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Selwyn Resources Ltd (2)
Symbol SWN
Shares Issued 3,941,046
Close 2015-08-24 C$ 1.35
Market Cap C$ 5,320,412
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Selwyn appoints Montpellier to board, grants option

2015-08-25 18:05 ET - News Release

Mr. Joseph Ringwald reports

SELWYN ANNOUNCES BOARD CHANGES AND GRANT OF STOCK OPTIONS

Selwyn Resources Ltd. has appointed Louis Montpellier to the company's board of directors and granted him stock options. Ben Cubitt and Justin Oliver have resigned as directors of the company to enable them to increase their focus on their other businesses.

"I am pleased to welcome Louis to the board of directors," commented Victor Lazarovici, Selwyn's chairman. "He brings more than 30 years of broad experience in the mineral exploration and mine development business, both as a lawyer and as a director or officer of several Canadian public companies. On behalf of the company, I thank Ben and Justin for their valued contributions to the company over the past two years, a period that saw the company undergo significant changes, and wish them well in their future endeavours."

Mr. Montpellier is a lawyer by training, and worked primarily in the capital markets as counsel to emerging issuers and listed public companies engaged in mineral exploration and mining. Mr. Montpellier has assisted a wide range of businesses in the entire spectrum of corporate finance activities, from accessing seed capital for private companies through to IPOs (initial public offerings), and subsequent public and private financings, and has worked extensively in the field of mergers and acquisitions, hostile and friendly takeover bids, proxy contests, corporate reorganizations, and arrangements. Mr. Montpellier also has experience in debt and project financing for mineral projects, acting both for lenders and borrowers. On the corporate side, he was vice-president, corporate development, and general counsel for Extorre Gold Mines Ltd. from its creation in 2010, until its acquisition by Yamana Gold Inc. in 2012, for $414-million.

The company has granted Mr. Montpellier incentive stock options under its stock option plan to acquire up to a total of 33,000 common shares. All options are exercisable for a period of five years at a price of $1.35 per common share, with 25 per cent of the options vesting immediately and the remainder vesting in 25-per-cent increments every six months thereafter.

Upon the granting of the options described above, Selwyn will have 231,000 options outstanding under the stock option plan with an average exercise price of $1.92 per option, representing 5.9 per cent of the 3,941,046 common shares currently outstanding. The stock option plan currently limits the issuance of options to no more than 10 per cent of the current issued and outstanding common shares.

In response to the continuing challenges facing the mineral exploration and mining industry, Selwyn continues to take measures to prudently manage its operating costs. These measures include reducing costs across the company to preserve the value of the company's assets. As part of these measures, the company has reduced the annual fee paid to members of the board of directors by 50 per cent.

The company also continues to pursue opportunities to maximize the value of its ScoZinc mine and its related exploration projects. These opportunities include, but are not limited to, the possible sale, joint venture or other transactions with third parties. Except as required by law, the company does not intend to disclose developments with respect to the consideration of strategic alternatives until warranted. The company cautions that there are no assurances that any strategic alternative will be undertaken or pursued.

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