Toronto, Ontario--(Newsfile Corp. - August 17, 2017) - Mag Copper Limited (CSE: QUE) (the "Company") is pleased to announce the appointment of new directors to the board and a series of appointments resulting in the formation of a new executive management team for the Company.
The new team includes George Salamis, President, CEO and Director, Stephen de Jong, Chairman and Director, and Andrée St-Germain, Chief Financial Officer and Corporate Secretary. The incoming board members and management team were former senior executives at Integra Gold Corp. ("Integra Gold") and oversaw the successful sale of Integra Gold to Eldorado Gold Corporation for C$590 million in July 2017. Their combined experience and technical expertise and innovative approach is expected to be of substantial benefit to the Company and its shareholders. In conjunction with the new appointments the Company has changed its name from "Mag Copper Limited" to "Integra Resources Corp." (the "Name Change") and consolidated all of its issued and outstanding common shares ("Common Shares") on the basis of one (1) new post-consolidation Common Share for every two-and-one-half (2.5) existing pre-consolidation Common Shares (the "Consolidation"), as further described below.
"Stephen, Andrée, and myself are excited to start a new venture focused on precious metals exploration in the Americas. In addition to retaining Integra Gold's executive team, key members of the Integra investor relations team will also be joining the Company," noted George Salamis, the newly appointed President and CEO and Director of the Company. Mr. Salamis added: "We have been reviewing assets in North America and South America with the goal to secure a new project in the coming months. Once we acquire a project, we plan to implement an exploration program similar to, the drill programs executed at Integra Gold to advance the Lamaque Project in Val-d'Or, Quebec. The extensive drill programs, combined with our innovative approach and out-of-the-box thinking, were the key drivers that resulted in Integra's successful transaction for shareholders."
About the New Management Team and Directors
In connection with the foregoing transactions, the Company announces that Ms. Jennifer Thor has resigned from the board of directors effective August 17, 2017, and Messrs. Salamis and de Jong have joined the board of directors. The Company would like to thank Ms. Thor for her hard-work, service and dedication to the Company.
The following are brief biographies of the newly appointed board members and management team:
George Salamis, President, CEO, Director
Mr. Salamis has over 25 years of experience in the mining and resource exploration industry. Mr. Salamis has been involved in over $1.4 billion of M&A transactions, either through assets sales or his involvement with junior mining companies. Mr. Salamis was most recently Executive Chairman of Integra Gold which was sold to Eldorado Gold Corporation for C$590 million. . Mr. Salamis co-led the efforts behind the 2016 Integra Gold Rush Challenge and the 2017 #DisruptMining initiatives that encouraged innovation and technology disruption in the mining industry. Mr. Salamis is a sought after speaker on mining innovation and most recently spoke at the 2017 IdeaCity Conference in Toronto: http://www.ideacity.ca/video/george-salamis-mining-disruption-overview.
Mr. Salamis holds a Bachelor of Science Degree in Geology from University of Montreal — École Polytechnique and has had a successful career in mining and exploration. Mr. Salamis has discovered, financed, built, managed or sold more than 5 major minerals deposits around the World. He began his career working for two major mining companies (Placer Dome and Cameco Corp) over a 12-year period before transitioning into mineral exploration and junior mining in 2001. Mr. Salamis is currently a director at Contact Gold Corp.
Andrée St-Germain, Chief Financial Officer
Ms. St-Germain is an experienced mining finance executive with an extensive background in banking, mining finance and financial management. She began her career in investment banking for Dundee Capital Markets Inc. As an investment banker, Ms. St-Germain worked exclusively with mining companies on M&A advisory and financing. In 2013, Ms. St-Germain joined Golden Queen Mining Co. Ltd. ("Golden Queen") as CFO. During her tenure at Golden Queen, she played an instrumental role in securing project finance and overseeing Golden Queen as it transitioned from development and construction to commercial production.
Ms. St-Germain joined Integra Gold as CFO in early 2017 and helped oversee the sale of Integra Gold to Eldorado Gold Corporation for C$590 million in July 2017.
Ms. St-Germain is currently a director of Barkerville Gold Mines Ltd. and holds an MBA (Honours) from the York University Schulich School of Business in Toronto, Ontario.
Stephen de Jong, Chairman
Mr. de Jong has 10 years of experience in the mining industry and was most recently the President and Chief Executive Officer of Integra Gold from 2012 until its sale to Eldorado Gold Corporation in July 2017 for C$590 million. Under his leadership at Integra Gold, Mr. de Jong attracted a high-calibre team of geologists, engineers, entrepreneurs and consultants that advanced the Integra Gold's Lamaque project from an exploration property to a near-term production asset. He was instrumental in raising over $150 million during one the most challenging times in the mining sector. Mr. de Jong is set on transforming the mining industry using high-tech and highly-connected methods, and co-led the efforts behind the 2016 Integra Gold Rush Challenge and the 2017 #DisruptMining initiatives.
Mr. de Jong holds a Bachelor of Commerce degree from Royal Roads University and is also a director of GFG Resources Inc.
Name Change and Consolidation
Effective August 11, 2017, the Company filed articles of amendment to effect the Name Change and the Consolidation approved by shareholders of the Company at its annual and special meeting held on July 6, 2017. The Consolidation reduces the number of outstanding Common Shares from 46,003,540 to approximately 18,401,411. And proportionate adjustments will be made to the Company's outstanding stock options. No fractional Common Shares will be issued pursuant to the Consolidation and any fractional Common Shares that would have otherwise been issued have been rounded down to the nearest whole number and cancelled.
Letters of transmittal with respect to the Name Change and Consolidation are being mailed to the Company's registered shareholders. All registered shareholders will be required to send their share certificates representing pre-Name Change and pre-Consolidation Common Shares, along with a properly executed letter of transmittal, to the Company's registrar and transfer agent, Capital Transfer Services Inc., in accordance with the instructions provided in the letter of transmittal. Shareholders who hold their Common Shares through a broker, investment dealer, bank or trust company should contact that nominee or intermediary for assistance in depositing their Common Shares in connection with the Consolidation. A copy of the letter of transmittal is posted on the Company's issuer profile on SEDAR at www.sedar.com.
It is anticipated that the post-Consolidation Common Shares will commence trading on the Canadian Securities Exchange (the "CSE") under its new name, new ticker symbol "ITR" and CUSIP number 45826T103 (ISIN: CA45826T1030) on August 22, 2017.
Recently Completed Private Placement of Common Shares
The Company wishes to issue a correction to its press release disseminated on August 2, 2017, to clarify that it completed a non-brokered private placement for gross proceeds of $896,500 through the issuance of an aggregate of 8,965,000 Common Shares at a price of $0.10 per Common Share.
