLOBE NEWSWIRE) -- Standard Lithium Ltd. (“Standard Lithium” or the “Company”) (TSXV: SLL) (OTCQX: STLHF) (FRA: S5L), is pleased to announce that it has engaged Advisian, the consulting arm of WorleyParsons Canada Services Ltd (WorleyParsons) to complete a Preliminary Economic Assessment (PEA) of its flagship 150,000 acre project in the south-central region of Arkansas, USA. Advisian is part of WorleyParsons, one of the world’s largest engineering and project delivery firms, servicing the global resource, energy, and infrastructure markets with 26,910 personnel across 115 offices in 42 countries around the globe. Advisian and WorleyParsons have carried out many lithium studies for brine and produced-water projects in North and South America for a range of operating and development-stage clients. WorleyParsons also has extensive experience in planning, developing and building chemical plants in the US Gulf Coast region. Standard Lithium has e
ISSI HyperFlash™ memory has successfully been designed into the NXP i.MX RT106A MCU-based solution for AVS (Alexa Voice Service)19.3.2019 21:30:00 CET | Pressemelding
MILPITAS, Calif., March 19, 2019 (GLOBE NEWSWIRE) -- Integrated Silicon Solution, Inc. a leader in advanced memory solutions, today announced the adoption of HyperFlash™ memory IS26KL256S-DABLI00 (256Mb 3.3V BGA package) with NXP’s i.MX RT106A MCU based solution for AVS (Alexa Voice Service). The Alexa Voice Service (AVS) is a virtual assistant developed by Amazon that provides cloud-based automatic speech recognition (ASR) and natural language understanding (NLU) to provide information, media playback, communication and smart device control capabilities to consumers. HyperFlash™ memory based on the HyperBus™ technology dramatically improves memory performance while reducing pin count and board space, essential for NXP’s implementation to save BOM cost without compromising performance to do XIP (execute-in-place) operations. “NXP is an important partner for us. We are very glad that NXP adopted our HyperFlash™ solution. HyperFlash™ fits nicely in the application to meet the increasingl