VanadiumCorp has arranged a non-brokered private placement of up to 1,400,000 flow-through common shares at a price of $0.07 cents per share for total proceeds of up to $98,000.
VANCOUVER, BRITISH COLUMBIA – September 3, 2013 – PacificOre Mining Corp.’s proxy contest that began on April 1, 2013, has ended with the resignation of the entire board and the appointment of Adriaan Bakker, Stephen Pearce and Paul Sorbara. In addition to these appointments Adrian O’Brien and John Hewlett have also been appointed to the board of directors.
The company had originally scheduled to hold its annual general meeting on Sept. 17. Due to the regulatory requirements for the mailing of proxy materials this meeting date must be delayed. The new board believes it is essential to obtain a mandate from shareholders, as such, the meeting date will be extended only so far as to meet regulatory requirements for mailing, the record date will remain the same. The company is committed to having its management proxy materials mailed this week once certain transition issues have been addressed.
The new board has also appointed a new management team consisting of Mr. Bakker as chief executive officer and president and Mr. Pearce as chief financial officer and corporate secretary. The audit committee will consist of Mr. Pearce, Mr. O’Brien and Mr. Hewlett. No other board committees will be established at this time.
Adriaan Bakker, chief executive officer of the company, stated: “This is the beginning of a new chapter for the company. We have a team committed to building shareholder value and advancing the company’s vanadium projects. We will continue to build our team as we move forward. We expect the transition to our new management team to go smoothly and quickly and intend to provide regular updates to shareholders as we move forward.” The company’s new corporate phone number is 604-385-4485.
Biographies of the directors of PacificOre
Mr. Bakker is a mining executive and consultant with 10 years experience in the mineral exploration sector. He is directly involved in corporate finance, management, project acquisition and development, business development, as well as corporate communications.
Mr. Bakker has worked with PacificOre from 2003 to 2013. He defined and managed PacificOre’s communications strategies, financings and exploration programs. Mr. Bakker contributed significantly in building a strong team of advisory board members and establishing relationships with strategic groups including producers and consumers in the specialty metal and green technology sectors.
Mr. Bakker has also been a management partner since 2000 of XRG Inc. which is developing a system of local energy databases to permit commercial and residential building owners to evaluate energy use, costs and emissions of all metered or delivered fuels for the purpose of maximizing the return on their investments in energy. Mr. Bakker’s experience, knowledge and contacts in the renewable energy and specialty metals sector play a key role in the development of the company’s iron-titanium-vanadium projects.
Mr. Pearce has a law degree from the University of British Columbia and an honours bachelor’s degree in economics from York University with an emphasis on corporate finance. He focuses on corporate and securities work. Mr. Pearce serves as a director and officer of several resource related public companies and has been involved with several small underground mining operations, including brief periods acting as mine manager. Mr. Pearce is active in his community and serves as president of WRAGS Western Regional Advocacy Group Society, a non-profit organization which works in partnership with Sleep Country Canada to provide free mattresses to those most in need.
Mr. Sorbara has been the president, chief executive officer and a director of Golden Goliath Resources Ltd. since May, 1997. He is a graduate of the University of Toronto where he received a BSc in 1976 and an MSc in 1979. He received the designation of professional geologist in 1991 from the Association of Professional Engineers and Geoscientists in British Columbia and, in 1985, the Geological Association of Canada awarded him the designation of fellow of the Geological Association of Canada. He also serves as the president of Minera Delta SA de CV, a wholly owned subsidiary of Golden Goliath. From January, 2004, to July, 2013, he was been a director of Great Atlantic Resources Corp. Since August, 2007, he has been a director of Jiulian Resources Inc.
Mr. O’Brien has acted in various capacities with publicly traded mineral exploration companies, including officers and directors responsibilities, since 1996 and has substantial experience at a senior management level. He has played an integral role in financings, assisted various companies with corporate and financial disclosure as well as corporate development. He has arranged joint ventures, successful property acquisitions and divestitures, and worked with companies through the IPO stage. In early 2010 Mr. O’Brien co-founded Red Rock Public Relations, a boutique firm providing PR and visual media services to public and private corporations.
Mr. Hewlett has been an investor in the junior resource market for over 30 years. He has lived and worked in many parts of British Columbia and the Yukon, and for the past 20 years has been involved in the real estate industry. In the past seven years in the resource sector, Mr. Hewlett has developed an extensive network of contacts both in the investor relations and management consulting fields. He currently serves on the board of directors of Branco Resources Ltd., a CPC listed on the TSX Venture Exchange.