19:57:50 EDT Wed 18 Sep 2019
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Freehold Royalties Ltd
Symbol C : FRU
Shares Issued 118,402,667
Close 2019-03-18 C$ 8.64
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Freehold Royalties CFO Gunderson resigns

2019-03-18 09:38 ET - News Release

Mr. Thomas Mullane reports


Freehold Royalties Ltd. has made changes to its executive management team, effective today, including the resignation of Darren Gunderson, vice-president, finance, and chief financial officer, and the appointment of Alan Withey as interim vice-president, finance, and chief financial officer.

Mr. Gunderson has served in a variety of roles with Freehold since its inception in 1996, including controller and since 2008 vice-president, finance, and chief financial officer. The company is grateful for the many contributions Mr. Gunderson has made to Freehold and wishes him well as he pursues other opportunities. Mr. Gunderson will be available on a consulting basis to allow for a smooth transition.

Mr. Withey has over 25 years of experience working in a variety of financial and executive roles in the oil and gas industry. He served as chief financial officer from 2008 through 2014 and chief executive officer from 2014 through 2019 of Trident Exploration Corp. Mr. Withey is a chartered professional accountant and a certified financial planner. Mr. Withey adds valuable, diverse experience to the company's strong leadership team.

In addition, Freehold is pleased to announce the promotion of David Spyker from vice-president, production, to chief operating officer and the change of Robert Lamond's role from vice-president, exploration, to vice-president, asset development. Mr. Spyker's promotion is in recognition of his contribution to the strategic direction of Freehold. Mr. Lamond's title change reflects the elevated focus on advancing third party drilling and development on the company's extensive royalty land base and the pursuit of value-enhancing acquisitions to further grow its asset base. Michael Stone, as vice-president, land, continues to play a key role in advancing these core business initiatives.

The company's board of directors looks forward to working with the reshaped team as Freehold seeks to improve the returns to shareholders. Freehold's objective, as a leading royalty company, is to deliver lower risk attractive returns to shareholders over the long term.

About Freehold Royalties Ltd.

Freehold's focus is on acquiring and managing oil and gas royalties.

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