Angel Wing Metals Appoints Cal Everett as Chairman and Marc Prefontaine as President & CEO
Angel Wing Metals Appoints Cal Everett as
Chairman and Marc Prefontaine as President &
CEO
TORONTO
,
March 30, 2023
/CNW/ -
Angel Wing Metals Inc.
(TSXV: AWM) ("
Angel Wing
Metals
" or the "
Company
") is pleased to announce Mr.
Marc Prefontaine
as the Company's new
President and CEO, effective
April 15, 2023
. Mr. Prefontaine succeeds Mr.
Bryan Wilson
, who will
be retiring from his role as President, CEO, effective
April 15, 2023
. Mr. Prefontaine has also been
appointed to the Board of Directors effective immediately. Mr. Wilson has stepped down as
Director, effective immediately, but will continue as an active and engaged advisor to the Board of
Directors, upon the transition of Mr. Prefontaine in the President and CEO role. Mr.
Cal Everett
has
been appointed to the Board and will assume the role of Chairman of the Board of directors,
effectively immediately.
Marc has been a professional geologist for over 30 years, having started his career working for both
majors and juniors. In 2003, he became President and CEO of Grayd Resources where he put
together the La India land package in
Sonora, Mexico
. He, and a tight-knit team, discovered the La
India deposit, advancing it to a stage where Agnico-Eagle Mines purchased Grayd Resources for
C$275 million
in 2011. Agnico-Eagle Mines completed the build in one year of the acquisition and the
La India mine has been in commercial production for the past 9 years. Marc then co-founded Orla
Mining Ltd. in 2014 and worked as its President and CEO for 4 years. During that time Orla Mining
Ltd. purchased and advanced the Cerro Quema deposit in
Panama
as well as the Camino Rojo
deposit in
Mexico
. Camino Rojo has now been in commercial production for one year. Marc is also a
director of Prime Mining Corp. which is also focused on
Mexico
.
"The personal attraction to returning to
Mexico
after successes directing Grayd and Orla followed by
a directorship of Prime Mining lies in the quality and precious metal discovery potential of this
Country. Angel Wing Metals dedicated a year successfully acquiring over 650 square kilometres of
an undrilled gold rich district, with associated silver and copper occurrences,"
stated Mr.
Prefontaine. He continued,
"I am excited to join Angel Wing Metals because of Cal and the
corporate team and am especially excited about the talented exploration team led by
Gillian
Kearvell
. The El Grande project is district sized with exciting exploration potential."
Cal is a geologist with more than 14 years of surface and underground exploration experience with
senior mining companies. He moved to the financial sector in 1990 and spent 12 years with BMO
Nesbitt Burns focused on resource equities, and seven years with PI Financial Corp. in senior
resource institutional sales and capital markets. From 2008 to 2015, he was President and CEO of
Axemen Resource Capital. Mr. Everett recently retired as President and CEO of Liberty Gold Corp.,
a position he held from 2016 to 2023 and remains a director and the largest private shareholder of
that company. He holds a Bachelor of Science degree in Economic Geology from the University New
Brunswick.
Mr. Everett said,
"I look forward to working with Marc in directing Angel Wing Metals. Linking our
backgrounds together again, after joint success in the past and creating opportunity to build value for
another resource company, backed by our business acumen and deep experience in capital markets
makes us well-suited to take on these roles. Under Marc's leadership we will begin a concerted
effort to drill the
La Reyna
portion of the El Grande project area as well as initiating regional surface
exploration programs.
I would like to thank Mr.
Bryan Wilson
for successfully negotiating the multiple land acquisitions that
now make up the El Grande project area. Bryan will continue to advise the Company on land title,
agreements, and district due diligence."
Mr.
Frank Busch
will be stepping down from the Board of Directors effective immediately. The
Company would like to thank Mr. Busch for his insight and guidance throughout the Company's
formative years.
Concurrent
C$2.2M
to
$2.6M
Private Placement (pre proposed 2 for 1 rollback)
Angel Wing Metals is also pleased to announce a private placement financing with a lead order from
Mr. Prefontaine and select close associates. The financing will be on a non-brokered private-
placement basis of between 20,000,000 and 23,636,363 common share units of the Company
("Units") at a price of
C$0.11
per Unit, for total gross proceeds between
C$2,200,000
and
$2,600,000
. Each Unit will consist of one common share of the Company and one-half warrant. Each
full warrant will be exercisable for a period of two years from issuance at a price per common share
of
C$0.25
. Proceeds from the private placement will be used by the Company for exploration at its
Mexico
properties and for general and corporate purposes.
The private placement is subject to a statutory 4-month hold from the date of issuance. The private
placement is subject to the receipt of all necessary approvals including the approval of the TSXV and
applicable securities regulatory authorities. No fees are payable on this financing.
Such participation in the private placement by certain insiders represents a related-party transaction
under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions
("MI 61-101"), but the transaction is exempt from the formal valuation and minority shareholder
approval requirements of MI 61-101 as neither the fair market value of the subject matter of the
transaction, nor the consideration paid, exceed 25% of the Company's market capitalization.
Subsequent to closing the private placement, Angel Wing Metals will be taking under consideration a
potential rollback of the Company common shares at approximately 2 for 1. If determined
appropriate, Angel Wing Metals will bring the proposal to a vote of the shareholders. Any potential
rollback is subject to market conditions and TSXV approvals.
ABOUT ANGEL WING METALS
Angel Wing Metals (TSXV: AWM) is focused on the exploration and development of its portfolio of
precious metals properties in
Mexico
and
Canada
. The Company's flagship El Grande Project
covers 655km
2
in the southern extension of the prolific Sierra Madre Occidental gold-silver belt in the
state of
Nayarit, Mexico
and demonstrates significant gold and silver mineralization.
Angel Wing Metals is committed to sustainable and responsible exploration and business activities in
line with industry best practices, supportive of all stakeholders, including the local communities in
which the Company operates.
For more information, please visit the Company's website at
www.angelwingmetals.com
.
ON BEHALF OF THE BOARD OF ANGEL WING METALS INC.
Bryan Wilson
President & CEO
Email:
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.
Forward-Looking Information
:
This news release contains "forward-looking information" within
the meaning of applicable Canadian securities legislation. All statements, other than statements of
historical fact, included herein are forward-looking information. Generally, forward-looking
information may be identified by the use of forward-looking terminology such as "plans", " expects"
or "does not expect", "proposed", "is expected", "budgets", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and
phrases, or by the use of
words or phrases which state that certain actions, events or results may,
could, would, or might occur or be achieved. In particular, this news release contains forward-
looking information regarding:
the outlook on the properties and projects of Angel Wing Metals,
including the potential drilling on
La Reyna
and exploration across the El Grande claim, the
proposed private financing including the requisite approvals by the TSXV and subsequent
completion of the private financing, and the proposed roll-back of the Corporation's shares,
including the requirement for shareholder approval.
There can be no assurance that such forward-
looking information will prove to be accurate, and actual results and future
events could differ
materially from those anticipated in such forward-looking information. This forward-looking
information reflects Angel Wing Metals' current beliefs and is based on information currently
available to Angel Wing Metals and on assumptions Angel Wing Metals believes are reasonable.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors
that may cause the actual results, level of activity, performance, or achievements of Angel Wing
Metals to be materially different from those expressed or implied by such forward-looking
information. Such risks and other factors may include, but are not limited to: general business,
economic, competitive, political and social uncertainties; general capital market conditions and
market prices for securities; delay or failure to receive board or regulatory approvals; the actual
results of future operations; competition; changes in legislation, including environmental
legislation, affecting Angel Wing Metals; the timing and availability of external financing on
acceptable terms; and lack of qualified, skilled labor or loss of key individuals. A description of
additional assumptions used to develop such forward-looking information and a description of
additional risk factors that may cause actual results to differ materially from forward- looking
information can be found in Angel Wing Metals' disclosure documents on the SEDAR website at
www.sedar.com
. Although Angel Wing Metals has attempted to identify important factors that could
cause actual results to differ materially from those contained in forward-looking information, there
may be other factors that cause results not to be as anticipated, estimated or intended. Readers
are cautioned that the foregoing list of factors is not exhaustive. Readers are further cautioned not
to place undue reliance on forward-looking information as there can be no assurance that the
plans, intentions, or expectations upon which they are placed will occur. Forward-looking
information contained in this news release is expressly qualified by this cautionary statement. The
forward-looking information contained in this news release represents the expectations of Angel
Wing Metals as of the date of this news release and, accordingly, is subject to change after such
date. However, Angel Wing Metals expressly disclaims any intention or obligation to update or
revise any forward-looking information, whether as a result of new information, future events or
otherwise, except as expressly required by applicable securities law.
SOURCE
Angel Wing Metals Inc.
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For further information:
Katherine Pryde, Investor Relations, Tel: 646-354-9375, Email:
CO: Angel Wing Metals Inc.
CNW 17:05e 30-MAR-23