Mines for shares swap completed

Red Deer-based Blue Horizon Industries Inc. (CNSX:BH) has struck a conditional deal to swap its subsidiary Blue Horizon Mining Inc. with Cayenne Gold Mines Ltd. (CNSX:CYN) for shares in Cayenne.

Red Deer-based Blue Horizon Industries Inc. (CNSX:BH) has struck a conditional deal to swap its subsidiary Blue Horizon Mining Inc. with Cayenne Gold Mines Ltd. (CNSX:CYN) for shares in Cayenne.

Blue Horizon Industries announced on Monday that the Feb. 2 agreement will result in Cayenne receiving all of the issued and outstanding shares of Blue Horizon Mining in exchange for 43,500,000 common shares in Cayenne, at a deemed price of five cents per share. That would equate to 31 per cent ownership of Cayenne.

Blue Horizon Industries will also convert an outstanding $1.2 million shareholder loan into a convertible debenture of Cayenne, with the principal amount convertible into Cayenne shares at 10 cents per share.

The deal is subject to approval by the Canadian National Stock Exchange and the shareholders of Cayenne.

Blue Horizon Industries owns 74 per cent of Blue Horizon Mining, which is advancing two mining projects (Vermillion Forks Copper and our Kodi Gold) in British Columbia.

Blue Horizon Industries also owns 100 per cent of Blue Horizon Bio-Diesel Inc., which plans to build green biodiesel plants in Canada; and 100 per cent of Blue Horizon Energy Inc., which is exploring for oil and gas in Western Canada and performs dismantling contracts through its Blue Horizon Contracting division.

Cayenne is an exploration mining company with 100 per cent interests in the Windflower and Hixon gold properties in B.C.

“Combining our Vermillion Forks Copper property and our Kodi Gold property with Cayenne’s two quality gold properties makes sound economic business sense,” said Don Allan, president and CEO of Blue Horizon Industries.

He said it will reduce both companies’ overhead and improve their operations.

“The successful completion of this transaction will be the first step towards Blue Horizon becoming a pure play bio-diesel refinery company,” added Allan. “We are confident that the transaction will not only result in greater liquidity and share appreciation for Cayenne’s shareholders but accelerate the development of our joint properties.”

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Rocky Mountain House RCMP are investigating a fatal collision involving a pedestrian on Feb. 27. (File photo by Advocate staff)
Rocky Mountain House RCMP investigate fatal pedestrian collision

Collision occured west of Rocky on Highway 11A

A cross-country skier glides along the banks of the Ottawa River in Ottawa on Thursday, Feb. 25, 2021. Canadians across the country can look forward to a mild spring peppered with the odd winter flashback throughout the first part of the season, according to predictions from one prominent national forecaster. THE CANADIAN PRESS/Sean Kilpatrick
Mild spring with some wintry blasts predicted for most of Canada: Weather Network

March will be dramatically warmer through the prairies

Bharat Masrani, CEO, TD Bank Group speaks at the Economic Club of Canada in Toronto on Wednesday, November 1, 2017. THE CANADIAN PRESS/Nathan Denette
Five things to watch for in the Canadian business world in the coming week

Shares in metals and mining companies have rebounded sharply

A worker carrying a disinfectant sprayer walks past a WestJet Airlines Boeing 737-800 aircraft, after cleaning another plane at Vancouver International Airport, in Richmond, B.C., on Thursday, January 21, 2021. THE CANADIAN PRESS/Darryl Dyck
WestJet to lay off undisclosed number of pilots amid labour negotiations

Layoff notices to go out ahead of the expiration of a memorandum of agreement

A dose of COVID-19 vaccine is prepared at a vaccination clinic in Montreal’s Olympic Stadium on Tuesday, February 23, 2021. THE CANADIAN PRESS/Paul Chiasson
Feds hoping for AstraZeneca shots this week as Pfizer-BioNTech prepare next delivery

Canada has ordered 24 million doses of AstraZeneca vaccine

Red Deer dogs Bunsen and Beaker helped save a missing pet recently. The two dogs have more than 80,000 followers on Twitter. (Contributed photo)
WATCH: Red Deer science dogs help save lost pet

Red Deer science-communicating dogs Bunsen and Beaker helped rescue a missing pet… Continue reading

A ” Justice for Jeff” T-shirt. (Photo submitted)
Rally to be held outside Red Deer courthouse for slain Ponoka man

Sentencing for accused charged with manslaughter with a firearm set for March 4

Team Canada skip Kerri Einarson makes a shot against Team Alberta as second Shannon Birchard, right, and lead Briane Meilleur sweep in the semi-final at the Scotties Tournament of Hearts in Calgary, Alta., Sunday, Feb. 28, 2021. THE CANADIAN PRESS/Jeff McIntosh
Kerri Einarson wins second straight Canadian women’s curling championship

Einarson and her teammates celebrated Sunday in the silence in an empty arena

Amy Poehler and Tina Fey hosted the Golden Globes on Feb. 28, 2021. (Photo by THE ASSOCIATED PRESS)
With loved ones and pets, Globes winners embrace cozier show

Nicole Kidman and musician-husband Keith Urban got glammed up to sit on their couch

The cast of “Schitt’s Creek” pose for a photo after winning the Award for Best Comedy Series at the Canadian Screen Awards in Toronto on March 31, 2019. THE CANADIAN PRESS/Chris Young
Schitt’s Creek nabs two Golden Globes for its final season

Catherine O’Hara named best television actress in a musical or comedy

Alberta Premier Jason Kenney speaks during a news conference in Edmonton on Feb. 24, 2020. It’s budget day in the province, and Kenney’s United Conservative government is promising more help in the fight against COVID, but more red ink on the bottom line. THE CANADIAN PRESS/Jason Franson
Alberta Premier slams vandalism after slur painted on MLA’s office window

EDMONTON — Alberta Premier Jason Kenney is condemning alleged vandalism at the… Continue reading

Canada Pension Plan Investment Board President and Chief Executive Officer Mark Machin waits to appear at the Standing Committee on Finance on Parliament Hill, in Ottawa on Tuesday, November 1, 2016. Executives who engage in so-called "vaccine tourism" show both an ethical disregard for those less fortunate and a surprising lack of business acumen, experts argue. THE CANADIAN PRESS/Adrian Wyld
Vaccine tourism is both unethical and bad for business, experts say

Executives who engage in so-called “vaccine tourism” show both an ethical disregard… Continue reading

Edmonton Oilers' Jesse Puljujarvi (13) and Toronto Maple Leafs' Justin Holl (3) battle in front as goalie Jack Campbell (36) makes the save during second period NHL action in Edmonton on Saturday, February 27, 2021.THE CANADIAN PRESS/Jason Franson
No Matthews, no problem: Minus NHL goal leader, Maple Leafs blank Oilers 4-0

Leafs 4 Oilers 0 EDMONTON — The Maple Leafs knew even with… Continue reading

Leader of the Government in the House of Commons Pablo Rodriguez rises during Question Period in the House of Commons on Parliament Hill in Ottawa, Friday, Nov. 20, 2020. THE CANADIAN PRESS/Justin Tang
Gummed-up bills in House of Commons: harbinger of a federal election?

OTTAWA — All federal party leaders maintain they don’t want an election… Continue reading

Most Read