Kaizen Discovery Completes Acquisition of West Cirque Resources
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/08/14 -- 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
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
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
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
KAIZEN CONTACT INFORMATION
President and CEO
WEST CIRQUE CONTACT INFORMATION
Steve Vanry, CFA
President and CEO
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