Seafield Augments Management and Directors Announces Proposed Private Placement
TORONTO, ONTARIO -- (Marketwire) -- 05/09/11 -- Seafield Resources Ltd. ('Seafield' or the 'Company') (TSX VENTURE: SFF) is pleased to report that, effective today, Mr. Cesar Lopez LL.M. has accepted the position of Chief Executive Officer and has also been appointed a Director of the Company. Mr. Lopez is a founder and director of several public and private junior mining companies and a Partner and Founder of Lopez & Ashton, a Santiago-based law firm, which represents a number of major and junior mining companies in Latin America. Mr. Lopez is a native Spanish speaker and has a strong background in South American exploration management and development. He has visited the Seafield properties with his Chief Geologist, Tom Henricksen, and they agree that the Seafield land package in Colombia has tremendous potential for the discovery and development of multiple economic gold deposits.
The Company also reports that Dr. Tom Henricksen has accepted the position of Vice President, Exploration. Dr. Henricksen brings to the company over 35 years of mineral exploration experience with the last 15 years in South America. Previously, Dr. Henricksen held the position of Chief Geologist for Norsemont Mining Inc., initiating and managing the exploration of the Constancia porphyry copper deposit in Peru. Furthermore, he was a founder and Consulting Geologist for AQM Copper Inc., initiating and providing oversight of the exploration of AQM Copper's Zafranal Project in Southern Peru. Dr. Henricksen has a Ph.D in Economic Geology from Oregon State University and was named AIME Engineer of the Year, Columbia Section, 1991.
Mr. Lopez replaces Anthony Roodenburg as CEO, and Dr. Henricksen replaces Dr. James Pirie as VP Exploration. Both Mr. Roodenburg and Dr. Pirie will remain as Directors of Seafield. The Company wishes to thank Messrs. Roodenburg and Pirie for their contributions as officers in building the Company to this point.
Mr. Douglas Wu, MBA has also been appointed to the board of directors of Seafield effective today. Mr. Wu is co-founder and CEO of G2 Natural Resources, LLC, an affiliate of G2 Investment Group. For more than 25 years he has been a private equity investor with experience in hedge fund and private equity investing in the natural resource sector and a variety of industries. Mr. Wu has helped build businesses on a venture capital basis and assisted in financing them through multiple rounds with leading institutional investors. He is a graduate of Harvard College and Harvard Business School.
In addition, the Company plans to complete a non-brokered private placement financing for proceeds of $3,000,000 by issuing 10,000,000 common shares at a price of $0.30 per share, representing a significant premium to the last closing share price. No fees will be paid in connection with the private placement. Closing of the proposed private placement is subject to acceptance of the TSX Venture Exchange.
The Company also has, subject to regulatory approval, granted an aggregate of 6,400,000 incentive stock options to the new management and board appointees and consultants of the Company. The options are priced at $0.235 and will expire May 6, 2016. The options are part of a negotiated incentive package for the incoming directors and officers.
In commenting on these developments, Anthony Roodenburg, past CEO stated, 'I fully support the appointment of Mr. Lopez as CEO and believe his skill set is ideally suited to leverage Seafield's strong balance sheet and gold exploration assets. Cesar is very well known in Latin American exploration and finance circles and has excellent contacts in Colombia. Tom Henricksen and Douglas Wu are also excellent additions to the team. I look forward to working with them as we continue to build Seafield.'
On his involvement with Seafield, Mr. Lopez commented: 'Seafield's current management and board have accomplished the acquisition of properties of merit with excellent exploration potential and a solid financial position. I thank Tony and the board of Seafield for the confidence they have placed in the new management and board appointees, with extensive exploration and development experience in Latin America and well networked in Colombia. Going forward, we will concentrate our efforts to vigorously advance the exploration and development potential of the Company's assets, including further consolidation of properties in the Quinchia District. We will also focus on maximizing shareholder value through obtaining the market recognition that these assets deserve.'
This news release includes certain 'forward looking statements' within the meaning of that phrase under Canadian securities laws. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various degrees of risk. Forward-looking statements reflect management's current views with respect to possible future events and conditions and, by their nature, are based on management's beliefs and assumptions and subject to known and unknown risks and uncertainties, both general and specific to the Company. Although the Company believes the expectations expressed in such forward-looking statements are reasonable, such statements are not guarantees of future performance and actual results or developments may differ materially from those in our forward-looking statements. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of commodities, general market conditions, risks inherent in exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. Additional information regarding the material factors and assumptions that were applied in making these forward looking statements as well as the various risks and uncertainties we face are described in greater detail in the 'Risk Factors' section of our annual and interim Management's Discussion and Analysis of our financial results and other continuous disclosure documents and financial statements we file with the Canadian securities regulatory authorities which are available at www.sedar.com. The Company undertakes no obligation to update this forward-looking information except as required by applicable law. The Company relies on litigation protection for forward looking statements.
Neither 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.
Contacts:
Seafield Resources Ltd.
David MacMillan
Investor Relations
416-367-4571 ext. 226
www.sffresources.com