VANCOUVER, April 7, 2014 /CNW/ - Cardero Resource Corp. ("Cardero" or
the "Company") (TSX: CDU, OTCBB: CDYCF) announces that it has received
$3,774,651 as a BC Mineral Exploration Tax Credit refund ("METC").
These funds, together with additional funds from its line of credit,
were used to make the payment of USD 3,700,000, plus interest, due on
or before March 14, 2014 under the terms of its outstanding senior
secured notes. The Company also announces that all motions put forward
for approval at its 2014 Annual General Meeting held April 4, 2014 in
Vancouver, British Columbia ("AGM") passed with significant shareholder
Repayment of US$3.7 Million to Lenders
In March, 2014, the Company received a total of $3,774,651 (including
interest) in connection with its application for the BC METC as
discussed in its news release NR14-01 (March 3, 2014). The Company
currently has outstanding senior secured notes ("Notes") and a secured
line of credit ("Credit Line") from entities ("Lenders") controlled by
Mr. Robert C. Kopple of Los Angeles, California. On receipt, the METC
funds were used to make part of the payment of USD 3,906,794
(representing the USD 3,700,000 principle amount plus USD 206,794 in
interest) due on or before March 14, 2014 under the Notes, with the
balance of USD 545,838 in excess of the METC being paid from the Credit
Election of Robert van Doorn as Director
At the AGM, Mr. Robert van Doorn was elected as a director. Mr. Van
Doorn is a businessman with more than 20 years' experience in the
mineral resource business. He was educated in the Netherlands,
graduating with a Masters degree in Mining Engineering and subsequently
in South Africa with a Masters in Business Administration.
Mr. Van Doorn is currently Executive Chairman of Namakwa Uranium, a
private company developing gold and uranium projects in South Africa.
He was previously Chairman, President & CEO of Mundoro Mining Inc. (a
public company developing the Maoling Gold project in China), Executive
Vice President of Business Development for Rio Narcea Gold Mines S.L.
(a public company with projects in Spain and Mauritania), and Executive
Vice President of Golden China Resources Corporation (a joint venture
with Kingsway Capital, a Hong Kong merchant bank, involved with
investments in the Chinese precious metals sector, evolving into a
mid-tier exploration company). His career prior to 2002 includes
positions as Senior Mining Analyst at Loewen, Ondaatje, McCutcheon, as
Global Gold Analyst at Morgan Stanley and as Business Development
Manager at Royal Dutch Shell.
In a distinguished career, Mr. Van Doorn's achievements include
investment recommendations and financing of successful exploration
companies such as Great Basin Gold, Pangea Minerals Ltd., Platexco
Inc., Argentina Gold and Arequipa, whose discoveries have been
developed into major mines. In addition he initiated gold equities
coverage at Morgan Stanley in New York. His experience is extensive
and global, particularly in the area of business development.
Mr. Van Doorn is currently a director of Romarco Minerals Inc. (a
TSX-listed mineral exploration company) and was previously director of
Leyenburg Platinum, Hana Mining, Golden China and Mundoro.
Mr. Henk Van Alphen, President and CEO of the Company, stated: "I am
delighted to welcome Robert to the Board. His depth of experience and
industry knowledge will be invaluable to us as we look forward to a
metallurgical coal market recovery in the coming years."
2014 Annual General Meeting Results
In addition to the election of Robert Van Doorn, the following
individuals were re-elected as the directors of the Company: Stephan
Fitch, Leonard Harris, and the Company's President & CEO, Hendrik Van
Alphen. All directors were re-elected with the support of over 97.67%
of the votes cast.
PricewaterhouseCoopers, LLP, Chartered Accountants, were also
re-appointed as the auditors of the Company for the fiscal year ending
October 31, 2014.
The Company's shareholders approved, by 69% of the votes cast, the
extension of the expiry date of an incentive stock option to purchase
350,000 common shares at a price of $0.78 held by Michael Hunter, the
past President and Chief Executive Officer of the Company, to September
27, 2014 (unless sooner exercised) notwithstanding that Mr. Hunter
sooner ceases, for any reason, to be qualified to hold incentive stock
options under the 2012 Incentive Stock Option Plan of the Company.
The Company's shareholders approved, by 95.12% of the votes cast
(excluding any votes cast by Robert C. Kopple or his affiliates or
associates), each of the following matters:
the issuance of warrants to purchase an additional 5,029,165 common
shares to E.L. II Properties Trust and warrants to purchase an
additional 5,029,165 common shares to the Kopple Family Partnership,
LP. (such warrants having the same terms as those previously issued to
the Lenders on December 5, 2013, see NR13-23), and thereby resulting in
the Company having made issuable, within a three month period, a number
of common shares in excess of 25% of the number of common shares
outstanding at the commencement of such three month period;
the reduction in the exercise price, from $0.139 to $0.10, of the
aggregate of 38,417,398 common share purchase warrants issued to the
Lenders on December 5, 2013 and to be issued under paragraph 1 above;
the extension of the expiry date of certain incentive stock options to
purchase 3,600,000 common shares of the Company at $0.10 held by Robert
C. Kopple ("Kopple Options") to July 3, 2020 (unless sooner exercised)
notwithstanding that Mr. Kopple sooner ceases, for any reason, to be
qualified to hold incentive stock options under the 2012 Incentive
Stock Option Plan of the Company; and
the exercise, by Mr. Robert C. Kopple, and any of his associates or
affiliates, including, without limitation, the Lenders, of the Kopple
Option, the warrants to purchase up to 28,359,066 common shares at
$0.095 issued to the Lenders on August 9, 2013 (NR13-18), the warrants
to purchase up to 38,417,000 common shares issued on December 5, 2013
or to be issued under paragraph 1 above, which exercises may result in
Robert C. Kopple, together with his associates and affiliates
(including the Lenders), holding in excess of 19.99% of the then issued
common shares of the Company, and the consequent creation of Robert C.
Kopple as a control person of the Company.
The detailed proxy voting on all resolutions submitted to the
shareholders at the 2014 Annual General Meeting, is contained in the
"Report of Voting Results" for the AGM which is available under the
Company's profile on SEDAR and on the Company's website or upon request
by contacting the Company's Corporate Secretary at (604) 408-7488.
ABOUT CARDERO RESOURCE CORP.
The common shares of the Company are currently listed on the Toronto
Stock Exchange (symbol CDU), the OTCBB (symbol CDYCF) and the Frankfurt
Stock Exchange (symbol CR5). For further details on the Company readers
are referred to the Company's web site (www.cardero.com), Canadian regulatory filings on SEDAR at www.sedar.com and United States regulatory filings on EDGAR at www.sec.gov.
On Behalf of the Board of Directors of
CARDERO RESOURCE CORP.
"Henk van Alphen" (signed)
Henk van Alphen, CEO and President
This press release is not, and is not to be construed in any way as, an
offer to buy or sell securities in the United States.
SOURCE Cardero Resource Corp.