NOVADX ANNOUNCES THREE APPOINTMENTS TO MCOAL ’S SENIOR MANAGEMENT TEAM Novadx Ventures Corp, President & CEO, Neil MacDonald, reports:
For Immediate Release
NOVADX ANNOUNCES THREE APPOINTMENTS TO MCOAL ’S SENIOR MANAGEMENT TEAM
Novadx Ventures Corp, President & CEO, Neil MacDonald, reports:
(Vancouver, BC, May 17, 2010) Novadx Ventures Corp (TSX‐V: NDX) is pleased to announce that its wholly owned subsidiary MCoal Corporation (“MCoal”) has appointed Mr. Robert Payne as Chief Operating Officer (“COO”) of MCoal. Robert Payne received his B.S. Mine Engineering degree in 1986 from the University of Alabama and has over 24 years of direct and senior experience in both underground and surface coal mine development, construction, operations and management. As COO of MCoal, Mr. Payne will be responsible for all aspects of the Company’s coal mining operations, both current and prospective in the Appalachian Region of the USA. He will be invaluable as we step up production at the Rosa Coal Mine and look to expand operations in other areas.
In accepting this appointment, Mr. Payne will be replacing Mr. Mark Reynolds who is assuming the position of Director of Coal Marketing. Additionally, Mr. Phillip Prince, Property Acquisitions and Title Manager, and Mr. Doyle Crump, Rosa Mine Supervisor, who have previously been engaged as consultants to MCoal have agreed to continue to fulfill their respective duties as employees of MCoal.
MCoal recently commenced coal mining operations at the Rosa Coal Mine, located in Blount County, Alabama. As members of MCoal’s management team these gentlemen possess over 85 years of combined senior operational, financial and management experience in the mining industry. They are fulfilling key management positions that allow MCoal to optimize operations, acquire additional resources, and attract additional senior professionals to further expand the Company’s presence in the high value metallurgical and specialty coal industries.
"We are very pleased that Robert Payne has agreed to join our senior management team," commented Neil MacDonald, President and CEO of both Novadx and MCoal. “Mr Payne brings to our organization a wealth of operational experience and ability to manage our future growth in the coal mining industry. We are also delighted that Mark, Doyle and Phillip have agreed to continue with MCoal in their respective management positions as we continue to build the Company. We have assembled a very experienced and dynamic management team who recognize the value in what MCoal has accomplished in opening the Rosa mine and also
{006562000‐00072334; 1 }{006562000‐00072334; 1 }
recognize the tremendous opportunity they have to make a major impact on the further growth of the Company.”
Mr. Crump has over 35 years of experience in the coal business encompassing a broad range of activities including exploration, mine supervision, safety and coal processing and transportation. Mr. Reynolds received his Bachelor of Business degree in 1983 from the Edith Cowan University in Australia. He has over 25 years of experience in mining finance, sales and bulk commodity transportation logistics.
Mr. Prince received his law degree from the Birmingham School of Law in 2009 and specializes in the area of mineral and land title acquisition and perfection. Mr. Prince’s experience in land management and in‐depth knowledge of coal projects and properties in Alabama, Kentucky and Tennessee will be key to MCoal as we continue to assess new acquisition opportunities.
The Company has agreed to pay Messrs. Payne, Crump and Prince signing bonuses totaling $204,000 in recognition of joining MCoal, which, subject to the approval of the TSX Venture Exchange will be payable through the issuance of 680,000 common shares (the "Bonus Shares") of Novadx at a price of $0.30 per share. The Bonus Shares will be subject to a hold period of four months and one day from the date of issuance.
The Company has also agreed to grant options to purchase an aggregate of 1,950,000 common shares to directors, officers, employees and consultants of the Company. The options can be exercised at $0.32 per common share for a period of five years from the date of the grant.
About MCoal: MCoal Corporation is a wholly‐owned subsidiary of Novadx Ventures Corp., which operates the Rosa Coal Mine. The Rosa Mine is a metallurgical coal mine located in Northern Alabama, approximately 40 miles north of the City of Birmingham. In addition to operating the Rosa Mine, MCoal is actively evaluating a number of high quality coal acquisition opportunities in the Appalachian coal region to increase its reserves and production.
About Novadx: Novadx is a Vancouver‐based Investment Company whose primary focus is on providing merchant banking services to natural resource companies. Novadx structures and makes direct equity investments as a principal and provides management and other related services to companies in specific resource sectors, such as MCoal Corporation. For more information please visit www.novadx.com.
ON BEHALF OF THE BOARD
Neil MacDonald
President and CEO and Director
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 The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the qualification under the securities laws of such jurisdiction.
Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, "forward- looking statements" for purposes of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The company cautions readers that forward-looking statements, including without limitation those relating to the company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.
For more information about Novadx Ventures Corp. please contact:
Neil MacDonald, President and CEO (604) 633-2776 [email protected]