VANCOUVER, Oct. 23, 2012 /CNW/ - Redtail Metals Corp. (TSX-V: RTZ) (the "Company") is pleased to announce that it has appointed William M. Sheriff as Director and Interim Chief Executive Officer of the Company.
Mr. William M. Sheriff
An entrepreneur and visionary with over 30 years mineral exploration experience, Mr. Sheriff leads Golden Predator Corp.'s restart operations at the Brewery Creek Project, a past producing gold heap leach mine located in the Yukon. Mr. Sheriff, a pioneer in the uranium renaissance as co-founder and Chairman of Energy Metals Corp; was responsible for compiling the largest domestic uranium resource base in US history. Mr. Sheriff presently serves as Chairman & CEO of Golden Predator, Chairman of Silver Predator Corp. and Tigris Uranium Corp., and is a Director of Western Lithium USA Corporation. Mr. Sheriff owns one of the largest privately held mining databases in the world.
Shares for Debt
The Company also announces that it has closed the shares for debt settlement transaction announced September 27, 2012. The Company has issued 4,800,000 common shares at a deemed price of $0.10 per share in satisfaction of approximately $480,000 of outstanding indebtedness owed to one creditor. The common shares are subject to a hold period expiring February 23, 2013. As a result of this transaction, Predator Mining Group Inc., a wholly-owned subsidiary of Golden Predator Corp., became a new insider of the Company, holding 14.37% of the issued and outstanding shares.
The Company announces an amendment to the disclosure on a non-brokered private placement contained in its announcement of September 27, 2012. On closing, a total of 10,250,000 units were issued at a price of $0.10 per unit for gross proceeds to the Company of $1,025,000. Each unit consists of one common share and one half of one non-transferable share purchase warrant, each full warrant entitling the holder to acquire an additional common share at a price of $0.15 until September 27th, 2013. The proceeds from the private placement will be used for expenditures under the R15 agreements, exploration of the Company's mineral properties, the final payment for the Company's Marg Property, and for general working capital purposes.
About Redtail Metals Corp.
Redtail Metals specializes in identifying, acquiring and developing quality precious metal enriched copper, lead and zinc mineral deposits in Yukon, Canada. The Company currently controls the R15 Project in the Finlayson Lake District plus the Marg and Clear Lake massive sulfide deposits, both with 43-101 compliant mineral resources. Redtail Metals, a member of the Predator Group of Companies, has a committed management team with extensive experience in the Yukon.
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.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance. There are numerous risks and uncertainties that could cause actual results and Redtail Metals' plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, Redtail Metals' assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.
SOURCE: Redtail Metals Corp.
For further information:
Redtail Metals Corp.
Blair M. Shilleto, Chairman (Europe)
41 (0) 79 205 37 26