CSE – MICH
VANCOUVER, Nov. 21, 2019 /CNW/ - Michelin Mining Corp. (CSE – MICH) (the "Company") is pleased to announce that Thomas O'Neill has been appointed to the Company's board of directors (the "Board") and Szascha Lim has been appointed as the Company's CFO and Corporate Secretary. Jim Bennett has resigned from the Board and Winnie Wong has resigned as CFO and Corporate Secretary. The directors would like to thank Mr. Jim Bennett and Ms. Wong for their services and wish them success in their future endeavours. The Company further announces it has entered into mandate agreements with Fiore Administration Services Corp. and Fiore Management & Advisory Corp. to provide corporate administration services and financial advisory services, respectively.
The Company announces that the Board has approved a change of name to Mich Resources Ltd., subject to the approval of the Canadian Securities Exchange (the "CSE"). The Board has also approved a split of the outstanding common shares of the Company on the basis of two new common shares for each existing common share, subject to the approval of the CSE.
The Company further announces that 12,987,500 pre-split share purchase warrants of the Company have been cancelled. Subsequent to the cancellation, 204,000 pre-split share purchase warrants remain outstanding.
The Company announces that an aggregate of 1,250,000 post-split incentive stock options have been granted to directors, officers, consultants and charitable organizations at a price of $0.08 per post-split share, exercisable for a period of 10 years, subject to CSE approval.
The Company has been advised that Frank Giustra and his related entities acquired an aggregate of 4,700,000 post-split common shares of the Company representing 14.16% of the issued and outstanding post-split common shares of the Company pursuant to a private transaction. Domenica Fiore Corporation and Modern Farmer Media Inc. (companies indirectly owned by Mr. Giustra) acquired an aggregate of 2,700,000 post-split common shares, representing 8.13% of the issued and outstanding common shares of the Company. The Giustra Foundation (a charitable organization controlled by Mr. Giustra) acquired 2,000,000 post-split common shares of the Company representing in aggregate 6.02% of the issued and outstanding shares of the Company. Following these transactions, Mr. Giustra has indirect ownership and/or control, over an aggregate of 4,700,000 post-split common shares of the Company representing 14.16% and would have indirect ownership and/or control over an aggregate of 4,800,000 post-split common shares representing 14.41% on a partially diluted basis, assuming the exercise of 100,000 incentive stock options granted to the Giustra Foundation. The Company has been advised that Mr. Giustra and his related entities acquired these securities for investment purposes and will be disclosed in an Early Warning Report to be filed on SEDAR. Mr. Giustra may in the future acquire or dispose of securities of the Company, through the market, privately or otherwise, as circumstances or market conditions warrant.
About Michelin Mining Corp.
Michelin Mining Corp. is a junior natural resource company engaged in the acquisition and exploration of mineral properties of merit and currently focused on exploring its Rude Creek gold property in the Yukon.
On behalf of Michelin Mining Corp.
"Mark T. Brown"
Chief Executive Officer
Neither the Canadian Securities Exchange nor its Regulation Service Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward looking information can be found in the company's disclosure documents on the SEDAR website at www.sedar.com. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws.
SOURCE Michelin Mining Corp.
For further information: Szascha Lim, CFO & Corporate Secretary, Tel: 604.609.6110