Mr. Cameron King reports
VANGOLD APPOINTS NEW MEMBERS TO BOARD OF DIRECTORS
Vangold Resources Ltd. has appointed Mark Ashley,
Mr. Ashley is a successful resource executive with over 30 years of experience in asset selection and optimizing mining properties for production. Vangold will be relying on Mr. Ashley to bring his in-depth knowledge of the technical, commercial and financial aspects to the development of the El Pinguico mine. As chief executive officer of LionOre Mining International, Mr. Ashley led the successful takeover by Norilsk Nickel in 2007 for $6-billion. Mr. Ashley has held senior executive roles in several internationally listed entities, including Normandy Mining, Cluff Resources, Kagara Zinc and Apex Minerals. He was also a director of the Australian Gold Council, the World Gold Council and a council member for Curtin University (in Western Australia). Mr. Ashley has significant international corporate finance experience in the mining and resource sector, and has worked in China, Turkey, United Kingdom and Australia. Mr. Ashley is a registered FCMA and graduate of Emile Woolf University, London.
Mr. Dorado is a fifth-generation mining engineer and possesses 15 years of underground and open-pit mining experience. He has in-depth and local knowledge of the El Pinguico mine and the surrounding geological formation. Mr. Dorado has worked with several world-class producers on major projects, such as New Gold at Peak mine, Australia, and Rainy River, Canada; and Panamerican Silver at Navidad, Argentina, and La Preciosa, Mexico. His experience at the various stages of mining, prefeasibility, feasibility, construction and operations bring considerable value to Vangold. Mr. Dorado graduated as a mining engineer from Universidad de Guanajuato in 2003, received an executive MBA from Escuela Europea de Negocios, Salamanca, in 2013, and is a member of the Mineral and Metallurgical Society of America (MMSA).
In addition, Vangold has appointed Mr. King as a director and Vangold's new president and CEO. Mr. King brings over 25 years of experience in investment banking strategy, mergers and acquisitions, and building corporate development relationships. Mr. King was a member of the corporate banking team with Bank of Nova Scotia, specializing in M&A, and senior vice-president, mid-market finance, with Jendens Financial, London, U.K. Throughout Mr. King's career, he has held director positions with Petro Novus AG, Endeavor Energy, Quest Oil and Holloman Energy Corp. Mr. King founded the mining engineering firm Camline Mining Wear Technologies Ltd. in 1994, specializing in mineral processing, operations and efficiencies. Mr. King obtained his MBA in 1991 from Lake Superior State University, Michigan, and holds a degree in chemical engineering and bachelor of commerce from McMaster University.
Dal Brynelsen has stepped down as president and CEO, but will remain as a director and chairman of the board. Vangold is extremely grateful for his almost 30 years of dedication to Vangold, and will continue to rely on Mr. Brynelsen's guidance, experience and success. Mr. Brynelsen is a founding director of Griffin Mining Ltd., which is one of the few Western mining companies operating China.
Keith Anderson has also resigned as director of the company. Vangold would like to thank Mr. Anderson for his continued support and wishes him the very best in his future endeavours.
Vangold closes non-brokered private placements
The company has closed the final tranche of its $500,000 non-brokered private placement of five-cent units (see news release dated Dec. 13, 2016) and its $500,000 non-brokered private placement of nine-cent units (see news release dated Feb. 23, 2017).
The final tranche of the five-cent-unit placement consisted of 3.5 million units at a price of five cents per unit for gross proceeds of $175,000. The securities issued in the final tranche have a hold period expiring Aug. 25, 2017.
The nine-cent-unit placement consisted of 5,555,556 units at a price of nine cents per unit for gross proceeds of $500,000. Finders' fees were paid in the amount of $10,500 and 116,667 finder warrants. All securities issued in the nine-cent-unit placement have a hold period expiring Aug. 25, 2017.
We seek Safe Harbor.