Things about to get more interesting.
Bemetals appoints Connelly as non-executive chairman
2020-07-15 10:53 ET - News Release
Mr. John Wilton reports
BEMETALS APPOINTS MARK CONNELLY TO THE BOARD AND EXPANDS STRATEGY INTO THE PRECIOUS METALS SECTOR
Bemetals Corp. has appointed Mark Connelly as non-executive chairman of the board. All existing Directors will remain on the Board. Bemetals also announces that the Company will be enhancing its corporate strategy to now include more exposure to precious metals as well as base metals projects.
Mr. Connelly is an internationally experienced financier and executive with an extensive history in the resource industry where he has most recently held the positions of Chief Executive Officer and Managing Director. Mark has a track record for deal making and was principally responsible for the merger of Papillon Resources with B2Gold Corp. in October 2014 (transaction value of USD$570M). Papillon previously owned the world-class Fekola Gold Deposit, which B2Gold operates today. Mr. Connelly was also intricately involved in leading the merger with Adamus Resources Limited and Endeavour Mining Corp. in September 2011 (transaction value of USD$597M). Mark was recipient of the Mining Journal's "Outstanding Achievement - CEO of the Year 2014 Award" for his remarkable contribution to Papillon Resources. He is currently based in Western Australia where he serves on the boards of a number of other resource companies.
Mark Connelly, non-executive chair of Bemetals, stated: "Joining the high calibre team at Bemetals is an exciting opportunity. I look forward to adding my industry knowledge, guidance, and extensive relationships that will benefit Bemetals as it progresses its corporate strategy."
John Wilton, president, chief executive officer and director of Bemetals, commented: "I welcome Mark to the team. Given his experience in the resource sector and his existing relationship with our Board members, this appointment complements the addition of precious metals into our strategy to accelerate and diversify Bemetals' growth profile. We are already assessing multiple precious metal project opportunities of potential interest in various jurisdictions. At Bemetals we have always maintained very low-cost overheads, with a deliberate focus on efficient money-in-the-ground investment, which remains an integral culture of the Company as we progress our current and future projects."
Bemetals has granted 750,000 stock options to Mr. Connelly with an exercise price of $0.365 per share for a 10-year period, vesting over two years, and subject to approval of the TSX Venture Exchange.
The Company has been advised that Clive Johnson, a director who holds a 9.46% ownership of Bemetals, has decreased his shareholdings in order for new director, Mark Connelly, to acquire a larger stake in the Company, which further aligns Mr. Connelly's interests with existing shareholders of the Company. Mr. Johnson reduced his holding by 950,000 common shares of the Company in this private transaction, representing in aggregate 0.90% of the issued and outstanding shares of the Company. Following this transaction, Mr. Johnson retains 8.56% ownership of the Company on an undiluted basis and 9.46% ownership on a partially diluted basis through his remaining direct and indirect ownership and/or control over an aggregate of 10,075,000 common shares, 300,000 share purchase warrants, and 750,000 incentive stock options. Mr. Johnson disposed of these securities for investment purposes and may in the future acquire or dispose of securities of the Company, through the market, privately or otherwise, as circumstances or market conditions warrant. An early warning report will be filed by Mr. Johnson in accordance with applicable securities laws.
About Bemetals Corp.