NEWS RELEASE TRANSMITTED BY Marketwired
FOR: Kaizen Discovery Inc.
TSX VENTURE SYMBOL: KZD
and West Cirque Resources Ltd.
TSX VENTURE SYMBOL: WCQ
JULY 8, 2014
Kaizen Discovery Completes Acquisition of West Cirque Resources
VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 8, 2014) - 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
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
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
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.
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
President and CEO
WEST CIRQUE CONTACT INFORMATION
Steve Vanry, CFA
President and CEO
INDUSTRY: Manufacturing and Production - Mining and Metals
-0- Jul/08/2014 12:04 GMT
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