Cuervo Res. wird die neue Rakete!
http://www.cuervoresources.com/de/
http://www.cuervoresources.com/de/
http://www.cuervoresources.com/de/index.php/news/...inancial_officer/
Anfang '10
Brian Berner spricht über Eisenerz-Ressourcen,Potenzial der Projekte,Vorteile der geografischen Lage.
vergebene Optionen 3´420.000
ausgestellte Garantien 2´911.000
Voll aufgeteilt 42´665.750
Schulden Null
Bilanzen und Management Gespräche und Analysen '10:
#September 30 Interim Financials
#September 30 Management Discussion and Analysis
#June 30 Interim Financials
#June 30 Management Discussion and Analysis
#and 2009 March 31 Audited Financials
#March 31 Management Discussion and Analysis
http://www.cuervoresources.com/de/index.php/seiten/investoren/
kann allerdings schnell nach oben gehen, wenn die Chinamänner zuschlagen. Und auch wenns mal runter geht, nicht nervös werden, Rohstoffe werden halt immer weniger und als Rentengroschen sollte die Aktie allemal gut sein.
Pending news would be a completion of a financing.
The next planned steps of exploration is to secure financing for a drilling program.
Tuesday, July 19, 2011 Strike Resources (ASX: SRK) has executed an agreement to acquire up to 49% of Canadian listed explorer Cuervo Resources Inc. (ETR: CRR), representing a significant step in Strike’s consolidation strategy for iron ore in the Apurimac and Cusco regions of Peru.
The option to acquire a major stake in the Peruvian iron ore explorer will give Strike exposure to Cuervo’s Peruvian concession holdings which are complementary to Strike’s own interests in Peru, held through its 56% shareholding in Apurimac Ferrum S.A. (AF).
A staged loan of up to C$15,000,000 will be made to Cuervo to complete the agreed advanced exploration work on its Peruvian concessions. A 10 kilometre long iron ore target will be drill tested in the Stage 1 work program.
Cuervo has current iron-ore resources of 106 million tonnes (Mt) at 45.3% iron (Fe) with significant potential for extensions. There is also strong potential for copper/gold mineralisation.
As part of the agreement Strike is to nominate two directors to Cuervo’s board.
Strike recently announced it had increased its shareholding in AF from 44% to 56% by purchasing Iron Associates Corporation’s minority shareholding in AF.
This transaction forms part of the company’s strategic objective of consolidating its position as the major holder of high-quality iron ore concessions in Peru.
The Cuervo resource, when combined with AF’s existing Apurimac and Cusco project resources, represents a substantial proportion of the resource necessary to support an iron ore operation producing 15 – 20 million tonnes per annum (Mtpa) of product.
In addition, there is significant exploration potential for iron ore within the more than 700 square kilometres held under concessions by AF and the 140 square kilometres held through the Cuervo concessions.
Strike is bullish that, subject to reasonable exploration success, there is potential to establish an iron ore operation within the Apurimac and Cusco regions.
Strike’s modelling indicates that a resource of 600Mt at grades similar to those at the Apurimac Project’s Opaban deposit, or 800Mt at 40% Fe or above, will support a mining operation producing 20Mtpa of iron ore product per annum.
The key terms of the deal with Cuervo are as follows:
• Strike to loan Cuervo up to C$15 million in two loan tranches. The loans will be in the form of zero-coupon promissory notes secured by a mortgage over Cuervo’s Peruvian concessions and a pledge over the shares of the Peruvian holding company through which Cuervo owns the concessions.
• As interest consideration for the loans Cuervo will grant Strike two warrants.
• The Tranche 1 Loan of C$5.25m will be advanced on the pre-registration of the mortgage and will have a term of three years from the execution date of the financing agreements.
• The Tranche 2 Loan of C$9.75m is at Strike’s election. This loan will be in the form of a zero-coupon promissory note with a term of 3 years from the execution date of the financing agreements.
• The Tranche 1 Warrant will give Strike the right to purchase 17,500,000 common shares in Cuervo (32.5% of Cuervo, un-diluted) at an exercise price of C$0.30 and have a term of 3 years, subject to adjustment in certain circumstances. This warrant will be issued on the advance of the Tranche 1 Loan.
• The Tranche 2 Warrant will give Strike the right to purchase up to 17,727,273 common shares in Cuervo (49.2% of Cuervo cumulative on the Tranche 1 Warrant, un-diluted) at an exercise price of C$0.55 and have a term of 3 years. This Warrant will also be issued on the advance of the Tranche 1 Loan and will terminate if Strike elects not to advance the Tranche 2 Loan (C$9.75m) to Cuervo.
• The Warrants will be required to be exercised on the occurrence of any of the following events:
- Cuervo’s shares trade for 20 consecutive days above C$1.00, with a minimum 20-day trading volume of 1.5 million shares; or
- Cuervo files a National Instrument 43-1014.
• If the Loans are outstanding the Warrants may be exercised by forgiving the Loans.
• During the term of the Tranche 1 Loan Strike has the right to nominate two (directors to Cuervo’s board and will have the right to nominate a further director if Strike advances the Tranche 2 Loan or exercises the Tranche 2 Warrant. Strike’sActing Chairman, Professor Malcolm Richmond and Managing Director, Mr. Ken Hellsten, will be Strike’s initial nominees to Cuervo’s Board.
Toronto, Ontario CANADA, July 28, 2011 /FSC/ - Cuervo Resources Inc. (FE - CNSX, CRR - FWB),("Cuervo" or the "Company") is pleased to announce that it has closed an investment agreement with Strike Resources Limited (ASX:SRK; "Strike") that was originally announced on July 18, 2011. Under the terms of the agreement Strike is providing financing of up to $CDN 15 million to Cuervo to fund advanced exploration work on the Company's Cerro Ccopane iron ore exploration project in the Cusco area of southern Peru. The first tranche of the funding, which has now been received by the Company, totals $CDN 5,250,000. Strike itself is also an important explorer for iron ore in southern Peru through its interest in Apurimac Ferrum S.A. The companies believe that a cooperative exploration effort between Cuervo and Strike will be strategic to the development of the iron ore resource potential of Peru.
Under the investment agreement Strike has provided the $CDN 5.25 million first tranche in the form of a non-cash interest-bearing three-year secured promissory note to fund an initial 15-month exploration program. At Strike's election, a further $CDN 9.75 million of non-cash interest-bearing secured funding may be advanced to fund the remaining 21 months of the expected three-year exploration program. Security for the financing is provided by a pledge of the shares held by Cuervo in its Peruvian subsidiary and a mortgage over the Cerro Ccopane concessions. In addition Cuervo has agreed to certain customary negative covenants in favour of Strike that are typical of transactions of this type.
As interest consideration for the provision of funding by Strike, Cuervo has issued to Strike two warrants, each with an initial term of three years commencing at the closing of the financing, to purchase Cuervo common shares: the first warrant entitles the holder thereof to purchase 17,500,000 common shares at $CDN 0.30 per share; and the second warrant entitles the holder thereof to purchase 17,727,273 common shares at $CDN 0.55 per share. The second warrant will be cancelled if Strike elects not to advance a total of $CDN 15 million. The term of the warrants may be extended if there are delays in the exploration program.
Under the agreement, proceeds from the exercise of warrants will be applied against amounts owing under the promissory note(s). Automatic exercise of warrants and retirement of outstanding amounts under the promissory note(s) will occur if Cuervo common shares trade for 20 consecutive days above $CDN 1.00 (volume-weighted average price), with a minimum 20-day trading volume of 1.5 million shares, or if Cuervo files a National Instrument 43-101-compliant Mineral Resource Estimate (CIM definition "Inferred Mineral Resources" category) of iron ore that is at least 700 million tonnes with an average grade of 40% Fe or greater. Upon the full exercise of both warrants Strike would own approximately 49% of Cuervo's outstanding common shares and approximately 46% on a fully diluted basis. As part of the financing, Cuervo has provided Strike with certain pre-emptive rights on future share issuances during the term of the investment agreement.
Certain changes to the composition of the Cuervo Board of Directors occur as part of the closing of the financing. Mr. Velasquez Spring, P.Eng., has resigned from the Board, having served Cuervo with dedication as an independent director over the past five years. Nonetheless, Mr. Spring's immense value to the Company will be retained as he joins the Company's Advisory Board as senior geological consultant to the Company. Mr. Spring is replaced on the Board by Mr. Kenneth J. Hellsten, the Managing Director of Strike Resources Limited. Mr. Hellsten has an extensive managerial and exploration background related to iron ore and nickel projects including many years of service with Billiton Australia and BHP Billiton. He is a Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM) and a Member of the Australian Institute of Company Directors (AICD).
Mr. Brian Berner has stepped down as Chairman of the Board and been replaced by Mr. Gordon D. Watts, P.Eng. Mr. Watts has been an independent Board member for six years and has extensive mining project experience, in particular as related to iron ore. Mr. Watts was also a member of the Baffinland Iron Mines Corporation board of directors until its recent takeover by a consortium led by Arcelor Mittal. Mr. Berner continues as Chief Executive Officer and as an executive director of the Company.
A sixth Board member has also been appointed: Professor Malcolm R. Richmond, the Chairman of Strike. Professor Richmond is a Visiting Professor at the University of Western Australia, seconded jointly to the Graduate School of Management and the School of Engineering. Professor Richmond has spent much of his career with the Rio Tinto Group; immediately prior to his retirement he held the position of Managing Director - Development of Hamersley Iron Pty Limited and Executive Director of Hamersley Holdings. He has previously served as Deputy Chairman of the Australian Minerals Research Council. Professor Richmond is a Fellow of AusIMM and a Fellow of the Australian Academy of Technology, Science and Engineering.
Mr. Brian M. Cloney, C.A., (independent director) and Mr. John M. Siriunas, P.Eng., (executive director) remain as the other members of the Board.
Cuervo common shares are listed on the Canadian National Stock Exchange (CNSX), and also trade on the Frankfurt Stock Exchange (FWB). Post closing there are 36,334,750 shares outstanding (76,623,023 shares fully diluted).
For further information, please contact Mr. Brian Berner, CEO, at 416-203-3957 ext 201 or Mr. Tom Berner, Investor Relations, at 416-203-3957 ext 202. Additional information about Cuervo can be found at the Company's website at www.cuervoresources.com.
The Canadian National Stock Exchange (CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.
247 Major Street, Toronto, ON, M5S 2L5 Canada
Tel. 416-203-3957
Fax 416-203-4197
www.cuervoresources.com
To view this press release as a web page, please click on the following link:
http://www.usetdas.com/pr/cuervo07282011.htm
September 29, 2011 – Toronto, ON
Cuervo Resources Inc. (CNSX:FE; FWB:CRR; “Cuervo” or the “Company”) is pleased to announce the election of a seventh member to the Company’s Board of Directors: Mr. Erwin Speckert, M.B.A., C.F.A. Mr. Speckert has over 25 years experience in the financial industry including wealth management for public institutions and private individuals. His career began at the Toronto office of a large Swiss bank, with which he later moved to its Zürich head office. After five years at that post, he was hired to build the equity management capability for a boutique institutional asset management firm. During his nine years there, assets under management grew from several hundred million dollars to over three billion dollars. Since 2004, Mr. Speckert has been focused on wealth management for private individuals and has, as well, guided a number of businesses to success through venture capital financing. As confirmed at the Company’s Annual and Special Meeting held on September 27, 2011, the other directors of the Company remain Mr. Gordon D. Watts, P.Eng. (Chairman), Mr. Brian Berner, Mr. Brian M. Cloney, C.A., Mr. Kenneth J. Hellsten, Prof. Malcolm R. Richardson and Mr. John M. Siriunas, P.Eng.
The Company would also like to announce the granting of options to a director of the Company. Options for a total of 100,000 common shares at a price of $0.32 per share expiring on September 27, 2016 have been granted at this time.
Cuervo is focused on the exploration for iron ore in Perú and currently holds an interest in over 20,000 ha of prospective mineral exploration lands in that country through its wholly owned subsidiary, Minera Cuervo S.A.C. The Company has an investment agreement with Strike Resources Limited (ASX:SRK; “Strike”). Under the terms of the agreement Strike is providing financing of up to $CDN 15 million to Cuervo to fund advanced exploration work on the Company’s Cerro Ccopane iron ore exploration project in the Cusco area of southern Perú. The companies believe that a cooperative exploration effort between Cuervo and Strike will be strategic to the development of the iron ore resource potential of Perú.
Cuervo common shares are listed on the Canadian National Stock Exchange (CNSX), and also trade on the Frankfurt Stock Exchange (FWB). Following the granting of the options, the Company has 36,334,750 shares outstanding (77,023,473 fully diluted).
For further information, please contact Mr. Brian Berner, a director and CEO of Cuervo, at 416-203-3957 ext 201 or Mr. Tom Berner, Investor Relations, at 416-203-3957 ext 202. Additional information about Cuervo can be found at the Company’s website at http://www.cuervoresources.com.
The Canadian National Stock Exchange (CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.http://www.cuervoresources.com/index.php/news/...granting_of_options/