TORONTO, March 05, 2018 (GLOBE NEWSWIRE) -- CR Capital Corp. (NEX:CIT.H) (“CR Capital” or the “Company”) is pleased to announce that it has obtained final acceptance of the TSX Venture Exchange (“TSXV”) in respect of its application for reactivation and graduation to the TSXV as a Tier 2 mining issuer (the “Reactivation”). Effective March 6, 2018 trading in the Company’s common shares will take place on the TSXV under the trading symbol “CIT”.
The Company’s application for reactivation and graduation was based on the acquisition of a 100% ownership in the Claims (as hereinafter defined) from Superior Copper Corporation which is more fully described below.
Following completion of the Reactivation, the directors of the Company will be Brian Howlett, Alain Krushnisky, Mark Goodman, Gerald Riverin and Morgan Quinn. Mr. Howlett will continue to serve as President and Chief Executive Officer, Carmelo Marrelli will continue to serve as Chief Financial Officer and Jo-Anne Archibald will continue to serve as the Corporate Secretary.
The following are brief descriptions of the directors appointed upon completion of the Reactivation:
| Name | Biography | ||
| Alain Krushnisky | Mr. Krushnisky graduated from the University of Ottawa in 1983 with a bachelor's degree in commerce and is a member of the Canadian Institute of Chartered Accountants. Mr. Krushnisky has 20 years of experience in the mining sector including ten years with a mid-tier producer in various capacities, including Vice-President and Controller. Since 2004, Mr. Krushnisky has been doing consulting work for various publicly traded exploration and mining companies. He currently is Chief Financial Officer of a number of mineral exploration companies listed on the TSX Venture Exchange. | ||
| Mark Goodman | Mr. Goodman is currently the President of Dundee Corporation and is on the Board of Directors of Orford Mining Corporation. He has previously sat on the board of Nighthawk Gold Corp. (“Nighthawk”), Corona Gold Corporation, Ryan Gold Corporation and Valdez Gold. | ||
| Brian Howlett | Mr. Howlett is a graduate from Concordia University and is a Chartered Professional Accountant (“CPA, CMA”) with over 30 years of experience in senior financial roles. Mr. Howlett has served as senior officer of numerous public companies over his career. He currently serves as President and CEO of CR Capital Corp, the President and CEO of Dundee Sustainable Technologies and on the Board of Directors of Nighthawk. | ||
| Gerald Riverin | Mr. Gérald Riverin is the President of Yorbeau Resources. He obtained his Ph.D. from Queen's University in 1977. He has been involved with the development of several properties including the discovery of Inmet's Troilus open pit gold-copper mine near Chibougamau. Dr. Riverin is internationally renowned as an expert on the geology of volcanogenic massive sulphide deposits and is routinely invited as a speaker and lecturer on various aspects of the geology of volcanogenic massive sulphide deposits, and on exploration technology. He is also currently serving on the board of JUNEX Inc., a junior oil and gas exploration company, and recently completed a two-year term as President of the Association de l'Exploration Minière du Québec. | ||
| Morgan Quinn | Mr. Quinn received his bachelor’s in Geology from graduate of Dalhousie University and a Master’s degree from the University of Toronto. Currently, he researches and carries out due diligence on new investment opportunities for Northfield Capital Corporation as well as managing Nighthawk’s regional field exploration programs. He was a geologist with Superior Copper Corporation from 2010-2016. | ||
In addition, the Company announces that David Comba has resigned from the board of directors effective as of January 31, 2018. The Company wishes to thank Mr. Comba for his service and contributions to the Company and wishes him all the best in his future endeavours.
Transaction
The Company is also pleased to announce that further to its press release dated September 20, 2017, it has completed its previously announced acquisition of a 100% interest in one hundred thirty-two (132) unpatented mining claims (the “Claims”) situated in Kinkaid, Ryan and Palmer townships in the Province of Ontario (the “Transaction”) from Superior Copper Corporation (“Superior”).
As a result of the Transaction, CR Capital now owns 100% of the Claims.
Pursuant to the Transaction, Superior acquired 2,000,000 common shares at a deemed cost of $0.09 per share and directed CR Capital to issue the common shares to its parent company, Nighthawk. The securities issued as consideration for the Transaction will be subject to a four month and one day statutory hold period.
Following the completion of the Transaction, CR Capital has 10,327,335 Common Shares issued and outstanding. The 2,000,000 Common Shares owned by Nighthawk represents approximately 19.37% of the issued and outstanding Common Shares. Nighthawk and Superior owned no Common Shares of CR Capital prior to the completion of the Transaction. The Common Shares were acquired for investment purposes. Depending on market and other conditions, or as future circumstances may dictate, Nighthawk may from time to time increase or decrease its holdings of Common Shares or other securities of CR Capital.
For further information or a copy of the early warning report filed by Nighthawk please contact:
Nighthawk Gold Corp.
141 Adelaide St W, Suite 301
Toronto, Ontario
M5H 3L5
Attention: Michael Leskovec
Telephone number: (647) 794-4362
About CR Capital Corp.
CR Capital Corp. is engaged in the acquisition, exploration and evaluation of properties for the mining of precious and base metals.
For more information please contact:
Mr. Brian Howlett
President & CEO
CR Capital Corp.
Cell: 647-227-3035
Caution Regarding Forward-Looking Information
This news release contains forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of CR Capital. Forward-looking statements include estimates and statements that describe CR Capital’s future plans, objectives or goals, including words to the effect that CR Capital or its management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to CR Capital, CR Capital provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, CR Capital’s objectives, goals or future plans, statements, details of the exploration results, potential mineralization, CR Capital’s portfolio, treasury, management team and enhanced capital markets profile, the timing of the Transaction, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, failure or inability to complete the Transaction on the terms as announced or at all, regulatory approval processes, failure to identify mineral resources, delays in obtaining or failures to obtain required governmental, regulatory, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in CR Capital’s public documents filed on SEDAR. Although CR Capital believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. CR Capital disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Neither the TSXV or NEX nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.