Former Executive Team from Integra Gold to Lead and Re-Brand Newly Focused Mag Copper and Company Completes Share Consolidation and Name Change to "Integra Resources Corp."
Former Executive Team from Integra Gold to Lead and
Re-Brand Newly Focused Mag Copper and Company
Completes Share Consolidation and Name Change to
"Integra Resources Corp."
Highlights
Former executive management team from Integra Gold Corp. appointed to the board of directors and management team
of the Company to lead a re-branded and newly focused Mag Copper Limited
New management announces the change of name of the Company to Integra Resources Corp. and the consolidation of
the common shares of the Company on a 1:2.5 basis
Re-focus on precious metals exploration in the Americas
Toronto, Ontario--(Newsfile Corp. - August 17, 2017) - Mag Copper Limited (CSE: QUE) (the "
Company
") is pleased to
announce the appointment of new directors to the board and a series of appointments resulting in the formation of a new
executive management team for the Company.
The new team includes George Salamis, President, CEO and Director, Stephen
de Jong, Chairman and Director, and Andrée St-Germain, Chief Financial Officer and Corporate Secretary. The incoming board
members and management team were former senior executives at Integra Gold Corp. ("
Integra Gold
") and oversaw the
successful sale of Integra Gold to Eldorado Gold Corporation for C$590 million in July 2017.
Their combined experience and
technical expertise and innovative approach is expected to be of substantial benefit to the Company and its shareholders. In
conjunction with the new appointments the Company has changed its name from "Mag Copper Limited" to "Integra Resources
Corp." (the "
Name Change
") and consolidated all of its issued and outstanding common shares ("
Common Shares
") on the
basis of one (1) new post-consolidation Common Share for every two-and-one-half (2.5) existing pre-consolidation Common
Shares (the "
Consolidation
"), as further described below.
"Stephen, Andrée, and myself are excited to start a new venture focused on precious metals exploration in the Americas. In
addition to retaining Integra Gold's executive team, key members of the Integra investor relations team will also be joining the
Company," noted George Salamis, the newly appointed President and CEO and Director of the Company. Mr. Salamis added:
"We have been reviewing assets in North America and South America with the goal to secure a new project in the coming
months.
Once we acquire a project, we plan to implement an exploration program similar to, the drill programs executed at
Integra Gold to advance the Lamaque Project in Val-d'Or, Quebec.
The extensive drill programs, combined with our innovative
approach and out-of-the-box thinking, were the key drivers that resulted in Integra's successful transaction for shareholders."
About the New Management Team
and Directors
In connection with the foregoing transactions, the Company announces that Ms. Jennifer Thor has resigned from the board of
directors effective August 17, 2017, and Messrs. Salamis and de Jong have joined the board of directors.
The Company would
like to thank Ms. Thor for her hard-work, service and dedication to the Company.
The following are brief biographies of the newly appointed board members and management team:
George Salamis, President, CEO, Director
Mr. Salamis has over 25 years of experience in the mining and resource exploration industry. Mr. Salamis has been involved in
over $1.4 billion of M&A transactions, either through assets sales or his involvement with junior mining companies. Mr. Salamis
was most recently Executive Chairman of Integra Gold which was sold to Eldorado Gold Corporation for C$590 million.
. Mr.
Salamis co-led the efforts behind the 2016 Integra Gold Rush Challenge and the 2017 #DisruptMining initiatives that
encouraged innovation and technology disruption in the mining industry.
Mr. Salamis is a sought after speaker on mining
innovation and most recently spoke at the 2017 IdeaCity Conference in Toronto:
http://www.ideacity.ca/video/george-salamis-
mining-disruption-overview
.
Mr. Salamis holds a Bachelor of Science Degree in Geology from University of Montreal — École Polytechnique and has had a
successful career in mining and exploration. Mr. Salamis has discovered, financed, built, managed or sold more than 5 major
minerals deposits around the World. He began his career working for two major mining companies (Placer Dome and Cameco
Corp) over a 12-year period before transitioning into mineral exploration and junior mining in 2001.
Mr. Salamis is currently a
director at Contact Gold Corp.
Andrée St-Germain, Chief Financial Officer
Ms. St-Germain is an experienced mining finance executive with an extensive background in banking, mining finance and
financial management. She began her career in investment banking for Dundee Capital Markets Inc. As an investment banker,
Ms. St-Germain worked exclusively with mining companies on M&A advisory and financing. In 2013, Ms. St-Germain joined
Golden Queen Mining Co. Ltd. ("Golden Queen") as CFO. During her tenure at Golden Queen, she played an instrumental role in
securing project finance and overseeing Golden Queen as it transitioned from development and construction to commercial
production.
Ms. St-Germain joined Integra Gold as CFO in early 2017 and helped oversee the sale of Integra Gold to Eldorado Gold
Corporation for C$590 million in July 2017.
Ms. St-Germain is currently a director of Barkerville Gold Mines Ltd. and holds an MBA (Honours) from the York University
Schulich School of Business in Toronto, Ontario.
Stephen de Jong, Chairman
Mr. de Jong has 10 years of experience in the mining industry and was most recently the President and Chief Executive Officer
of Integra Gold from 2012 until its sale to Eldorado Gold Corporation in July 2017 for C$590 million. Under his leadership at
Integra Gold, Mr. de Jong attracted a high-calibre team of geologists, engineers, entrepreneurs and consultants that advanced
the Integra Gold's Lamaque project from an exploration property to a near-term production asset. He was instrumental in raising
over $150 million during one the most challenging times in the mining sector.
Mr. de Jong is set on transforming the mining
industry using high-tech and highly-connected methods, and co-led the efforts behind the 2016 Integra Gold Rush Challenge and
the 2017 #DisruptMining initiatives.
Mr. de Jong holds a Bachelor of Commerce degree from Royal Roads University and is also a director of GFG Resources Inc.
Name Change and Consolidation
Effective August 11, 2017, the Company filed articles of amendment to effect the Name Change and the Consolidation
approved by shareholders of the Company at its annual and special meeting held on July 6, 2017.
The Consolidation reduces
the number of outstanding Common Shares from 46,003,540 to approximately 18,401,411.
And proportionate adjustments will
be made to the Company's outstanding stock options.
No fractional Common Shares will be issued pursuant to the
Consolidation and any fractional Common Shares that would have otherwise been issued have been rounded down to the
nearest whole number and cancelled.
Letters of transmittal with respect to the Name Change and Consolidation are being mailed to the Company's registered
shareholders.
All registered shareholders will be required to send their share certificates representing pre-Name Change and
pre-Consolidation Common Shares, along with a properly executed letter of transmittal, to the Company's registrar and transfer
agent, Capital Transfer Services Inc., in accordance with the instructions provided in the letter of transmittal.
Shareholders who
hold their Common Shares through a broker, investment dealer, bank or trust company should contact that nominee or
intermediary for assistance in depositing their Common Shares in connection with the Consolidation.
A copy of the letter of
transmittal is posted on the Company's issuer profile on SEDAR at
www.sedar.com
.
It is anticipated that the post-Consolidation Common Shares will commence trading on the Canadian Securities Exchange (the
"
CSE
") under its new name, new ticker symbol "
ITR
" and CUSIP number 45826T103 (ISIN: CA45826T1030) on August 22,
2017.
Recently Completed
Private Placement of Common Shares
The Company wishes to issue a correction to its press release disseminated on August 2, 2017, to clarify that it completed a
non-brokered private placement for gross proceeds of $896,500 through the issuance of an aggregate of 8,965,000 Common
Shares at a price of $0.10 per Common Share.
For further information please contact:
George Salamis, President and CEO
Integra Resources Corp.
Email:
The Canadian National Stock Exchange has not reviewed this press release and does not accept responsibility for the
adequacy or accuracy of this news release.
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking
statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of
historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this
news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections,
objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not
expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes"
or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would",
"might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In
this news release, forward-looking statements relate, among other things, to the anticipated future acquisition initiatives and
exploration activities of the Company.
These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the
time such statements were made. Actual future results may differ materially as forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the
Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking
statements. Such factors, among other things, include; business integration risks; inability to identify and acquire a property of
merit, fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward
prices of gold, silver, base metals or certain other commodities; fluctuations in currency markets (such as the Canadian dollar to
United States dollar exchange rate); change in national and local government, legislation, taxation, controls, regulations and
political or economic developments; risks and hazards associated with the business of mineral exploration, development and
mining (including environmental hazards, industrial accidents, unusual or unexpected formations pressures, cave-ins and
flooding); inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may
impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous
populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral
exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government
authorities); and title to properties. Although the forward-looking statements contained in this news release are based upon what
management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure
shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause
results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking
statements and information contained in this news release. The Company assumes no obligation to update the forward-looking
statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.