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LeadFX Announces Board Changes, Omnibus Plan and Awards

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hitpaydirt   Monday, 03/05/18 10:47:30 AM
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LeadFX Announces Board Changes, Omnibus Plan and Awards

PERTH, AUSTRALIA, March 5, 2018

PERTH, AUSTRALIA, March 5, 2018 /CNW/ - LeadFX Inc. (the "Company" or "LeadFX") (TSX: LFX) is pleased to announce the appointments of Mr. Stephen Dennis, Mr. George Molyviatis and Mr. Andrew Worland to the board of directors ("the Board") with immediate effect.

Mr. Dennis has been appointed Chairman of the Company succeeding Mr. David Warner who will remain chairman of the Company's Audit, Compensation and Corporate Governance Committees.

Stephen, who is based in Perth, Western Australia, has been involved in the Australian mining industry for over 35 years, and currently serves as chairman on the board of a number of listed resource companies

Until 2015, Stephen was Managing Director and Chief Executive Officer of CBH Resources Limited, a significant producer of lead and zinc in Australia. His current board appointments include dual TSX/ASX listed Heron Resources Limited, which is developing the Woodlawn zinc/lead/ copper project in New South Wales.

Stephen is uniquely positioned to make a significant contribution to the Company as it enters its next phase of development, having participated in the construction and operation of several major resource projects in Australia, in particular lead and zinc mine developments.

As an independent director, Stephen will also join the Audit, Compensation and Corporate Governance Committees.

Mr. Molyviatis has been appointed as a Director of the Company. George is the Chairman of InCoR Holdings Plc, and has over 25 years of investment banking and project investment and financing experience and served on a number listed public company boards.

The Board is also pleased to announce current Chief Executive Officer Mr. Andrew Worland has been appointed as Managing Director of the Company.

Each of Messer's Dennis, Molyviatis and Worland, together with current members of the Board, will stand for reelection at the Company's 2018 annual general meeting of shareholders to be held before June 30, 2018.

Commenting on the new appointments Mr. David Warner stated "We are very pleased that the Company has been able to attract Stephen and George to the Board. Stephen's appointment reflects the forecast expansion of the Company's activities at the Paroo Station Lead Mine in Western Australia following the release of the definitive feasibility study this week. Stephen has a long history of corporate and mining asset management and has a strong knowledge of the lead and zinc industry. George joins the Board of Directors as the Company moves into a project financing phase for the Hydrometallurgical Facility at Paroo Station and we look forward to his strong contribution."

The Board has resolved to adopt a new omnibus equity incentive plan for the Company ("Omnibus Plan") that will provide the Board with the flexibility of making different forms of equity rewards as part of its need to retain a competitive compensation structure for directors, executives and employees. The Omnibus Plan will be included in the Company's management information circular for the upcoming annual general meeting where shareholder approval will be sought for the plan. The Omnibus Plan and the grants thereunder also remain subject to the approval of the Toronto Stock Exchange ("TSX").

Subject to shareholder approval at the AGM and TSX approval.

Also subject to shareholder and TSX approval of the Omnibus Plan the Board has agreed to issue up to 2,000,000 incentive stock options to purchase 2,000,000 common shares in the Company to Mr. Worland.

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