Montan Mining Corp. (TSXV:MNY | FSE:S5GM | SSE:MNYC) (“Montan” or the “Company”) is pleased to announce the appointments of Mr. Bahay Ozcakmak and Mr. Anthony Balic to the Montan board: both appointments take immediate effect. Mr. Ozcakmak will act as an independent director: Bahay is an executive director of Lions Bay Capital Inc. (TSX-V: LBI, “Lions Bay”). Lions Bay has been approved as a Control Person of the Company by Resolution passed by a vote of over 99% of voting shareholders at the Company’s annual and special general meeting held on June 7th, 2018. Lions Bay will shortly be Montan’s largest shareholder. Mr. Balic is Montan’s CFO.
Mr. Ozcakmak is a corporate strategy expert with extensive senior management experience including CEO and director level roles in the energy and resource sectors. His recent experience has been with with companies focused on cobalt, gold, lithium, nickel, potash and uranium projects. He has led the successful acquisition of several flagship projects in the energy and resource sectors. In 2017 he played a pivotal role in the turnaround success of Jervois Mining Limited and currently oversees investee companies within the Lions Bay portfolio.
Mr. Balic is a mining finance professional and has worked with Canadian and US publicly listed resource companies for the past 13 years. He is the current CFO of Goldgroup Mining Inc. where he was part of the finance team which brought their Mexican mine into commercial production.
“We are thrilled to have Bahay and Anthony join our board – both have worked hard to affect our restructuring and we look forward to pursueing and executing on value accretive activities together, commencing with the restart of the Company’s wholly owned Cerro Dorado gold processing plant in Peru. These appointments provide the Company with access to additional deal flow and investor networks which we expect will benefit the Company moving forward,” said Ian Graham, CEO.
The Company is further pleased to announce that it has contracted with Dig Media Inc. dba Investing News Network (INN). INN will introduce the Company to INN’s audience of educated, active investors. Using a variety of methods including an Enhanced Advertiser Profile, News Marketing, website and newsletter advertising and dedicated emails, INN will encourage its audience to engage directly with the Company to consider investing in the Company.
As part of the Montan board changes, Mr. Fatih Akarsu has resigned to pursue business opportunities abroad. The board thanks Fatih for his service. “Fatih came aboard during a difficult time at Montan, his commitment in the service of shareholders will not be forgotten” stated Ian Graham, CEO.
The Company and Lions Bay are proceeding to settle $1.03 million of Company indebtedness (the “Shares for Debt Transaction”) through issuance to Lions Bay of 20,649,774 Company common shares at a deemed price of $0.05 per share. On completion of the Shares for Debt Transaction, the Company will have 48,755,222 Common Shares issued and outstanding.
The Shares for Debt Transaction will result in Lions Bay becoming a control person of Montan. The Shares for Debt Transaction is conditional upon obtaining final TSX Venture Exchange approval.
The Company is working to close a previously announced financing that is expected to close immediately prior to closing of the Shares for Debt Transaction, and on completion of the Shares for Debt Transaction and the financing the Company will have approximately 60,755,222 Common Shares issued and outstanding. The financing consists of 12,000,000 units at a price of $0.05 per unit for total gross proceeds of up to $600,000. Each unit consists of one common share and a whole warrant, with each whole warrant exercisable into one additional common share at $0.06 per share for one (1) year after the closing date.
Montan Mining’s objective is to reduce corporate debt and recapitalise the company, as an important step in enabling the company to pursue and execute on value accretive activities, commencing with the restart of the Company’s wholly owned Cerro Dorado gold processing plant.
About Lions Bay Capital Inc.
Lions Bay Capital Inc. is a TSXV-listed Investment Issuer that is focussed on high return investment opportunities, principally in the mining, clean energy and clean technology sectors, where it will provide public and private companies early-stage financial support by way of equity or debt. Lions Bay is not an exploration or research company, and focusses on companies on a near term cash flow and growth track.
About Montan Mining Corp.
Montan Mining Corp. is an emerging gold producer focusing on monetizing mining assets in Peru. The company is backed by an experienced management team with diverse technical, market, and finance expertise and is supported by committed and sophisticated investors focused on building long term value, now anchored by Lions Bay Capital Inc.
|On behalf of the Board of Montan.
CEO and Director
|On behalf of the Board of Lions Bay.
Tel: +61 3 9236 2800
For more information, please visit the corporate website at http://www.montanmining.ca or contact:
Luis F. Zapata
Tel: +51.999.968.827 (Peru)
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
Cautionary Statement Regarding Forward-Looking Information
This press release contains “forward-looking statements” or “forward-looking information” (collectively referred to herein as “forward-looking statements”) within the meaning of applicable securities legislation. Such forward-looking statements include, without limitation, forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “will”, “plan”, “intends”, “may”, “will”, “could”, “expects”, “anticipates” and similar expressions. Further disclosure of the risks and uncertainties facing Montan and other forward-looking statements are discussed in Montan’s Management’s Discussion and Analysis which are available under the Company’s profile on www.sedar.com.
In particular, this press release contains forward-looking statements pertaining to completion of the restructuring of Montan, settling certain debts of Montan, the creation of Lions Bay as …read more
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