West Melville Metals Inc. Announces Appointment of New President and CEO and Board Members and a Proposed $300,000 Financing
April 22, 2016
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Vancouver, BC – April 22, 2016, West Melville Metals Inc. (“West Melville” or the “Company”) (TSX-V: WMM) is pleased to announce that Mr. Stephen Swatton has agreed to join the board of directors of the Company and to accept an appointment as President and Chief Executive Officer. Mr. Swatton will replace Rory Moore, who served as a director, President and Chief Executive Officer since 2012. The Company also announces that Craig Roberts and Gary Freeman have also agreed to join the board of directors, while Jim Paterson has ceased to be a director. The Company would like to thank Mr. Moore and Mr. Paterson for the time and effort they committed to West Melville over the past four years. The appointment of Messrs. Swatton, Roberts and Freeman will be made effective upon the closing of the proposed financing as outlined below. Mr. Swatton’s appointment is subject to the acceptance of the TSX Venture Exchange.
Mr. Swatton has been in the mining and exploration business for 30 years and has held positions such as Institutional Mining Analyst for Yorkton Securities, CEO of several successful junior companies including Brazil Resources Inc. and Fortress Minerals Ltd., and was Global Head of Business Development for the BHP Billiton Exploration Group (2005-2008). In recent years Mr. Swatton has developed varied business interests in third world jurisdictions while maintaining a keen interest in the Canadian Resource sector through investment and opportunity recognition.
Mr. Freeman is an entrepreneur and financier who has been instrumental in financing, marketing and shareholder relations' capacities with several junior exploration companies. He has over 30 years of experience in the industry, including a number of years in the brokerage industry. He was President and CEO of Pediment Gold Corp. until its merger with Argonaut Gold Inc. in January 2011. He is currently President and CEO of Ethos Gold Corp.
Mr. Roberts is a mining engineer with over 30 years of operations, consulting, and investment banking experience. This includes work on feasibility studies for numerous mining projects worldwide, investment banking/due diligence roles in over 200 institutional mining equity financings, and significant experience advising management and boards on both friendly and hostile transactions.
Following the closing of the proposed private placement outlined below, the board of directors will consist of Stephen Swatton, John Robins, Anish Sunderji, Freddie Leigh, Gary Freeman and Craig Roberts.
John Robins, Chairman of the Company stated, “The broad range of industry experience that Mr. Swatton, Mr. Roberts and Mr. Freeman will bring to the existing West Melville management team will greatly assist in propelling the Company forward and assist in creating long term shareholder value.”
The Company also announces that it proposes to undertake a non-brokered private placement of up to 5,000,000 units (“Units”) at a price of $0.06 per unit for gross proceeds of up to $300,000. Each Unit will consist of one common share and one share purchase warrant exercisable for a term of three (3) years (the “Warrants”). Each Warrant will entitle the holder thereof to purchase one additional common share of West Melville at an exercise price of $0.10 per common share during the term of the Warrants.
The proceeds from the offering will be primarily used for general working capital purposes, and to incentivize new and incoming directors and management.
All securities issued in connection with the private placement will be subject to a hold period expiring four months and one day following the closing date. Closing of the private placement is subject to the receipt of all necessary regulatory approvals including that of the TSX Venture Exchange.
No finders fees are payable in respect of the private placement.
On behalf of the Board of Directors
West Melville Metals Inc.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.