New President and $232,500 Private Placement for Stelmine
MONTRÉAL, QUÉBEC–(Marketwire – June 5, 2012) – Stelmine Canada Ltd. (“Stelmine”) (TSX VENTURE:STH) is pleased to announce the closing of a deal with Québec businesspeople announced on February 13 by which new directors will join the company’s board of directors.
Today, the company announced the appointment of Norman Ross as a member of the board. Mr. Ross was also named President and CEO of the company, replacing Michel Lemay. Mr. Lemay, however, will remain a member of the board for an indefinite period.
Norman Ross is an Administrateur de sociétés certifié (ASC), has an MA in Ethics and has practiced as a lawyer (LL.B.) since 1993 from his Québec and Rimouski offices. Before practicing law, Mr. Ross worked in the financial services industry from 1978 to 1992, dealing in insurance and securities. He has served on numerous company boards and has extensive knowledge of the financial community.
Stelmine’s management is very proud to welcome Mr. Norman Ross to the team and is confident he will play an active role in the management of the company.
The company would also like to announce the closing of a private placement involving the sale of 232.5 Stelmine units at $1,000.00 a unit, totaling $232,500. For this placement, the company will issue 2,325,000 non-flow-through common shares. Each share will include a warrant entitling its holder to purchase one share of the company at a cost of $0.15 for a 12-month period. The issued shares will be escrowed for a period of four months and one day.
A company insider moved $117,500.00 in this placement.
Stelmine Canada Ltd. is a junior exploration company listed on the TSX Venture Exchange under the symbol STH.
The TSX Venture Exchange accepts no responsibility for the relevance or accuracy of this release.
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