Minco Silver Announces Investment in HempNova Lifetech Corporation and Appointment of New Chief Financial Officer
TSX: MSV; OTCQX: MISVF;
WKN:A0ESX5
VANCOUVER, April 22, 2020 /CNW/ - Minco Silver Corporation (the "Company" or "Minco Silver") (TSX: MSV; OTCQX: MISVF; WKN: A0ESX5) reports that it has entered into a private placement subscription agreement with HempNova Lifetech Corporation ("HempNova") pursuant to which it has purchased 10,000,000 common shares of HempNova at a price of $0.40 per share for an aggregate subscription cost of $4,000,000 (the "Subscription"). The Subscription forms part of a larger private placement conducted by HempNova. For further details of the HempNova private placement, please refer to HempNova's news release dated March 27, 2020.
HempNova is involved in the business of hemp processing in Oregon, USA. For further details of HempNova's business and its plans for 2020, please refer to HempNova's news release dated February 24, 2020. Dr. Ken Z. Cai, the CEO of Minco Silver, is also a director and the Chairman of the Board of HempNova, and Ms. Maria Tang, an independent director of Minco Silver, is also the President of HempNova.
Immediately prior to closing of the Subscription, the Company held no shares of HempNova. The shares purchased by the Company pursuant to the Subscription represent approximately 17.72% of HempNova issued and outstanding common shares upon this Subscription closed.
Minco Silver acquired the HempNova shares for investment purposes pursuant to the terms of the Subscription. Funding for the investment in HempNova was sourced from surplus cash held by Minco Silver. The investment does not alter Minco Silver's business focus on exploration and development of mineral properties.
The Company will evaluate its investment in HempNova from time to time and may, based on such evaluation, market conditions and other circumstances, increase or decrease its shareholdings as circumstances required through market transactions, private agreements, or otherwise. A copy of the early warning report filed by Minco Silver in connection with the acquisition of HempNova common shares will be available on HempNova's SEDAR profile.
The Company also announces that Mr. Larry Tsang has retired as the Company's Chief Financial Officer. The Company thanks Mr. Tsang for his 4 years of service and support to the Company and wishes him all the best in the future.
The Company is pleased to announce that Ms. Melinda Hsu has been appointed as its Chief Financial Officer. Ms. Hsu has over 30 years of diversified experience in areas of accounting, finance, corporate development and administration in Canada and China. Ms. Hsu was formerly the Chief Financial Officer, Corporate Secretary and Treasurer of Handeni Gold Inc. She started her career in the State Planning Commission of China and held Corporate Controller position in Titan Mining Corp. and various other mining and oil & gas companies with both Canadian and international operations. Ms. Hsu is a member of Chartered Professional Accountants of British Columbia and Ontario, and has a Master of Arts in Commerce from Renmin University of China.
About Minco Silver
Minco Silver Corporation is a TSX and OTCQX listed company focusing on the exploration and development of mineral resource projects. The Company's primary focus is to advance our properties, the Fuwan Silver Project and the Changkeng Gold Project, towards production. The Fuwan Silver Project and the Changkeng Gold Project are adjoined and are located approximately 45 kilometres southwest of Guangzhou City, China. We also seek to identify and acquire additional precious metal dominant projects that we believe will enhance shareholder value. For more information on Minco Silver, please visit the Company's website at www.mincosilver.ca or contact Jennifer Trevitt, at 1-888-288-8288 or (604) 688-8002 pr@mincosilver.ca
SOURCE Minco Silver Corporation
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