Mar 03, 2014
Copper North Appoints Harlan Meade As President And CEO
Vancouver, British Columbia - Copper North Mining Corp. ("Copper North" or the "Company") (TSX.V:COL) is pleased to announce the appointment of Dr. Harlan Meade, Ph. D as President, CEO, and Director.
Dr. Meade is the former President and CEO of Selwyn Resources Ltd. He has a doctorate in geology and a master in business administration. Dr. Meade has more than 30 years' experience in exploration and development in the mining industry. He has played a key role in the discovery and development of several mineral deposits in North and South America. He is member of the Association of Professional Engineers and Geologists of British Columbia and the Society of Economic Geologists.
"We are delighted to welcome Dr. Meade to the management team. His deep experience in advancing and financing projects will be invaluable to Copper North," said Dale Corman, Chairman and Director.
The board of directors of the Company has authorized the issuance of stock options to Dr. Meade to purchase 200,000 common shares of the Company. The stock options will vest over a two year period: with one third vesting on the date of grant, one-third on the first anniversary date and one-third on the second anniversary date. The stock options have a five year term and each option allows the holder to purchase one common share of the Company at a price of $0.08 per share until February 28, 2019.
The Company has entered into a revolving line of credit facility agreement with CIBC (the "Facility"). The Facility has a limit of $50,000 and will bear interest at prime + 2% per year. Dale Corman has provided a guarantee to CIBC for the Facility. Mr. Corman is not receiving compensation for the guarantee. The Facility will be used for general working capital purposes.
David Street has resigned as director of the Company. Mr. Street has resigned as a result of his recently accepted position with a new mining private equity fund. "Copper North wishes to thank David for his contribution to the Company since its inception and wishes him success in his future endeavors," expresses Dale Corman.
After careful consideration, Copper North has decided not to participate in the share exchange with Global Resources Investment Trust Plc because the timing and the amount of funds to be received from the share exchange transaction (previously announced on September 30, 2013) were considered too uncertain to justify the dilution to existing shareholders.
On behalf of the Board of Directors:
Chairman and Director
For Further Information
Chief Financial Officer
About Copper North
Copper North is a Canadian mineral exploration and development company. Copper North's assets include the Carmacks Copper Project located in the Yukon, and the Redstone Property located in the Northwest Territories. Copper North trades on the TSX Venture Exchange under the symbol COL.
This news release includes certain forward-looking information or forward-looking statements (collectively "Forward-Looking Information") for the purposes of applicable securities laws. Forward-Looking Information includes, but is not limited to, statements with respect to the intended use of the Facility. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as "intends", "plans", "expects" or "does not expect", "scheduled", "estimates", anticipates", "potential", "recommends" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would" or "will be taken", "occur" or "be achieved". These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements to differ materially from those anticipated in such statements. In making the forward-looking statements, the Company has applied several material assumptions including, but not limited to, the assumptions that the Facility will be used for general working capital purposes. Although the Company has attempted to identify important factors that could affect the Company and may cause actual actions, events or results to differ materially from those described herein, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
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.
You can view the Next News Releases item: Mon Mar 10, 2014, Copper North Announces $800,000 Financing and Review of Carmacks Copper Development Plan
You can view the Previous News Releases item: Mon Jan 13, 2014, Copper North Announces Management and Board Changes
You can return to the main News Releases page, or press the Back button on your browser.