13:20:59 EDT Thu 28 Mar 2024
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Star Minerals Group Ltd (2)
Symbol SUV
Shares Issued 67,455,255
Close 2014-01-20 C$ 0.05
Market Cap C$ 3,372,763
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Great Western Minerals appoints Siemens to board

2014-01-21 18:18 ET - News Release

Mr. Robert Quinn reports

GREAT WESTERN MINERALS PROVIDES CORPORATE UPDATE

Great Western Minerals Group Ltd. (GWMG) has appointed Don R. Siemens as an independent director of GWMG, effective Jan. 20, 2014. With Mr. Siemens appointment, the company's board of directors now consists of six directors, including four independent directors.

Robert Quinn, chairman of the board of GWMG, commented: "Don is a seasoned executive who adds a wealth of corporate finance experience to the board. We believe he will be an extremely valuable resource to the company going forward."

Mr. Siemens has more than 30 years of experience as a chartered accountant, including eight years in public practice as a partner with major accounting firms. He also has extensive experience in senior executive positions and has served on a number of public boards. He currently is a financial adviser specializing in corporate finance, reorganizations, and mergers and acquisitions.

Marc LeVier, company president and chief executive officer, noted: "Over the past year, we further defined our objectives and have made measurable progress toward our vertical integration strategy. We believe our world-class manufacturing service operation at LCM and the SKK project have significant long-term potential, and today's announcements further support our plan as we move forward."

Bondholders overwhelmingly support company decision to focus resources on core SKK project with approval of the Hoidas Lake project joint venture.

On Jan. 20, 2014, a special meeting of holders of the $90.0-million secured convertible bonds was held to consider the Hoidas Lake project joint venture agreement dated effective Dec. 3, 2013, between the company and Star Minerals Group Ltd. Of the outstanding bonds, 71.5 per cent was represented at the meeting, 100 per cent of which were voted in favour of approving the joint venture.

Pursuant to the agreement, Star has been granted the option, segregated into two tranches, to acquire from GWMG up to a 51-per-cent participating interest in the Hoidas Lake project.

CIBC retained to assist with financing

The company has retained CIBC World Markets Inc. as its exclusive financial adviser to assist in the development of capital structure and financing options for the SKK project.

Mr. LeVier stated, "CIBC, with their significant experience, will help us evaluate and pursue financing alternatives that will benefit our company and our stakeholders."

GWMG has not made any decision to enter into a transaction and there can be no assurance that it will enter into a transaction in the future. GWMG does not plan to disclose or comment on developments regarding CIBC's work until it is complete or until further disclosure is appropriate.

We seek Safe Harbor.

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