HALIFAX, Sept. 22, 2016 /CNW/ - Northwest Arm Capital Inc. ("NWA") (TSX-V:NWA.P), a capital pool company, is pleased to announce that Mr. Howard Bird, P. Geo., has been appointed to the Board of Directors effective immediately, subject to the approval of the TSX Venture Exchange.
Mr. Bird has over 27 years' diverse experience, including over 15 years at the executive management level. Mr. Bird was the Senior Vice President of Exploration and Geology at Brigus Gold Corp. ("Brigus"), where he led the exploration team in the recent discovery of three new gold deposits at the Grey Fox Project. He was also part of the corporate development team in adding over two million ounces with the acquisitions of the Black Fox mine, near Timmins, Ontario and the permitted Box mine deposit in northern Saskatchewan. Brigus was later acquired by Primero Mining Corp. in March 2014. Prior to Brigus, Howard was the Senior Vice President of Global Exploration for SouthernEra Resources Ltd., and the Senior Project Geologist for Noranda Inc. and International Corona Resources, working within the Abitibi, Hemlo, and Michipicoten gold camps. In addition, Howard has extensive international geological knowledge working in Brazil, Mexico, Australia, and many parts of Africa. Mr. Bird has an Honors Bachelor of Science in Geology from McMaster University. He is an active member of the Association of Professional Geoscientists of Ontario (P.Geo.), and the Prospectors and Developers Association.
In addition, Haywood Securities Inc. ("Haywood") has agreed to waive its right of first refusal under the agency agreement dated August 19, 2016 in connection with the private placement financing announced on September 16, 2016. In consideration of the waiver, subject to TSX Venture Exchange approval, NWA has agreed to pay $13,750 and issue 55,000 common shares to Haywood, and Haywood has the right to act as agent in any future financing for a minimum 35% syndicate participation until a financing (or group of financings) for $5 million in gross proceeds or March 16, 2018, whichever is earlier.
NWA is a capital pool company under the policies of the TSXV and as such has not yet commenced commercial operations and has no assets other than cash. NWA's current business is to identify and evaluate businesses and assets with a view to completing a Qualifying Transaction. The common shares of NWA are listed on the TSXV under the symbol "NWA.P". Further information about NWA can be found in its prospectus dated August 19, 2016 and other filings with Canadian securities regulators, which filings are available at www.sedar.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Northwest Arm Capital Inc.
For further information: please contact Daniel Whittaker, Director, Chief Executive Officer and Chief Financial Officer of NWA, at (902) 488-4700.