|By Marketwired .||
|December 1, 2016 10:14 AM EST|
QUEBEC CITY, QUEBEC -- (Marketwired) -- 12/01/16 -- Stelmine Canada (TSX VENTURE:STH) continues its restructuring with the arrival of a new management and exploration team. This comes on the heels of the past two financings, totalling $932 000, which allowed the company to pay off its accumulated debts and establish sufficient working capital for the coming year. The company has also transferred its head office to Quebec City and updated its website. The team that will launch the new exploration program comprises:
President and CEO: Isabelle Proulx, who holds a degree in Business Administration and was co-founder and Vice-President of Business Development with Petrolia, will ensure the company's growth;
Chairman of the Board: Andre Proulx, who was co-founder of Petrolia, founder of Ressources Appalaches and Puma, and has sat on the Boards of Sirios and Khalkos, will ensure that Stelmine achieves its goals.
Director: Christian Guilbaud, who holds a degree in Business Administration, is a Board member of Golden Share and was formerly Vice-President of Business Development with Sirios, will work on developing the company's market;
Director: Hugo Gagne, who holds a degree in Business Administration and is a businessman, will represent minority shareholders' interests on the Board;
For several months now, the new team has been actively involved in the company's administrative recovery and in decisive financial participation in Stelmine capital-stock with the acquisition of 6.4 million shares, or 36% of the company's capital. The new team now has all the key tools needed to implement its development plan to create shareholder value.
The new management team wishes to express its thanks to Michel Lemay, Founding President of Stelmine Canada, for his full collaboration with regard to these key changes by giving him the last word:
"After nine years at the head of the company, the time has come to make way for a new management team. I am confident that the company is in good hands and that all shareholders will benefit from this decision. I leave with a sense of accomplishment despite the fact that these last two years have not been easy. I would like to assure management of my fullest collaboration." - Michel Lemay, Founding.
Stelmine is a restructuring junior Quebec mining exploration company operating in Quebec. Its capital stock consists of 17,728,884 issued and outstanding shares for a current market capitalization of $6 million.
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.
President and CEO
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