Indico appoints Baxter president, CEO
Indico appoints Baxter president, CEO
2012-07-10 16:36 ET - News Release
Mr. Michael Pound reports
INDICO ANNOUNCES APPOINTMENT OF CHIEF EXECUTIVE OFFICER/PRESIDENT AND PRIVATE PLACEMENT
Indico Resources Ltd. has appointed Robert Baxter as the president and chief executive officer of the company. Mr. Baxter has over 25 years of experience in the mining industry, principally in Latin America. Mr. Baxter was the president, chief operating officer and a director of Norsemont Mining Inc. until April, 2011, following the completion of its sale to HudBay Minerals Inc. for $520-million.
Mr. Baxter has also formerly held positions as a director of Chariot Resources Ltd. and as a director of Petaquilla Minerals Ltd. Mr. Baxter is currently a director of Pan Global Resources Inc., a mineral exploration and development company listed on the TSX Venture Exchange. He is also general manager of Baxter Consultants Eng. SAC.
Mr. Baxter has an applied bachelor of science (honours) degree from the University of New South Wales and is a fellow of the Australian Institute of Mining and Metallurgy (FAusIMM).
The board of directors is very pleased to have Mr. Baxter take on the position of president and chief executive officer. His past successes with the sale of Chariot Resources and Norsemont Mining demonstrate his ability to create shareholder value. The company's Ocana project in Peru is well suited for Mr. Baxter's experience.
Mr. Baxter has been granted 345,000 stock options under the company's stock option plan. The options are exercisable at a price of 15 cents per share until July 10, 2014.
Gary Freeman has resigned his position as chief executive officer and president of the company. Mr. Freeman will continue to serve as a director of the company.
Indico also announces that it has arranged, subject to the acceptance of the TSX Venture Exchange, a non-brokered private placement of up to 10 million common shares at a price of 15 cents per share for gross proceeds of up to $1.5-million.
Finder's fees may be payable on a portion of the private placement, in accordance with the policies of the TSX-V.
All securities issued in the private placement will have a hold period in Canada of four months from the closing of the private placement.
The net proceeds from the private placement are intended to be used for further exploration of the company's Ocana porphyry copper-gold project in Peru and for general working capital purposes.
We seek Safe Harbor.