VANCOUVER, Feb. 2, 2015 /CNW/ - Callinan Royalties Corporation ("Callinan," the 'Company') (TSXV: CAA) today reports a series of actions pursuant to succession planning and Board renewal. Brian Irwin, currently Callinan's Chair and an independent director of Callinan since 2005, has retired effective today and will be replaced as Chair by Jay Sujir, who was elected to the Board in December 2014. In addition, Anna Stylianides, a former independent director of Callinan, has joined the Board effective today.
Anna was an independent director of Callinan from December 2008 to December 2013 and is currently Co-Chair & CEO of Eco-Oro Minerals Corp. With a corporate law background and 20 years of global capital markets experience, she has fulfilled multiple investment banking and corporate restructuring mandates for Canadian and US private and public companies.
Brian Irwin, Callinan's retiring Chair, commented "After a twenty year relationship with Callinan, including 10 years on the Board, I feel I am retiring at a time when our treasury position is robust, and the company's business plan is well defined. Jay is well qualified to serve as Chair, having held numerous other independent director and Chair positions and Anna's knowledge and sound judgment are important attributes in ensuring the Board functions responsibly. I wish my colleagues and fellow shareholders the best in the coming years."
About Callinan Royalties
Callinan Royalties Corporation is one of the oldest public listings in Canada and one of the first contributors to the development of the Flin Flon, Manitoba copper-zinc district. Callinan currently holds a portfolio of royalties including its cornerstone 4% NSR on the Hudbay 777 Mines.
The Company invests its royalty income to provide alternative financing options to mineral exploration and development companies with attractive projects and excellent management.
Callinan is a dividend paying Tier 1 company currently listed on the TSX Venture Exchange under the symbol CAA, and has received conditional approval for graduation to the Toronto Stock Exchange. The Corporation has a strong financial position with no debt, recurring annual cash flow from the 777 royalties and approximately 49.3 million shares outstanding.
Cautionary Statement on Forward-Looking Information
Neither the 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. Certain of the information presented in this News Release may constitute "forward-looking statements" or "forward-looking information" within the meaning of Canadian securities legislation (together referred to as "forward-looking statements"). The forward-looking statements are subject to risks, uncertainties and other factors that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including any delays in the receipt of consents or approvals. Although Callinan Royalties has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this News Release and in any document referred to in this News Release. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and Callinan Royalties undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.
SOURCE Callinan Royalties Corporation
For further information: please visit www.callinan.com or contact: Glenn Brown, CEO - Extension 3 or Flora Wood, Corporate Communications -- Extension 4, 1-604-424-8639, [email protected]; Corporate Office: 770 - 475 West Georgia Street, Vancouver, BC, Canada, V6B 4M9