Central Timmins Exploration Corp. Announces
Central Timmins Exploration Corp. Announces
Closing of Private Placement and Board and
Management Changes
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TORONTO
,
April 16, 2020
/CNW/ -
Central Timmins Exploration Corp.
("CTEC" or the
"Company") (TSXV:CTEC) is pleased to announce the closing of a non-brokered private placement
for aggregate gross proceeds of
$500,000
(the "Offering"), the appointment of
Joseph Ovsenek
to
the Board of Directors, and various other board and management changes.
Board and Management Changes
Subsequent to the closing of the Offering,
Joseph Ovsenek
was appointed to the Board of Directors
of the Company. Mr. Ovsenek is President and CEO of Pretium Resources Inc. where he leads the
advance of the high-grade gold Brucejack Mine which has been operating profitably since
commercial start-up in 2017. Mr. Ovsenek began his nine-year tenure at Pretium in 2011 as Chief
Development Officer and led the financing of the company from exploration stage to operations and
was subsequently appointed President in 2015 and President and CEO in 2017. Prior to Pretium he
served for 15 years in senior management roles for Silver Standard Resources Inc., lastly as Senior
Vice President, Corporate Development responsible for the sale of the Brucejack and Snowfield
assets to the newly created Pretium Resources Inc. Mr. Ovsenek holds a Bachelor of Applied
Science degree from the
University of British Columbia
and a Bachelor of Laws degree from the
University of Toronto
. Mr. Ovsenek is a registered member of the Association of Professional
Engineers and Geoscientists of
British Columbia
.
Concurrently with this appointment, Mr.
Charles Gryba
has resigned as a director and President and
Chief Executive Officer of CTEC. Mr. Gryba will continue his relationship with CTEC as a technical
consultant. The Company is considering various options to bring on a new President and CEO.
Mr.
Neville Dastoor
, Chairman of the Board, stated "The Company would like to extend its
appreciation for the contributions that Mr. Gryba has made to CTEC over the years. With the
appointment of Joe to the Board, we are all excited about the new opportunities that lie ahead for all
stakeholders of CTEC. Joe brings with him an impressive pedigree of technical and corporate
knowledge and experience that we expect will create significant value for CTEC shareholders."
Financing
The Offering consisted of the sale of 10,000,000 common shares of the Company (the "Shares") at
a price of
$0.05
per Share for aggregate gross proceeds of
$500,000
. All securities issued pursuant
to the Offering are subject to a four month and one day hold period under applicable securities laws,
expiring on
August 16
, 2020.
Joe Ovsenek
, the newly appointed Company Board director
participated in the Offering and will hold 10.8% of the Company's common shares outstanding after
the close of this Offering. Ken McNaughton, the current Vice President and Chief Exploration Officer
of Pretium Resources Inc., also participated in the Offering and will hold 10.8% of the Company's
common shares outstanding after the closing of the Offering.
As certain insiders of the Company participated in the Offering it is deemed to be a "related party
transaction" as such term is defined in Multilateral Instrument 61-101 - Protection of Minority
Security Holders in Special Transactions ("MI 61-101"). The Company is exempt from the formal
valuation requirement of Section 5.4 of MI 61-101 pursuant to Subsection 5.5 (b) of MI 61-101 and
exempt from the minority approval requirements of Section 5.6 of MI 61-101 pursuant to subsection
5.7(a) of MI 61-101. The Offering is subject to TSX Venture Exchange approval.
About Central Timmins Exploration Corp.
CTEC is an early-stage Canadian junior exploration company with property primarily within the city
limits of
Timmins
in the Porcupine Mining District in the northeastern region of
Ontario
. The
Corporation's assets are prospective for gold as well as a suite of base metals.
Forward Looking Information
This press release contains "forward-looking information" within the meaning of applicable securities
laws that is intended to be covered by the safe harbours created by those laws. "Forward-looking
information" includes statements that use forward-looking terminology such as "may", "will", "expect",
"anticipate", "believe", "continue", "potential" or the negative thereof or other variations thereof or
comparable terminology. Such forward-looking information includes, without limitation, the
Corporation's expectations, strategies and plans for the Timmins Properties, including the
Corporation's planned exploration activities and the intended uses of the net proceeds of the IPO.
Forward-looking information is not a guarantee of future performance and is based upon a number
of estimates and assumptions of management at the date the statements are made. Furthermore,
such forward-looking information involves a variety of known and unknown risks, uncertainties and
other factors which may cause the actual plans, intentions, activities, results, performance or
achievements of the Corporation to be materially different from any future plans, intentions,
activities, results, performance or achievements expressed or implied by such forward-looking
information. See "Risk Factors" in the Corporation's final prospectus dated
October 4, 2018
filed on
SEDAR at
www.sedar.com
for a discussion of these risks.
The Corporation cautions that there can be no assurance that forward-looking information will prove
to be accurate, as actual results and future events could differ materially from those anticipated in
such information. Accordingly, investors should not place undue reliance on forward-looking
information.
Except as required by law, the Corporation does not assume any obligation to release publicly any
revisions to forward-looking information contained in this press release to reflect events or
circumstances after the date hereof.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of
the Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE
Central Timmins Exploration Corp
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For further information:
Neville Dastoor, Chairman, [email protected], Tel: +1 (647) 680-
8955; Chris Hopkins, CFO, [email protected], Tel: 416 786 9793
CO: Central Timmins Exploration Corp
CNW 08:30e 16-APR-20