True Zone Announces New President and Closing of Private Placement
23.07.2014 | The Newswire
Vancouver, BC / TNW-ACCESSWIRE / July 23, 2014 / True Zone Resources Inc ("TrueZone" or the "Company") announces a change in Senior Management with Mr. Souhail (Abby) Farrage assuming the role of President and CEO in addition to his current role of Director of the Company.Mr. Farrage was President of Consolidated Gold Win Ventures Ltd. until 2008 (predecessor of WestKam Gold) and through his efforts he has raised over $5,000,000 for mineral exploration and new development projects throughout British Columbia, the Yukon Territory, the Northwest Territory, the Ungava Region of Quebec, and Nevada. Through his efforts he has been instrumental in raising over $12,500,000 for Tanzanian mineral exploration projects,
Mr. Farrage replaces Michael Mulberry as President and CEO. Mr Mulberry will remain on the board as a Director of the Company and as a consultant on the Company's mineral explorations and mining operations.
The Company also announces the closing of its non-brokered private placement as announced June 26, 2014. The Company has received gross aggregate proceeds of $750,000. The Company will issue 15,000,000 Units consisting of one common share of the Company and one share purchase warrant that entitles the holder to purchase one additional common share of the Company at a price of $0.10 per for a two year period ending on July 22, 2016.
The warrants will be subject to an accelerated expiry stating that if at any time, after the standard 4 month hold period, the closing price of the Company's common shares on the CSE Exchange exceeds $0.15 for any 10 consecutive trading days, the warrant holder will be given notice that the warrants will expire 31 days following the date of such notice.
For more information regarding the Company can be viewed at www.truezoneresources.com. Or Email info@truezoneresources.com.
On Behalf of the Board of Directors, True Zone Resources Inc.
"Abby Farrage"
CEO, President and Director
Canadian National Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
Not for Distribution in the United States or to U.S. Persons
