News Feed Item

Superior Copper Announces Changes to Management and Board of Directors and Full Subscription of Private Placement

TORONTO, ONTARIO -- (Marketwired) -- 01/20/14 -- Superior Copper Corporation ("Superior Copper" or "the Company") (TSX VENTURE: SPC) announces proposed changes to the directors and senior officers of Superior Copper. In order to undertake a robust exploration and drilling program at its Coppercorp Project (Ontario), the Company has recruited a team with extensive experience in the exploration sector and in capital markets, with particular expertise in raising capital for junior mining exploration companies. The proposed incoming management includes Thomas Pladsen, Brent Peters, Christopher Irwin, and John D. Harvey, who have agreed to join the Corporation's board of directors; John Tait, who has agreed to join as President and CEO; and Michael Leskovec, who has agreed to join as CFO and Secretary (together, the "Proposed Managers").

Mr. Pladsen has extensive experience in corporate finance, financial reporting, and management of public and private companies both inside and outside the resource sector. These positions included, CFO of Katanga Mining Limited from 2004 to 2006, CFO of Andina Minerals Inc. from 2005 to 2009, and CFO of Atacama Pacific Gold Corporation from 2009 to the present, as well as consulting work for several TSX and TSX-V listed junior mining companies. He has been a director of Northfield Capital Corporation ("Northfield"), a resource investment company, since 1994, and is also currently a director of Carrie Arran Resources Inc., EPM Mining Ventures Inc., KWG Resources Inc., and White Pine Resources Inc. Mr. Pladsen holds a BBA from Wilfrid Laurier University, and was admitted to the Institute of Chartered Accountants of Ontario in 1985.

Mr. Peters is a finance executive with over 15 years of experience in the mineral exploration business. Since 1996, Mr. Peters has been the Vice President, Finance of Northfield. Also he is currently a director of Carrie Arran Resources Inc. From 2003 to 2008, Mr. Peters was also the CFO of Gold Eagle Mines Ltd. (prior Southern Star Resources Ltd.) which was purchased by Goldcorp Inc. for $1.5 billion in 2008. In the past he has also served as an officer and/or director of Geoglobal Resources Inc., INV Metals Inc., and Aranka Gold Inc. Mr. Peters has a BBA from Brock University in Ontario, Canada.

Mr. Irwin practices securities and corporate/commercial law and has been the managing partner of Irwin Lowy LLP since January 2010, prior thereto he was the President of Irwin Professional Corporation from August 2006. Mr. Irwin advises a number of public companies, board of directors and independent committees on a variety of issues. Mr. Irwin is a director and/or officer of a number of public companies, including Laramide Resources Ltd., Roscan Minerals Corp., and Canada Lithium Corp. Mr. Irwin recently served as a director of Trelawney Mining and Exploration Inc.

Mr. Harvey holds a Bachelor of Science from University of New Brunswick, and received his P.Eng designation in 1964. Mr. Harvey has been active in the mining industry since 1960, and runs his own geological consulting firm. He is currently a director of Canadian Orebodies Inc., and a director and officer of Bold Ventures Inc. He has served as director of Eagle Hill Exploration Corp., worked as VP Exploration for United Carina Resources Corp., Prospectors Alliance Corp., Western Copper Holdings Limited and Prime Equities Inc. Mr. Harvey was Sr. VP of Exploration for Noranda Inc. from 1982 to 1994 and was more recently COO of Noront Resources Ltd.

Mr. Tait brings significant experience in executive and director positions with public mineral exploration companies to Superior Copper. Mr. Tait is also the President and CEO of White Pine Resources Inc.. He has served as COO of VG Gold Corp., as a director of Nighthawk Gold Corp., and as director and President of Southern Star Resources Inc., which merged with Exall Resources to form Gold Eagle Mines Ltd. Gold Eagle Mines Ltd. was purchased by Goldcorp Inc. for $1.5 billion in 2008. Prior to joining Southern Star Resources Inc., Mr. Tait acted as Secretary of Orcana Resources Limited from 1992 to 1997. Mr. Tait has over 20 years of experience in the mining exploration business.

Mr. Leskovec is a Chartered Professional Accountant with over 13 years of financial experience within public practice and the mining industry. Mr. Leskovec holds an Honours BAcc from Brock University in Ontario, Canada. He is also the CFO of Nighthawk Gold Corp., White Pine Resources Inc., and Carrie Arran Resources Inc., and is the Financial Control Officer of Northfield, all of which are listed on the TSX-V. Mr. Leskovec previously served as an Officer and Controller of Gold Eagle Mines Ltd. from May 2007 to September 2008, and served as an Officer and Controller of Andina Minerals Inc. from October 2008 to May 2010. Previous to this, Mr. Leskovec was an Audit and Assurance Manager at Smith Nixon LLP, where he managed audit engagements of publicly listed corporations traded on the Toronto Stock Exchange and the TSX-V.

In connection with the proposed management changes, Judy Baker will resign as CEO and director, and Bruce Staines, Roger Moss, Marcus Arnold, and Paul Millar will resign as directors. Brian Howlett will resign as President and CFO, and will continue as a director. These proposed changes constitute a "Change of Management" as defined in TSX-V policies, and are subject to approval by the TSX-V and by the Company's shareholders. The Company will seek shareholder approval by way of a written consent. Approval will be obtained if holders of a majority of the common shares of the Company, exclusive of the shares held by Northfield, which currently holds 3,703,000 shares and which is related to certain Proposed Managers as noted below.

Superior Copper also announces that the private placement of units ("Units") for gross proceeds of $1,00,000 (the "Offering") previously announced on December 17, 2013, is fully subscribed. Each Unit consists of one common share ("Share") and one Share purchase warrant ("Warrant"). Each Warrant entitles the holder to purchase one Share for $0.06 for a period of 24 months following closing of the Offering. Closing is expected after the shareholder approvals described in this press release are obtained.

Pursuant to the Offering, Northfield will acquire a total of 7,000,000 Units. Mr. Robert Cudney, a controlling shareholder of Northfield will acquire 1,000,000 Units. Mr. Cudney is a director and a controlling shareholder of Northfield, and consequently, the securities owned Northfield and Mr. Cudney are under common direction and control. When added to their existing holdings, Northfield and Mr. Cudney will together own 11.5% of the issued and outstanding Shares on an undiluted basis and up to 18.4% on a partially diluted basis. Certain Proposed Managers are also directors or officers of Northfield, and will also be subscribing to the Offering. Messrs. Peters, Pladsen, and Leskovec are all directors or senior officers of Northfield, and will acquire an aggregate total of 1,700,000 Units, representing 1.7% (undiluted) and 3.29% (partially-diluted) of the outstanding shares of Superior Copper after closing. The Change of Management and the closing of the Offering would together represent a "Change of Control" as defined in TSX-V policies, and are subject to approval by the TSX-V and by the Company's shareholders.

Neither Superior Copper nor any of the existing management have entered into any agreement or understanding, either formal or informal, to grant Northfield a right to appoint or nominate directors or senior officers of Superior Copper. Neither Northfield nor any person related to Northfield has been given any special rights pursuant to or in connection with the Offering, and each has subscribed to the Offering on the same terms and conditions as all of the other subscribers thereto.

Superior Copper Corporation

Superior Copper Corporation is a Canadian-based exploration company focused on base and precious metal exploration. Superior Copper's primary objective is to target highly prospective and underexplored mineral properties, particularly copper, in order to meet the increasing global demand. Superior Copper has two focal exploration projects; the Coppercorp Project in Ontario that includes the past producing Coppercorp Mine, and the Riviere Dore Project in Quebec.

CAUTIONARY STATEMENT: Neither TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release. This News Release includes certain "forward-looking statements". These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, statements regarding the future plans and objectives of Superior Copper, and the Company's financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: receipt of shareholder approval for the Change of Management and Change of Control, changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws. Please see our public filings at www.sedar.com for further information.

Shares Outstanding: 80,406,284

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
The Open Connectivity Foundation (OCF), sponsor of the IoTivity open source project, and AllSeen Alliance, which provides the AllJoyn® open source IoT framework, today announced that the two organizations’ boards have approved a merger under the OCF name and bylaws. This merger will advance interoperability between connected devices from both groups, enabling the full operating potential of IoT and representing a significant step towards a connected ecosystem.
SYS-CON Events announced today that Interface Masters Technologies, a leader in Network Visibility and Uptime Solutions, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Interface Masters Technologies is a leading vendor in the network monitoring and high speed networking markets. Based in the heart of Silicon Valley, Interface Masters' expertise lies in Gigabit, 10 Gigabit and 40 Gigabit Eth...
Without lifecycle traceability and visibility across the tool chain, stakeholders from Planning-to-Ops have limited insight and answers to who, what, when, why and how across the DevOps lifecycle. This impacts the ability to deliver high quality software at the needed velocity to drive positive business outcomes. In his session at @DevOpsSummit 19th Cloud Expo, Eric Robertson, General Manager at CollabNet, will show how customers are able to achieve a level of transparency that enables everyon...
As software becomes more and more complex, we, as software developers, have been splitting up our code into smaller and smaller components. This is also true for the environment in which we run our code: going from bare metal, to VMs to the modern-day Cloud Native world of containers, schedulers and microservices. While we have figured out how to run containerized applications in the cloud using schedulers, we've yet to come up with a good solution to bridge the gap between getting your conta...
DevOps theory promotes a culture of continuous improvement built on collaboration, empowerment, systems thinking, and feedback loops. But how do you collaborate effectively across the traditional silos? How can you make decisions without system-wide visibility? How can you see the whole system when it is spread across teams and locations? How do you close feedback loops across teams and activities delivering complex multi-tier, cloud, container, serverless, and/or API-based services?
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here
SYS-CON Events announced today that Streamlyzer will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Streamlyzer is a powerful analytics for video streaming service that enables video streaming providers to monitor and analyze QoE (Quality-of-Experience) from end-user devices in real time.
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...
@ThingsExpo has been named the Top 5 Most Influential Internet of Things Brand by Onalytica in the ‘The Internet of Things Landscape 2015: Top 100 Individuals and Brands.' Onalytica analyzed Twitter conversations around the #IoT debate to uncover the most influential brands and individuals driving the conversation. Onalytica captured data from 56,224 users. The PageRank based methodology they use to extract influencers on a particular topic (tweets mentioning #InternetofThings or #IoT in this ...
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in Embedded and IoT solutions, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 7-9, 2017, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/Big Data, HPC and ...
Today every business relies on software to drive the innovation necessary for a competitive edge in the Application Economy. This is why collaboration between development and operations, or DevOps, has become IT’s number one priority. Whether you are in Dev or Ops, understanding how to implement a DevOps strategy can deliver faster development cycles, improved software quality, reduced deployment times and overall better experiences for your customers.
Cloud based infrastructure deployment is becoming more and more appealing to customers, from Fortune 500 companies to SMEs due to its pay-as-you-go model. Enterprise storage vendors are able to reach out to these customers by integrating in cloud based deployments; this needs adaptability and interoperability of the products confirming to cloud standards such as OpenStack, CloudStack, or Azure. As compared to off the shelf commodity storage, enterprise storages by its reliability, high-availabil...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Arch...
@DevOpsSummit has been named the ‘Top DevOps Influencer' by iTrend. iTrend processes millions of conversations, tweets, interactions, news articles, press releases, blog posts - and extract meaning form them and analyzes mobile and desktop software platforms used to communicate, various metadata (such as geo location), and automation tools. In overall placement, @DevOpsSummit ranked as the number one ‘DevOps Influencer' followed by @CloudExpo at third, and @MicroservicesE at 24th.
The IoT industry is now at a crossroads, between the fast-paced innovation of technologies and the pending mass adoption by global enterprises. The complexity of combining rapidly evolving technologies and the need to establish practices for market acceleration pose a strong challenge to global enterprises as well as IoT vendors. In his session at @ThingsExpo, Clark Smith, senior product manager for Numerex, will discuss how Numerex, as an experienced, established IoT provider, has embraced a ...