TORONTO, March 30,
2023 /CNW/ - Angel Wing Metals Inc. (TSXV:
AWM) ("Angel Wing Metals" or the "Company") is
pleased to announce Mr. Marc
Prefontaine as the Company's new President and CEO,
effective April 15, 2023. Mr.
Prefontaine succeeds Mr. Bryan
Wilson, who will be retiring from his role as President,
CEO, effective April 15, 2023. Mr.
Prefontaine has also been appointed to the Board of Directors
effective immediately. Mr. Wilson has stepped down as Director,
effective immediately, but will continue as an active and engaged
advisor to the Board of Directors, upon the transition of Mr.
Prefontaine in the President and CEO role. Mr. Cal Everett has been appointed to the Board and
will assume the role of Chairman of the Board of directors,
effectively immediately.
Marc has been a professional geologist for over 30 years, having
started his career working for both majors and juniors. In 2003, he
became President and CEO of Grayd Resources where he put together
the La India land package in Sonora,
Mexico. He, and a tight-knit team, discovered the La India
deposit, advancing it to a stage where Agnico-Eagle Mines purchased
Grayd Resources for C$275 million in
2011. Agnico-Eagle Mines completed the build in one year of the
acquisition and the La India mine has been in commercial production
for the past 9 years. Marc then co-founded Orla Mining Ltd. in 2014
and worked as its President and CEO for 4 years. During that
time Orla Mining Ltd. purchased and advanced the Cerro Quema
deposit in Panama as well as the
Camino Rojo deposit in Mexico.
Camino Rojo has now been in commercial production for one year.
Marc is also a director of Prime Mining Corp. which is also focused
on Mexico.
"The personal attraction to returning to Mexico after successes directing Grayd and
Orla followed by a directorship of Prime Mining lies in the quality
and precious metal discovery potential of this Country. Angel
Wing Metals dedicated a year successfully acquiring over 650 square
kilometres of an undrilled gold rich district, with associated
silver and copper occurrences," stated Mr. Prefontaine. He
continued, "I am excited to join Angel Wing Metals because of
Cal and the corporate team and am especially excited about the
talented exploration team led by Gillian
Kearvell. The El Grande project is district sized with
exciting exploration potential."
Cal is a geologist with more than 14 years of surface and
underground exploration experience with senior mining companies. He
moved to the financial sector in 1990 and spent 12 years with BMO
Nesbitt Burns focused on resource equities, and seven years with PI
Financial Corp. in senior resource institutional sales and capital
markets. From 2008 to 2015, he was President and CEO of Axemen
Resource Capital. Mr. Everett recently retired as President and CEO
of Liberty Gold Corp., a position he held from 2016 to 2023 and
remains a director and the largest private shareholder of that
company. He holds a Bachelor of Science degree in Economic Geology
from the University New Brunswick.
Mr. Everett said, "I look forward to working with
Marc in directing Angel Wing Metals. Linking our backgrounds
together again, after joint success in the past and creating
opportunity to build value for another resource company, backed by
our business acumen and deep experience in capital markets makes us
well-suited to take on these roles. Under Marc's leadership we will
begin a concerted effort to drill the La
Reyna portion of the El Grande project area as well as
initiating regional surface exploration programs.
I would like to thank Mr. Bryan
Wilson for successfully negotiating the multiple land
acquisitions that now make up the El Grande project area. Bryan
will continue to advise the Company on land title, agreements, and
district due diligence."
Mr. Frank Busch will be stepping
down from the Board of Directors effective immediately. The Company
would like to thank Mr. Busch for his insight and guidance
throughout the Company's formative years.
Concurrent C$2.2M to $2.6M
Private Placement (pre proposed 2 for 1 rollback)
Angel Wing Metals is also pleased to announce a private
placement financing with a lead order from Mr. Prefontaine and
select close associates. The financing will be on a non-brokered
private-placement basis of between 20,000,000 and 23,636,363 common
share units of the Company ("Units") at a price of C$0.11 per Unit, for total gross proceeds between
C$2,200,000 and $2,600,000. Each Unit will consist of one common
share of the Company and one-half warrant. Each full warrant will
be exercisable for a period of two years from issuance at a price
per common share of C$0.25. Proceeds
from the private placement will be used by the Company for
exploration at its Mexico
properties and for general and corporate purposes.
The private placement is subject to a statutory 4-month hold
from the date of issuance. The private placement is subject to the
receipt of all necessary approvals including the approval of the
TSXV and applicable securities regulatory authorities. No fees are
payable on this financing.
Such participation in the private placement by certain insiders
represents a related-party transaction under Multilateral
Instrument 61-101 - Protection of Minority Security Holders in
Special Transactions ("MI 61-101"), but the transaction is exempt
from the formal valuation and minority shareholder approval
requirements of MI 61-101 as neither the fair market value of the
subject matter of the transaction, nor the consideration paid,
exceed 25% of the Company's market capitalization.
Subsequent to closing the private placement, Angel Wing Metals
will be taking under consideration a potential rollback of the
Company common shares at approximately 2 for 1. If determined
appropriate, Angel Wing Metals will bring the proposal to a vote of
the shareholders. Any potential rollback is subject to market
conditions and TSXV approvals.
ABOUT ANGEL WING METALS
Angel Wing Metals (TSXV: AWM) is focused on the exploration and
development of its portfolio of precious metals properties in
Mexico and Canada. The Company's flagship El Grande
Project covers 655km2 in the southern extension of the
prolific Sierra Madre Occidental gold-silver belt in the state of
Nayarit, Mexico and demonstrates
significant gold and silver mineralization.
Angel Wing Metals is committed to sustainable and responsible
exploration and business activities in line with industry best
practices, supportive of all stakeholders, including the local
communities in which the Company operates.
For more information, please visit the Company's website at
www.angelwingmetals.com.
ON BEHALF OF THE BOARD OF ANGEL WING METALS INC.
Bryan Wilson
President & CEO
Email: bwilson@angelwingmetals.com
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward-Looking Information: This news
release contains "forward-looking information" within the meaning
of applicable Canadian securities legislation. All statements,
other than statements of historical fact, included herein are
forward-looking information. Generally, forward-looking information
may be identified by the use of forward-looking terminology such as
"plans", " expects" or "does not expect", "proposed", "is
expected", "budgets", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes",
or variations of such words and phrases, or by the use of
words or phrases which state that certain actions, events or
results may, could, would, or might occur or be achieved. In
particular, this news release contains forward-looking information
regarding: the outlook on the properties and projects of
Angel Wing Metals, including the potential drilling on La Reyna and exploration across the El Grande
claim, the proposed private financing including the requisite
approvals by the TSXV and subsequent completion of the private
financing, and the proposed roll-back of the Corporation's shares,
including the requirement for shareholder
approval. There can be no assurance that such
forward-looking information will prove to be accurate, and actual
results and future events could differ materially from those
anticipated in such forward-looking information. This
forward-looking information reflects Angel Wing Metals' current
beliefs and is based on information currently available to Angel
Wing Metals and on assumptions Angel Wing Metals believes are
reasonable. Forward-looking information is subject to known and
unknown risks, uncertainties and other factors that may cause the
actual results, level of activity, performance, or achievements of
Angel Wing Metals to be materially different from those expressed
or implied by such forward-looking information. Such risks and
other factors may include, but are not limited to: general
business, economic, competitive, political and social
uncertainties; general capital market conditions and market prices
for securities; delay or failure to receive board or regulatory
approvals; the actual results of future operations; competition;
changes in legislation, including environmental legislation,
affecting Angel Wing Metals; the timing and availability of
external financing on acceptable terms; and lack of qualified,
skilled labor or loss of key individuals. A description of
additional assumptions used to develop such forward-looking
information and a description of additional risk factors that may
cause actual results to differ materially from forward- looking
information can be found in Angel Wing Metals' disclosure documents
on the SEDAR website at www.sedar.com. Although Angel Wing Metals
has attempted to identify important factors that could cause actual
results to differ materially from those contained in
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. Readers
are cautioned that the foregoing list of factors is not exhaustive.
Readers are further cautioned not to place undue reliance on
forward-looking information as there can be no assurance that the
plans, intentions, or expectations upon which they are placed will
occur. Forward-looking information contained in this news release
is expressly qualified by this cautionary statement. The
forward-looking information contained in this news release
represents the expectations of Angel Wing Metals as of the date of
this news release and, accordingly, is subject to change after such
date. However, Angel Wing Metals expressly disclaims any intention
or obligation to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise,
except as expressly required by applicable securities law.
SOURCE Angel Wing Metals Inc.