Cabo Drilling Announces Retirement of Three Directors, Nomination of Two Directors and Appointment of Investor Relations Mana...
25 November 2011 - 1:01AM
Marketwired
Cabo Drilling Corp. (TSX VENTURE:CBE) ("Cabo Drilling" or the
"Company") announces the retirement of three Board members. Mr.
Greg Gerrie, Mr. Robin Preston and Mr. Peter Walton have retired
from the Company's Board of Directors, effective this month, and
will not stand for re-election at the 2011 Annual General Meeting
of Shareholders ("AGM") on December 16, 2011. Mr. Gerrie and Mr.
Preston joined the Cabo Board of Directors in December 2005 and Mr.
Walton joined in 2006. All three of these Directors will continue
their relationship with the Company in a consulting capacity.
Mr. Versfelt, Cabo's President & CEO, stated, "We appreciate
the contributions Mr. Gerrie, Mr. Preston and Mr. Walton have made
to the Company over the past years and wish them a relaxing and
fulfilling retirement."
In 2011, the Company's Board of Directors consisted of seven
Directors, all of whom were re-elected in December 2010. Four of
Cabo's current directors are standing for re-election and two new
Directors have been nominated for election to the Board at the
Company's next AGM on December 16, 2011, where shareholders will
also be asked to consider and, if thought fit, approve an ordinary
resolution fixing the number of directors to be elected at the AGM
at six.
The two Directors that have been nominated for election are Mr.
Roy T. Graydon and Mr. Peter Freeman.
Mr. Graydon is an accomplished business executive with extensive
and diverse experience as both a public company CEO and CFO, and in
corporate governance, investing in public and private equity
markets, and mergers and acquisitions. Mr. Graydon will bring
invaluable experience to all activities of Cabo Drilling including
the development and implementation of strategy, recruiting,
training and developing people; designing and implementing
financial and governance oversight; capital allocation acquisitions
and divestitures; and, financial reporting and disclosure. Mr.
Graydon was formerly President, CEO and a director of Aeroquest
International Limited and in the past has also served on the boards
of Canadian public companies Patheon Inc., Call-Net Enterprises
Inc., Cybersurf Corp., and International Comfort Products
Corporation.
Mr. Freeman brings to the Company extensive experience in public
markets, finance and compliance. His experience includes six years
as Director of Markets and Compliance at the OFEX Market (now PLUS)
where his work with the FSA, HM Treasury and the European
Commission allowed OFEX to develop from an "unregulated trading
facility operated by a stock exchange member firm" into a regulated
Exchange. In 2005, he joined Loeb Aron & Co as a director and
head of compliance and advisory services for their London based,
mining corporate finance house. In addition to advising companies
on their fundraising and other corporate activities, Mr. Freeman
has been a director of two public companies admitted to the AIM
market, which both successfully completed financings (OFEX Holdings
plc and Capital Lease Aviation plc).
The Company also announces the appointment of Mr. Kevin Hull as
Manager of the Company's Investor Relations department. Mr. Hull
brings to the Company an extensive background in the creation and
implementation of Investor Relations strategies, the use of social
media for investor relations and strong communication and
management skills. Most recently, Mr. Hull managed the investor
relations programs for public companies in the natural resources
sector and the green technology sector.
Subject to Exchange acceptance, incentive stock options under
the Company's stock option plan will be granted to Mr. Hull for the
purchase of 60,000 common shares of the Company, 30,000 of which
are exercisable at $0.225 per share and the balance exercisable at
$0.25 per share.
About Cabo Drilling Corp. (TSX VENTURE:CBE)
Cabo Drilling Corp. is a drilling services company headquartered
in North Vancouver, British Columbia, Canada. The Company provides
mining related and specialty drilling services through its Canadian
divisions in Surrey, British Columbia; Montreal, Quebec; Kirkland
Lake, Ontario; and Springdale, Newfoundland; as well as Cabo
Drilling (Nevada) Inc. of the United States; Cabo Drilling (Panama)
Corp. of Panama, Republic of Panama; Cabo Drilling Panama-Pacifico
Corp. of Panama, Republic of Panama doing business as Cabo Drilling
Colombia Corp.; Cabo Drilling Spain S.L. of Sevilla, Spain; Balkan
States Drilling SH.P.K. of Tirana, Albania; and Cabo Drilling
(International) Inc. The Company's common shares trade on the
Frankfurt Exchange under the symbol: DHL and on the TSX Venture
Exchange under the symbol: CBE.
ON BEHALF OF THE BOARD
John A. Versfelt, Chairman, President and CEO
Further information about the Company can be found on the Cabo
website (http://www.cabo.ca) and SEDAR (www.sedar.com).
This news release may contain forward-looking statements
including but not limited to comments regarding the timing and
content of upcoming work programs, geological interpretations,
potential mineral recovery processes and other business
transactions timing. Forward-looking statements address future
events and conditions and therefore, involve inherent risks and
uncertainties. Actual results may differ materially from those
currently anticipated in such statements.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: Cabo Drilling Corp. Sheri Barton Corporate
Communications 403-217-5830 Cabo Drilling Corp. Mr. John A.
Versfelt Chairman, President & CEO 604-984-8894www.cabo.ca
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