Kaizen Discovery Completes Acquisition of West Cirque Resources
08 July 2014 - 10:04PM
Marketwired Canada
Matthew Hornor, President and Chief Executive Officer of Kaizen Discovery Inc.
(TSX VENTURE:KZD), is pleased to announce that Kaizen has successfully completed
the acquisition of West Cirque Resources (TSX VENTURE:WCQ) in an all-share
transaction.
Under the terms of the acquisition, originally announced April 16, 2014, each
West Cirque shareholder received one-half of one Kaizen common share for each
West Cirque common share. Now that the transaction is finalized, former West
Cirque shareholders hold approximately 14.7 million common shares, or 9.9%, of
the approximately 148.6 million outstanding common shares of Kaizen. West
Cirque's common shares ceased trading on the TSX Venture Exchange today
following the completion of the transaction.
West Cirque is a Vancouver-based mineral exploration company controlling seven
prospective copper-gold porphyry exploration projects in British Columbia,
Canada - two of which are subject to an earn-in agreement with Freeport-McMoRan
of Canada Limited.
"We are extremely appreciative of the strong support we received from both
Kaizen and West Cirque shareholders in completing the transaction," said Mr.
Hornor. "We look forward to leveraging the strengths of the two companies and
pursuing a systematic and aggressive exploration program and continuing to build
shareholder value."
The combination of Kaizen's existing portfolio of exploration projects in
Australia and Africa, and West Cirque's portfolio in Canada, establishes a
stronger company with an impressive and diverse pipeline of projects," Mr.
Hornor added. "Now that the transaction has closed, we can begin immediately
working at Aspen Grove and work towards unlocking the potential of this exciting
property."
Expected support from strategic partner ITOCHU
ITOCHU Corporation, a leading Japanese trading house, holds a 5.7% stake in
Kaizen. A framework agreement entered into between Kaizen and ITOCHU in January
2014 established a collaborative working arrangement under which both companies
can evaluate opportunities to explore and develop selected, high-quality,
international mineral projects. Based on the signed framework agreement, ITOCHU
has the right of first offer to enter into projects introduced by Kaizen.
Kaizen is in advanced and detailed discussions with ITOCHU with regard to
ITOCHU's expected participation in West Cirque's exploration projects.
Outline of the West Cirque portfolio of exploration properties
Since 2011, West Cirque has been focused on advancing porphyry copper-gold
prospects in British Columbia's main porphyry belts, the Early Mesozoic arcs of
the Stikine and Quesnel terranes. In 2013, West Cirque partnered with
Freeport-McMoRan of Canada Limited to explore three projects in northern Stikine
terrane -Tanzilla, Pliny and Castle. In southern Quesnel terrane, West Cirque
has acquired a large land position in the Aspen Grove copper belt, located
halfway between the Highland Valley and Copper Mountain mines. Initial
exploration of the Aspen Grove project in 2013 resulted in discovery of a
significant porphyry copper-gold target at the Par prospect.
To view the figure accompanying this press release, please visit the following link:
http://media3.marketwire.com/docs/956236.pdf
About Kaizen Discovery
Kaizen is a Canadian technology-focused, mineral exploration company that was
formed in late 2013 through a combination of Concordia Resource Corp. and assets
acquired from HPX TechCo Inc., a 100% owned subsidiary of High Power Exploration
Inc. With its collaboration agreement with ITOCHU Corporation of Japan and
access to HPX TechCo's proprietary geophysical technology, Kaizen's long-term
growth strategy is to work with Japanese partners to identify, explore and
develop high-quality mineral projects that have the potential to produce and
deliver minerals to Japan's industrial sector.
More information on Kaizen is available at www.kaizendiscovery.com.
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.
FORWARD-LOOKING STATEMENTS
Statements in this press release that are forward-looking statements are subject
to various risks and uncertainties concerning the specific factors disclosed
here and elsewhere in Kaizen's periodic filings with Canadian securities
regulators. When used in this press release, words such as "will, could, plan,
estimate, expect, intend, may, potential, should," and similar expressions, are
forward-looking statements. Information provided in this document is necessarily
summarized and may not contain all available material information.
Forward-looking statements may include, without limitation, statements regarding
the completion and expected benefits of the proposed transaction and other
statements that are not historical facts. Forward-looking statements are based
on a number of assumptions and estimates that, while considered reasonable by
management based on the business and markets in which Kaizen operate, are
inherently subject to significant operational, economic and competitive
uncertainties and contingencies.
Although Kaizen have attempted to identify important factors that could cause
actual results, performance or achievements to differ materially from those
contained in the forward-looking statements, there can be other factors that
cause results, performance or achievements not to be as anticipated, estimated
or intended. There can be no assurance that such information will prove to be
accurate or that management's expectations or estimates of future developments,
circumstances or results will materialize. As a result of these risks and
uncertainties, the proposed transaction could be modified, restricted or not
completed, and the results or events predicted in these forward looking
statements may differ materially from actual results or events.
Accordingly, readers should not place undue reliance on forward-looking
statements. The forward-looking statements in this press release are made as of
the date of this press release, and Kaizen disclaims any intention or obligation
to update or revise such information, except as required by applicable law, and
Kaizen does not assume any liability for disclosure relating to the other
company herein.
FOR FURTHER INFORMATION PLEASE CONTACT:
KAIZEN CONTACT INFORMATION
Matthew Hornor
President and CEO
+1-604-669-6446
matthew@kaizendiscovery.com
Bill Trenaman
+1-604-669-6446
bill@kaizendiscovery.com
WEST CIRQUE CONTACT INFORMATION
Steve Vanry, CFA
President and CEO
+1-604-558-4604
svanry@westcirqueresources.com
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