Aintree Resources Inc. Signs Consulting Service Agreemen t with Kalex LLC and James Hesketh and Names New Director
Suite 600 – 666 Burrard Street, Vancouver, B.C Tel: 604-689-9600 Fax: 604-689-9610
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Aintree Resources Inc. Signs Consulting Service Agreement with Kalex LLC and James Hesketh and Names New Director
Vancouver, B.C. - May 10, 2017 - Aintree Resources Inc. (NEX:AIN.H) (the “Company”) is pleased to announce the appointment of Mr. James Hesketh as President and CEO of the Company. Mr. Gary Macdonald will continue as Director of the Company. Ms. Marilyn Miller has resigned from the Board to be replaced by Mr. Christopher E. Herald. The Board would like to thank Ms. Miller for her service to the Company.
Mr. Hesketh has over 35 years of experience in mining company positions, including over 12 years in public company CEO roles, and positions in mining finance, business development, and mine engineering, development, and operations with companies including Atna Resources Ltd, Canyon Resources Corporation, NM Rothschild & Sons (Denver) Inc., Cyprus Amax Minerals Company, Pincock, Allen & Holt, Inc., and Dresser Industries Inc. He holds a B.S. in Mining Engineering and a M.S. in Mineral Economics, both from the Colorado School of Mines.
Mr. Herald is currently President, CEO and Director of Solitario Exploration & Royalty Corp. Mr. Herald also served in various senior management roles and finally as President, CEO and Director of Crown Resources Corporation from 1990 until Crown was acquired by Kinross Gold Corp in 2006. Prior to joining Crown Mr. Herald was a senior geologist for Echo Bay Mines and Anaconda Minerals. Mr. Herald received an MS in Geology from the Colorado School of Mines and a BS in Geology from the University of Notre Dame.
Mr. Hesketh will initially be retained through a Consulting Service Agreement dated for reference April 10th, 2017 (the “Agreement”). Subject to the acceptance of the NEX, the Company will issue 500,000 Common shares of the Company (“Shares”) to Kalex LLC, a Colorado limited liability company of which James Hesketh is the principal, upon the execution and delivery of the Agreement; an additional 500,000 Shares, if and when the Company’s listing is restored on the TSX Venture Exchange (“TSXV”); and an additional 500,000 Shares upon completion of a NI 43- 101 compliant technical report (as determined by such report being accepted for filing by the TSXV) declaring mineral resources on the Company’s Tonopah project in Tonopah, Nevada’; and a final tranche of an additional 500,000 Shares on the completion of six months of service to the Company.
Mr. Hesketh was a related party to the Company at the time of entering into the Agreement, having been appointed as an additional director in March 2017, resulting in the Agreement representing a related party transaction pursuant to TSXV Policy 5.9 and Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company relied on section 5.5(a) of MI 61-101 for an exemption from the formal valuation requirement and section 5.7(1)(a) of MI 61-101 for an exemption from the minority shareholder approval requirement of MI 61-101 as the fair market value of either the securities to be distributed, or the consideration to be received for those securities, did not exceed 25% of the Company’s market capitalization.
Contact Information
Detailed information about the Company may be obtained from corporate filings at www.SEDAR.com. For other Company information please contact:
Mr. James Hesketh President, CEO and Director Aintree Resources Inc.
Tel: (720) 291-1775
Forward-looking Statement Cautions
This press release contains certain “forward-looking statements,” within the meaning of Canadian securities legislation relating to the contemplated issuance of Shares pursuant to the Agreement, the contemplated restoration of the Company’s listing on the TSXV and the completion of an updated NI 43-101 compliant technical report. They are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made, and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update these forward-looking statements, if management’s beliefs, estimates or opinions, or other factors, should change, unless required by law or securities exchange policies. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include: the Company’s need for and ability to obtain additional financing; the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company’s exploration and development programs; and the other risk factors associated with mineral exploration and development, including those discussed in greater detail in the Company’s various filings on SEDAR (www.sedar.com) with Canadian securities regulators.
Neither 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 release.
THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN. THESE SECURITIES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO, OR FOR THE BENEFIT OR ACCOUNT OF, U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.