Beaufield Announces Corporate Update, Grants Stock Options to New Directors
MONTREAL, April 13, 2018 (GLOBE NEWSWIRE) -- Beaufield Resources Inc. (“Beaufield” or the “Corporation”) (TSX-V:BFD) is pleased to announce that the Corporation’s Board of Directors has appointed Mr. George N. Mannard as the new Chairman of the Board and Mr. Donald R. Siemens as the Chairman of the Audit Committee. Messrs. Mannard and Siemens have been independent members of the Board since their election at the Annual Meeting of Shareholders of February 27th, 2018.
Mr. Mannard succeeds Mr. Robert Wares who served as Chairman of the Board of Directors from March 2, 2017. Mr. Wares will continue in his role as Director of the Corporation.
“We are delighted to have Mr. Mannard step in as an Independent Chairman and Mr. Siemens chair our Audit Committee. Along with the addition of Mr. Hervé Thiboutot, we believe we’ve assembled a Board with a proven industry track record and commitment to value creation and good governance. The Board wishes to thank Mr. Wares for serving as Chairman and looks forward to his continued support and input as we move Beaufield forward,” commented CEO, Ron Stewart.
Mr. Mannard is a Professional Geologist with over 30 years’ experience. Mr. Mannard was the Vice President Exploration of Wesdome Gold Mines Ltd. from 1994 to 2017 and CEO and Director of Moss Lake Gold Mines Ltd. from 1995 to 2015. He has developed 8 gold mines and is co-credited with discovery of the Louvicourt base metal mine, Val d’Or Quebec. His experience ranges from grassroots prospect targeting through development of underground and surface mining operations and production to mine closure and rehabilitation. Working with junior companies has provided him experience in all aspects of public company administration, strategic acquisitions and restructuring, mergers and financing. Mr. Mannard holds a Bachelor Science honours in Geology, diploma Geological Science in Mineral Exploration and a Masters degree in Applied Science in Mineral Exploration.
Mr. Siemens brings over 30 years of experience to the board as a Chartered Professional Accountant, including 8 years in public practice as a partner with major accounting firms, 8 years in senior executive positions in industry and 25 years as a self-employed Financial Services executive. Mr. Siemens has been an independent financial advisor, specializing in Corporate Finance, cross-border transactions and Mergers & Acquisitions since 1989. He currently serves as a Director and Audit Committee Chair for Arizona Mining Inc., Atlantic Gold Corporation, Skeena Resources Limited, Eros Resources Corp and Hansa Resources Ltd. Previously, Mr. Siemens was Partner-in-Charge of Thorne Ernst & Whinney's (now KPMG) Vancouver office Financial Advisory Services group. Mr. Siemens obtained a B.A. from the University of British Columbia followed by a Chartered Professional Accountant (Chartered Accountant) designation.
The Corporation also announces the resignation of Mr. Hao Liu from the Board of the Corporation following his resignation from Huaxin Group (Hong Kong) Limited in early March 2018. CEFC China Energy Company Ltd (“CEFC China”) owns and controls the Huaxin Group which holds 10,000,000 common shares of the Corporation.
In addition, the Board of Directors has approved the granting of options for 400,000 common shares of the Corporation to each of Messrs. Mannard and Siemens, under its stock option plan. The options vest immediately, are exercisable at $0.10 per option and have a term of 5 years.
After the grant, the total number of outstanding options under the Corporation's plan is 6,400,000 or approximately 3% of the outstanding shares.
About Beaufield:
Beaufield is a mineral exploration company with its exploration activity focused in Quebec and Ontario. Please refer to Beaufield's website to view the Corporation's properties in Urban, Eleonore-Opinaca, Tortigny, Hemlo and Launay. The Corporation is actively exploring, is well financed with approximately $5 million in working capital, has no debt and has excess work credits on its properties.
The information set forth in this press release includes certain forward-looking statements. Such statements are based on assumptions exposed to major risks and uncertainties. Although Beaufield deems the expectations reflected in these forward-looking statements to be reasonable, the Corporation cannot provide any guarantee as to the materialization of the expectations reflected in these forward-looking statements. The Corporation expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this Release.
Ronald Stewart, President and CEO : Tel: 647.409.0293 Mathieu Stephens, VP Exploration and Corporate Development: Tel: 514.842.3443 E-mail: info@beaufield.com Web: www.beaufield.com