International Samuel Announces Board and Executive Officer Changes and a $400,000 Private Placement
1104 Premier Street North Vancouver, BC V7J 2H3
INTERNATIONAL SAMUEL ANNOUNCES BOARD AND EXECUTIVE OFFICER CHANGES AND A $400,000 PRIVATE PLACEMENT
March 27, 2017: Vancouver, BC Canada- International Samuel Exploration Corp. (TSX-V: ISS) (the “Company”) announces that Mark Tommasi has tendered his resignation as President, CEO and a director of the Company, effective immediately, in order to focus his efforts on other business opportunities and commitments.
The Company expresses its sincere appreciation to Mr. Tommasi for his management efforts over the past year and for his valued contributions to the Company's Board of Directors. Mr. Tommasi will continue to have an ongoing relationship with the Company in an advisory capacity.
Mr. Conrad Swanson, Chairman of the Board of Directors and a Director of the Company will assume the role of President and CEO. Mr. Swanson was previously the Company’s President and CEO from April 1996 to December 2015.
The Company also wishes to announce the appointment of Mr. Michael Arthurs to the Board of Directors. Mr. Arthurs provides a unique combination of over 20 years of international experience in energy project management, project advisory, feasibility, business development and sustainability.
Mr. Arthurs’ business development and sustainability roles have included projects in Canada, Europe, Asia, South East Asia, South Africa, West Africa and Latin America. His energy, oil and gas experience spans western Canada, Canadian Territories, United States, South America, UK and the Middle East. Michael has been responsible for project planning, coordinating and reporting all aspects of international exploration programs for one of Canada’s largest oil and gas companies. He was also formerly a Deputy Project Manager to Canadian shale gas projects looking after surface development (construction), health, safety, environment, roads, camps, security, transportation, stakeholder engagement and regulatory Approvals.
Since joining a private investment firm in 2000 and founding a small private entity in 2008, Mr. Arthurs has worked with investment bankers, private equity firms and other leaders in business, to evaluate and to provide operational advice for start-up energy, midstream, mining, technology and real estate ventures, globally.
Most recently, Michael and has been involved in co-leading the expansion of a $10B US midstream company into Canadian and select international terminals. He has also been involved in developing the initial framework for a $2B US gas-to-liquids project in Canada and a $1.5B US heavy oil processing project.
Mr. Arthurs holds a Master's Degree in Environmental Management for Business (Economics & Policy) from Cranfield University, UK and a Bachelor of Commerce Degree in Petroleum Land Management from The University of Calgary, Canada, and was an Associate of the Institute of Environmental Management & Assessment, UK.
Private Placement
The Company also announces a non-brokered private placement offering of up to 8,000,000 units at a price of $0.05 per unit to raise gross proceeds of up to $400,000. Each unit will consist of one common share of the Company and one transferable common share purchase warrant. Each warrant will entitle the holder thereof to purchase one common share of the Company for a 24 month exercise period at a price of $0.10 per share, subject to abridgement of the exercise period (after the expiry of the 4 month hold period) with 30 days’ notice to holders in the event that the closing price of the Company’s shares for 10 consecutive trading days exceeds $0.25. This financing is subject to TSX Venture Exchange (“TSXV”) approval. The Company may pay a finder’s fee of cash, common shares or warrants, or a combination thereof, to eligible persons in compliance with applicable securities laws and exchange policies.
The proceeds of the private placement will be used for general working capital, with approximately $44,000 being allocated to the advancement of due diligence on the Polarchem Cleaning System technology (refer to June 20, 2016 and prior news releases). Funds may not be advanced on this due diligence until the Company has made a satisfactory filing with the TSXV regarding the potential change of business. Should such approval not be obtained, these funds will be re-allocated to general working capital.
ON BEHALF OF THE BOARD OF DIRECTORS
Conrad Swanson Chairman
For further information, please contact:
International Samuel Exploration Corp.
Telephone: 604-317-3090
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 release.