Blackrock disclosure
Camex to acquire BlackRock Metals in RTO
2014-04-14 15:18 ET - News Release
Mr. Scott Ackerman reports
CAMEX TO ACQUIRE BLACKROCK METALS INC.
Camex Energy Corp. has entered into a letter of intent effective April 11, 2014, pursuant to which the company has agreed to acquire all of the issued and outstanding securities of BlackRock Metals Inc., an arm's-length party, by way of a share exchange.
BlackRock is a privately owned Canadian mining company with a 100-per-cent-owned iron-titanium-vanadium property in Northern Quebec. BlackRock currently has 99,151,389 common shares issued and outstanding, and convertible securities entitling the holders to acquire up to 10,895,000 additional common shares on various terms. Prior to completion of the acquisition, no person holds a controlling interest in BlackRock. Pursuant to the terms of the acquisition, shareholders of BlackRock will be entitled to receive one postconsolidated common share of Camex in exchange for every one common share of BlackRock that they presently hold. All outstanding convertible securities of BlackRock will also be exchanged for equivalent securities of Camex. It is also a condition of the proposed transaction that Camex complete a consolidation of its existing share capital on a five-old-for-one-new basis and change its name to Blackrock Metals Corp
and at this time :
$40 million = 65 % of Blackrock
Thus the remaining 34 million shares were sold for 35% of the shares outstanding as of this date. (Begs the question: A
t what price will the Soverign wealth fund partisipate?)
My quesss is at least $2.00 / share to set the value of the project at initially 300 Milion as there would be about 150 million shares outstanding if the next financing is done using the money mentioned below.
The next question I have is did Quebec invest the additional $40 million and is it included in the 99 million shares?
Still lots of unanswered questions as to the implied value of the Lac Dore deposit.... If any of these placements have been included thus far in the 99 million shares of Blackrock , then VRB is extremely undervalued.
Oct 26, 2013
Camex to acquire BlackRock Metals in RTO
2014-04-14 15:18 ET - News Release
Mr. Scott Ackerman reports
CAMEX TO ACQUIRE BLACKROCK METALS INC.
Camex Energy Corp. has entered into a letter of intent effective April 11, 2014, pursuant to which the company has agreed to acquire all of the issued and outstanding securities of BlackRock Metals Inc., an arm's-length party, by way of a share exchange.
BlackRock is a privately owned Canadian mining company with a 100-per-cent-owned iron-titanium-vanadium property in Northern Quebec. BlackRock currently has 99,151,389 common shares issued and outstanding, and convertible securities entitling the holders to acquire up to 10,895,000 additional common shares on various terms. Prior to completion of the acquisition, no person holds a controlling interest in BlackRock. Pursuant to the terms of the acquisition, shareholders of BlackRock will be entitled to receive one postconsolidated common share of Camex in exchange for every one common share of BlackRock that they presently hold. All outstanding convertible securities of BlackRock will also be exchanged for equivalent securities of Camex. It is also a condition of the proposed transaction that Camex complete a consolidation of its existing share capital on a five-old-for-one-new basis and change its name to Blackrock Metals Corp
The Chinese in the game
Certainly the unprocessed ore BlackRock has been sold in China, where the plants will be separation and where vanadium is asked: thanks to its ability to increase the strength of steel structures, it will be used to rebuild buildings demolished by earthquakes.
And this is the first financing obtained by BlackRock, which totaled $ 40 million comes from the Chinese fund Prosperity Minerals, which currently holds 65% of the mining. BlackRock also hand a $ 150 million agreement with the sovereign wealth fund of the Sultanate of Oman, the Middle East, who wants to start mining. The funding includes $ 80 million of equity and $ 70 million in iron ore concentrate.
For its part, Quebec Resources bought $ 45 million worth of shares in BlackRock. The corporation could increase its support under another program, hopes Mr. Rainville.
Golden Lake Project has achieved several milestones: it was the subject of an agreement with the Cree community on its impacts and benefits, as well as a partnership with Chibougamau.
BlackRock is in talks with Hydro-Québec transmission line of 60 MW in Phase I and 90 MW in Phase 2 (which includes a second pit 3.5 km).
BlackRock also plans to build a railway 27 km ($ 50 million) connected to existing networks with which it has entered into an agreement: the National, Rio Tinto and Canadian railway that the community of Grande-Anse in Saguenay is being built to the port. BlackRock plans to invest $ 100 million for the port facilities.
Read more at
https://www.stockhouse.com/companies/bullboard/v.vrb/vanadiumcorp-resources-inc#pAT8iA8pLscyegKe.99