VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 16, 2017) - ML Gold Corp. (TSX VENTURE:MLG)(FRANKFURT:XOVN.F) ("ML Gold" or the "Company") reports it will complete a non-brokered private placement of flow-through shares to raise aggregate gross proceeds of $306,000. The flow-through offering will comprise 1,800,000 flow-through shares, at a price of 17 cents per flow-through share. The proceeds from the sale of the flow-through units will be expended on the Company's properties located in British Columbia.
Certain directors and officers of the Company may participate in the private placement. Any such participation would be considered to be a related party transaction as defined under Multilateral Instrument 61-101. The transaction will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of any shares issued will exceed 25 per cent of the Company's market capitalization.
Management Changes
The Company reports that Graham Harris has resigned as a director and the CEO of the Company. Andrew Bowering, the current chairman and a director, has been appointed the new CEO. In addition, Simon Clarke has been appointed to the board to replace Mr. Harris. The Company wishes to thank Mr. Harris for his contributions to the Company and wishes him all the best in his future endeavors.
Mr. Clarke has over 25 years of corporate finance and corporate development experience, mainly focused on resources and energy technology companies. He brings significant experience in building and growing businesses and implementing successful capital market strategies. Mr. Clarke has served as a Director and Audit Committee Chair for a number of public and private companies.
Mr. Clarke qualified as a corporate and securities lawyer in 1990 and spent four years with the City of London law firm Simmons & Simmons, including two years seconded to the London Stock Exchange. From 1994 - 2000, he was an investment banker in London, first with West LB Panmure and, thereafter, with Williams de Broe Plc, focused on small-mid cap companies. Since moving to North America in 2000, Mr Clarke has held a number of senior management and board of director roles including with RailPower Technologies on the hybrid / energy storage side, Doublestar Resources and Argus Metals on the resources side.
In addition, Mr. Clarke was a Founder, Director, Audit Committee Chair and the initial Vice President of Corporate Development for OSUM Oil Sands Corp, a Calgary-based oil sands company which achieved an equity value approaching $2 billion and currently produces approximately 8,000 barrels of oil per day from the Cold Lake region in Alberta. He remains a board observer and advisor to OSUM and is the one remaining founder with an ongoing role.
Mr. Clarke holds an LLB & Diploma in Legal Practice from Aberdeen University in Scotland.
ABOUT ML GOLD CORP.
ML Gold Corp. is a Canadian listed Company, focused on creating shareholder value through discoveries and strategic development of mineral properties in Canada and the United States.
For additional information please visit the Company's website at www.mlgoldcorp.com.
