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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
