CALGARY, ALBERTA–(Marketwired – May 3, 2016) – Valparaiso Energy Inc. (the “Corporation“) (NEX:VPO.H) is pleased to announce the following:
Appointment of Officers – Effective immediately, Mr. Marc Branson is appointed President and Chief Executive Officer of the Corporation. He was previously appointed as a Director. Valparaiso is excited to have Mr. Branson on board in this capacity as his experience and skills will be a valuable asset in determining new projects for the Corporation.
The Corporation is also pleased to welcome Mr. Anthony Jackson, as Chief Financial Officer, effective immediately. Mr. Jackson is currently a principal of BridgeMark Financial Corp. providing corporate compliance, financial advice and reporting for both private and public companies. Prior thereto, he spent numerous years with Ernst & Young LLP where he obtained his CA designation. He holds a Bachelor of Business Administration degree from Simon Fraser University and is a member of the BC and Canadian Institutes of Chartered Professional Accountants with CPA and CA designations. Most recently, Mr. Jackson has attained extensive experience as a Director and CFO of numerous publicly-traded companies.
Private Placement of Common Shares – A Private Placement financing up to $363,000 through the issuance of units consisting of 7,260,000 common shares of the Corporation at a price of $0.05 per share. Each unit will comprise one common share of the Corporation and a common share purchase warrant. Each whole common share purchase warrant will entitle the holder to purchase one additional common share for a period of twelve (12) months from closing at a price of $0.15 per share.
The common shares will be subject to a four-month hold period. Proceeds of the offering will be primarily used for environmental work on its existing properties and for general operational expenses and, the evaluation of new opportunities in the resource sector in Alberta and, internationally. Insiders are expected to subscribe for securities in the Private Placement transaction. The closing of the offering is subject to any and all required regulatory approvals, including approval of the NEX Board of the TSX Venture Exchange.
Stock Options – The grant of options to purchase up to a total of 1,350,000 common shares of the Corporation (“Option Shares”) to certain Directors, Officers and Consultants of the Corporation (“Optionees”), at an exercise price of $0.05 per share, subject to regulatory approval. Said options will expire in five (5) years from date of grant.
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