/NOT FOR DISSEMINATION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
CALGARY, March 29, 2012 /CNW/ - Further to the press release filed on March 26, 2012 in respect of a proposed acquisition (the "Acquisition") and financing (the "Financing"), Norman J. Mackenzie, Director and Chief Executive Officer of Terra Nova Minerals Inc. (the "Corporation") is pleased to announce, that pending approval of the TSX Venture Exchange (the "Exchange") new directors will be appointed to the Corporation's board, as follows:
Mark Stevenson - Mr. Stevenson has been the President and Chief Executive Officer of Holloman Corporation of Houston, Texas since 1998 and a member of its board of directors since 2007. Holloman Corporation is one of the largest employee-owned engineering and construction companies in the United States. Prior to his appointment as President, Mr. Stevenson was employed by Holloman Corporation as Executive Vice President, Vice President - Pipeline Division, chief estimator and field construction engineer.
Henry Aldorf - Mr. Aldorf is President of Pacific LNG Operations Limited and of Liquid Niugini Gas Limited. Mr. Aldorf was most recently the President of Marathon International and Vice-President Global Upstream Business Development of Marathon Oil. Mr. Aldorf has 37 years of experience in the petroleum and chemicals industry, the last nine of which have been with Marathon Oil. Prior to his most recent role with Marathon, Mr. Aldorf held the positions in Marathon Oil International of Senior Vice President, International Business Development, Senior Vice President, West Africa, Middle East and Asia Business Development, and Senior Vice-President West Africa Business Development.
Peter Miles - Mr. Miles has more than 20 years of experience in investment banking and retail stock brokerage, and was formerly Vice President of Midland Doherty Inc., Dean Witter Reynolds and CIBC World Markets. Mr. Miles has been an advisor to a number of public and private companies, primarily in the natural resources sector.
Further, upon the board being appointed, it is proposed that the following individuals be named executive officers:
Michael Kamis, P. Eng. - Chief Operating Officer - Principal of Apex Energy Consultants with 35 years of engineering experience in drilling, operations, reservoir, and evaluations.
Andrew Williams - Chief Financial Officer - 25 years of experience with publicly traded mineral and resource companies
Chas Lane, P. Geol - Vice President, Exploration - 27 years experience in the Cooper/Eromanga Basin; currently exploration manager for Victoria Petroelum/Senex of Perth, Australia.
Following the Financing, the proposed directors and officers as a group, including Mr. Mackenzie, will own and control 16% of the issued and outstanding shares of the Issuer (17% on a fully diluted basis).
The Exchange has conditionally approved the terms of the previously announced Financing. Closing of the Financing is conditional upon closing of the Acquisition which are both expected to occur on or before April 13, 2012.
The common shares of Terra Nova are currently halted and will continue to be halted pending Exchange approval of the Acquisition. A subsequent news release by Terra Nova which will include detailed geological information in respect of the Licenses as described in more detail in our press release dated March 26, 2012.
In regard to the proposed new directors and officers Mr. Mackenzie stated, "With this new management team in place we will have the professional expertise and experience we need to accomplish our goals over the next year. We plan to move ahead as soon as possible once we have Exchange approval and create value for this company."
Forward looking information
This news release contains forward-looking information relating to the proposed Acquisition and proposed Financing and other statements that are not historical facts. Such forward-looking information is subject to important risks, uncertainties and assumptions. The results or events predicated in this forward-looking information may differ materially from actual results or events. As a result, you are cautioned not to place undue reliance on this forward-looking information.
Forward looking-information is subject to certain factors, including risks and uncertainties that could cause actual results to differ materially from what is currently expected. These factors include, that the proposed directors and officers will be approved by the Exchange, the expectation that the Acquisition and Financing will proceed as planned, oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, incorrect assessment of the value of acquisitions, the inability to settle the definitive terms of the farmout arrangements, failure to realize the anticipated benefits of acquisitions, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, reliance on key personnel, regulatory risks and delays, including risks relating to the acquisition of necessary licenses and permits, environmental risks and insurance risks
You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Corporation may elect to, the Corporation is under no obligation and does not undertake to update this information at any particular time, except as required by law.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
About Terra Nova Minerals Inc.
Terra Nova Minerals Inc. is a Calgary based mining company, with common shares trading on the TSX Venture Exchange under the symbol "TGC".
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.
For further information:
Terra Nova Minerals Inc.
Norman J. Mackenzie
Chief Executive Officer