Under the terms of Mr. Advocaat’s engagement, Mr. Advocaat will be paid a monthly fee of $5,500 and be granted stock options to purchase up to 200,000 common shares of the Company at a price of $0.50 per common share for a period of three years, subject to vesting and termination provisions pursuant to the Company’s Stock Option Plan and TSX Venture Exchange policies. Mr. Advocaat’s engagement, which may be terminated on one month’s notice, and the grant of stock options are subject to acceptance by the TSX Venture Exchange.
Mr. Advocaat’s responsibilities include furthering and executing corporate strategy, coordinating investor relations, and advancing general corporate development opportunities. Mr. Advocaat brings to the Company over 30 years of experience in the junior resource sector beginning in 1982 as an investment advisor and later as head trader and junior partner with Pacific International Securities Inc. Mr. Advocaat has spent the past 20 years working with various public companies in the roles of investor relations and corporate development under which he has assisted in or raised in excess of $100 million.
The Company also announces the termination of its investor relations agreement with Mr. Michael D’Amico. The Company thanks Mr. D’Amico for the services provided to the Company during the term of the agreement and wishes him well in his future endeavours.
The Company will make an application with the TSX Venture Exchange to extend the term of a total of 1,471,500 warrants (the “Warrants”), which are currently scheduled to expire on December 21, 2013, by six months. The Warrants were issued with an original term of one year in connection with the closing of a private placement financing as announced by the Company on December 21, 2012. All other terms, including the exercise price of the Warrants at $1.00, remain the same.
On behalf of the Board,
Andrew Carter, President & CEO
Mariana Bermudez at (604) 699 0202 or
Forward Looking Statements This Company Press Release contains certain “forward-looking” statements and information relating to the Company that are based on the beliefs of the Company’s management as well as assumptions made by and information currently available to the Company’s management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, competitive factors, general economic conditions, customer relations, relationships with vendors and strategic partners, the interest rate environment, governmental regulation and supervision, seasonality, technological change, changes in industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein.
Neither the TSX Venture Exchange, its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), nor the Frankfurt Stock Exchange accepts responsibility for the adequacy or accuracy of this news release.