VANCOUVER, Nov. 29, 2019 /CNW/ - Boreal Metals Corp. ("Boreal" or the "Company") (TSXV:BMX) announces that Karl Richard Antonius' position as President of the Company has been terminated for cause. Mr. Antonius failed to make timely and adequate disclosure to the Company's Board of Directors of his role in court proceedings in British Columbia that have been the subject of media reporting this week. Mr. Antonius is no longer an officer or employee of the Company.
Prior to media reports this week the Company's Board of Directors had not been made aware of the nature of charges made against Mr. Antonius or his defence to them.
The Company has requested Mr. Antonius' immediate resignation as a director of the Company failing which the Company intends to take steps to remove Mr. Antonius as a director.
Boreal will make no further comment on this matter as it is currently before the courts.
About Boreal Metals Corp.
Boreal is a mineral exploration company focused on the discovery of silver, zinc, copper, and gold deposits in exceptional, historical mining project areas spanning Sweden and Norway. The Company aims to discover new economic mineral deposits in known mining districts that have seen little or no modern exploration. The Company is led by an experienced management team and technical team, with successful track records in mineral discovery, mining development and financing.
On behalf of Boreal Metals Corp.
Patricio Varas, Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This news release contains certain statements that may be deemed "forward‐looking statements". Forward‐looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Boreal Metals Corp. believes the expectations expressed in such forward‐looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, are subject to risks and uncertainties, and actual results or realities may differ materially from those in the forward‐looking statements. Such material risks and uncertainties include, but are not limited to, Boreal Metals Corp.'s ability to raise sufficient capital to maintain its mineral tenures and concessions in good standing, to explore and develop its projects, to repay its debt and for general working capital purposes; changes in economic conditions or financial markets; the ability of Boreal Metals Corp. to obtain the necessary permits and consents required to explore, drill and develop the projects and if obtained, to obtain such permits and consents in a timely fashion relative to Boreal Metals Corp.'s plans and business objectives for the projects; the general ability of Boreal Metals Corp. to drill test its projects and find mineral resources; if any mineral resources are discovered or acquired, the Company's ability to monetize any such mineral resources; and changes in environmental and other laws or regulations that could have an impact on the Company's operations. Forward‐looking statements are based on the reasonable beliefs, estimates and opinions of Boreal Metals Corp.'s management on the date the statements are made. Except as required by law, Boreal Metals Corp. undertakes no obligation to update these forward‐looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
SOURCE Boreal Metals
For further information: on Boreal, please visit the Company website at www.borealmetals.com or contact [email protected]