Questcap appoints Callow to board
Questcap appoints Callow to board
2020-03-30 07:02 MT - News Release
Mr. Stan Bharti reports
QUESTCAP ANNOUNCES BOARD APPOINTMENT AND PROVIDES CORPORATE UPDATE
Questcap Inc. has appointed Daniel Callow to the company's board of directors, effective immediately.
Mr. Callow is a graduate from the Camborne School of Mines and holds a BEng (honours) mining engineering degree. He also holds an MBA from the Henley Management College (United Kingdom) and a non-executive directors postgraduate diploma (Pearson). Mr. Callow has spent more than 28 years in Africa at a senior and executive level in large corporations and has vast experience in complex projects, having delivered more than $2.5-billion (U.S.) in new infrastructure. Mr. Callow has worked intimately with a number of governments across Africa at the most senior levels and has built a deep personal network across the spectrum of African Ministries. He has been instrumental in promoting environmental stewardship and engaging key stakeholders in communities in which he has worked. Mr. Callow has also served on numerous corporate boards of African-based resource companies.
Stan Bharti, Questcap's president and chief executive officer, commented:
"With the international concerns on climate change and the reduction of greenhouse gases and the global focus on a zero carbon economy, Danny's expertise will be a huge asset to Questcap for potential investments and opportunities in Africa related to the reduction of the carbon footprint and obtaining environmental credits. Africa remains at the forefront of global efforts to reduce greenhouse gases to protect the environment and nature. Danny's unique connections in the industry and governments in Africa bring a unique perspective to this immensely important issue facing mankind today."
The company has granted 500,000 stock options to Mr. Callow pursuant to the company's stock option plan. The stock options vest immediately and may be exercised at a price of 16 cents per common share for a period of five years from the date of grant. This grant of options is subject to the approval of the Canadian Securities Exchange.
Stock option grant
In addition, the company has granted a total of 1.99 million stock options to certain consultants of the company pursuant to the company's stock option plan. Of the stock options, 1.49 million vest immediately and may be exercised at a price of 16 cents per option for a period of five years from the date of grant. The remaining 500,000 stock options shall vest in four equal instalments every three months such that all stock options fully vest by the date that falls 12 months from the date of grant, subject to meeting the terms and conditions of the company's stock option plan, and may be exercised at a price of 16 cents per option for a period of five years from the date of grant. This grant of options also remains subject to the approval of the Canadian Securities Exchange.
Return of Troilus royalty
The company also announces that it has agreed with Greenway Investments International Ltd. to terminate the agreement dated Oct. 7, 2019, as amended on Jan. 5, 2020, pursuant to which the company acquired a 1.0-per-cent net smelter return royalty in respect of minerals removed from the property covered by 81 mineral claims and one surveyed mining lease known as the Troilus mine, located in Northern Quebec. The company has returned the royalty to the vendor and no further obligations are owed by either party under the agreement. Please see the company's press releases dated Oct. 8, 2019, and Jan. 8, 2020, for further information about the royalty and the agreement, which are available under the company's SEDAR profile.
About Questcap Inc.
Questcap is an investment company that seeks to enhance shareholder value over the long term by opportunistically making various investments that may include, without limitation, the acquisition of equity, debt or other securities of publicly traded or private companies or other entities, financing in exchange for predetermined royalties or distributions, and the acquisition of all or part of one or more businesses, portfolios or other assets.
We seek Safe Harbor.