Defense Metals Announces CEO and Director Resignations
Defense Metals Announces CEO and Director
Resignations
VANCOUVER, BC
,
Aug. 26, 2024
/CNW/ -
Defense Metals Corp.
("
Defense Metals
" or the
"
Company
"; (TSXV: DEFN) (OTCQB: DFMTF) (FSE: 35D) today announced the resignations of
Craig Taylor
as Chief Executive Officer and Director, and Len Clough, Director, effective
immediately.
Guy de Selliers
, Chairman of Defense Metals, commented:
"We are grateful for Craig's contributions to Defense Metals and are saddened to see him
leave the company. Under his leadership, the Wicheeda Rare Earth Element Project has
progressed to an advanced stage, with a detailed pre-feasibility study nearing completion
and results expected by year-end. Craig has also been instrumental in establishing a strong
relationship with the McLeod Lake Indian Band, which, along with the broader support from
British Columbia
provincial authorities, is vital to the company. On behalf of the Board,
management team, and our shareholders, we extend our sincere thanks to Craig for his
dedication and achievements at Defense Metals."
Craig Taylor
, commented:
"It's time for me to leave Defense Metals to pursue other interests and step back from
development of the Wicheeda Project, which I firmly believe is the best of its kind in
North
America
. I take great pride in what we've accomplished and have full confidence that the
senior management team, along with the exceptional group of engineers, scientists, and
other experts that we've brought together, will do an outstanding job in bringing this project
to production in the near future."
The Board of Directors has initiated the search for a new CEO. Pending the appointment of a new
CEO, Executive Chairman
Guy de Selliers
will lead the company, working closely with the Board of
Directors, President
Luisa Moreno
and Lead Independent Director
Dale Wallster
. In addition, Senior
Vice President, Corporate Development & Interim CFO,
Alex Heath
, will play a key role in supporting
the leadership team and guiding the Company through this transition.
In connection with this transition, the Company has agreed to issue Mr. Taylor an aggregate of
1,600,000 common shares of the Company as part of his severance. The issuance of the shares is
subject to the approval of the TSX Venture Exchange and will be subject to a four-month hold period.
The Company also announces that
Len Clough
has resigned as a director. Defense Metals extends
its sincere gratitude for his contributions and wishes him continued success in his future endeavours.
About Defense Metals Corp. and its Wicheeda Rare Earth Element Project
Defense Metals Corp. is focused on the development of its 100% owned, 8,301-hectare (~20,534-
acre) Wicheeda REE Project that is located on the traditional territory of the McLeod Lake Indian
Band in
British Columbia, Canada
.
The Wicheeda REE Project, approximately 80 kilometres (~50 miles) northeast of the city of
Prince
George
, is readily accessible by a paved highway and all-weather gravel roads and is close to
infrastructure, including hydro power transmission lines and gas pipelines. The nearby Canadian
National Railway and major highways allow easy access to the port facilities at
Prince Rupert
, the
closest major North American port to
Asia
.
Defense Metals is a proud member of Discovery Group. For more information please visit:
www.discoverygroup.ca
.
For further information, please visit
www.defensemetals.com
or contact:
Alex Heath
Senior Vice President, Corporate Development & Interim CFO
Tel: +1 604-354-2491
Email:
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 news release.
Cautionary Statement Regarding "Forward-Looking" Information
This news release contains "forward–looking information or statements" within the meaning of
applicable securities laws, which may include, without limitation, statements relating to advancing the
Wicheeda REE Project, the expectations and plans for the Wicheeda REE Project, the technical,
financial and business prospects of the Company, its project, goals and other matters. All
statements in this news release, other than statements of historical facts, that address events or
developments that the Company expects to occur, are forward-looking statements. Although the
Company believes the expectations expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of future performance and actual
results may differ materially from those in the forward-looking statements. Such statements and
information are based on numerous assumptions regarding present and future business strategies
and the environment in which the Company will operate in the future, including the price of rare earth
elements, the anticipated costs and expenditures, the ability to achieve its goals, that general
business and economic conditions will not change in a material adverse manner, that financing will be
available if and when needed and on reasonable terms. Such forward-looking information reflects the
Company's views with respect to future events and is subject to risks, uncertainties and
assumptions, including the risks and uncertainties relating to the interpretation of exploration and
metallurgical results, risks related to the inherent uncertainty of exploration and development and
cost estimates, the potential for unexpected costs and expenses and those other risks filed under
the Company's profile on SEDAR+ (
www.sedarplus.ca
). While such estimates and assumptions are
considered reasonable by the management of the Company, they are inherently subject to significant
business, economic, competitive and regulatory uncertainties and risks. Factors that could cause
actual results to differ materially from those in forward looking statements include, but are not limited
to, continued availability of capital and financing and general economic, market or business
conditions, adverse weather and climate conditions, failure to maintain or obtain all necessary
government permits, approvals and authorizations, failure to maintain or obtain community
acceptance (including First Nations), risks relating to unanticipated operational difficulties (including
failure of equipment or processes to operate in accordance with specifications or expectations, cost
escalation, unavailability of personnel, materials and equipment, government action or delays in the
receipt of government approvals, industrial disturbances or other job action, and unanticipated
events related to health, safety and environmental matters), risks relating to inaccurate geological,
metallurgical, engineering and pricing assumptions, decrease in the price of rare earth elements, the
impact of viruses and diseases on the Company's ability to operate, restriction on labour and
international travel and supply chains, loss of key employees, consultants, officers or directors,
increase in costs, delayed results, litigation, and failure of counterparties to perform their contractual
obligations. The Company does not undertake to update forward–looking statements or forward–
looking information, except as required by law.
SOURCE
Defense Metals Corp.
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CO: Defense Metals Corp.
CNW 18:55e 26-AUG-24