"On closing Mr. Dev Randhawa and Mr. Ross McElroy will be appointed to the Board. Mr. Randhawa will serve as Chief Executive Officer.
Mr. Dev Randhawa is an award-winning CEO specializing in the resource industry. He has founded and grown several successful junior resource companies, including Strathmore Minerals, Fission Energy and Fission Uranium. Mr. Randhawa has a strong track record of building the right team to develop assets and grow shareholder value. As a result of his success in the sector, The Northern Miner named him "Mining Person of the Year" in 2013, EY awarded him "Entrepreneur of the Year, finalist" in 2014 and, under his leadership, Fission Uranium won "Exploration Project of the Year" in 2015.
Mr. Ross McElroy is a professional geologist with nearly 30 years of experience in the mining industry. He is the winner of the PDAC 2014 Bill Dennis award for exploration success and the Northern Miner 'Mining Person of the Year 2013'. He has comprehensive experience working with and managing many types of mineral projects from grass roots exploration to feasibility and production.
Messrs. Dev Randhawa and Ross McElroy will join existing directors Messrs. David Sidoo and Marc Cernovitch on the Board. Existing directors, Mr. Craig Taylor and Hon. Herb Dhaliwal, intend to resign from the Board. A further management change to be made on closing is the appointment of Mr. David Sidoo as President.
The Company also proposes to change its name to Advantage Lithium Corp. which will more fully reflect its operations.
The parties will diligently and in good faith negotiate a definitive agreement to be executed by the parties by no later than the last day of the due diligence period incorporating the principal terms and conditions set out herein and such other terms and conditions as are customary in transactions of this nature and/or as may otherwise be agreed upon by the parties.
The Company wishes to announce that the financing announced June 20th 2016 has been amended such that the financing will be a minimum of $2.5 million and a maximum of $4 million. All other terms of the financing remain unchanged.
The Company was previously a CPC listed on the TSXV. It is currently listed on NEX. The transactions described above constitute the Company's "Qualifying Transaction". The transactions are not subject to TSXV Policy 5.9. The transactions described above are arm's length transactions and are subject to TSXV acceptance. The Company intends to make application to move its listing from NEX to Tier 2 (Mining Issuer) of the TSXV upon completion of the transaction. The Company intends to seek a waiver from TSXV sponsorship requirements.
There is no material fact or material change about the Company that has not been generally disclosed.
NORTH SOUTH PETROLEUM CORP.