Vancouver, B.C., Canada, January 12, 2010 – The Company is pleased to announce that Mr. Robert Dinning has been appointed President and Chief Executive Officer. Mr. Dinning is a Chartered Accountant and lifetime member of the Alberta Institute of Chartered Accountants. For the past 34 years, Mr. Dinning has acted as a management and business consultant for companies in the resource and high tech industries and has served these companies as an officer and or director. Mr. Dinning also serves as a director of other public companies including director and Chairman of the Board of Paramount Gold & Silver Corp,( PZG: Amex – PZG:TO) President and CEO of Industrial Minerals Inc,(IDSM:OTC BB), Director and CFO of Apolo Gold & Energy Inc (APLL:OTC BB).
Mr. Dinning was appointed a director in August 2009 and replaces Mr. Patrick Morris as President of the Company. The Company would like to thank Mr. Morris for his contributions to the Company.
The Company also announces that it has closed its private placement previously announced on September 23, 2009. The Company issued 1,915,000 units at $0.10 per unit for total gross proceeds of $191,500. Each unit consists of one common share and one transferable share purchase warrant, each warrant exercisable into an additional common share until December 31, 2011, a price of $0.20 per share. All securities issued under the placement are subject to hold periods expiring on May 1, 2010.
The Company paid $13,000 in finder’s fees in respect of the placement.
Proceeds of the placement will be used for general working capital.
On Behalf of the Board,
Robert Dinning, President and CEO
For further information, contact Robert Dinning, President and CEO of the Company at:
firstname.lastname@example.org Telephone: (604) 641-4450 Facsimile: (604) 669-9335
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