8:30a ET 2/17/2021 - Globe Newswire
Signature Resources Appoints Rickardo Welyhorsky as an Advisor to Management and the Board of Directors
Mentioned: SGGTF
Signature Resources Ltd. (TSXV: SGU, OTCQB: SGGTF, FSE 3S3) ("Signature" or the "Company") is pleased to announce the appointment of Rickardo Welyhorsky as an advisor to the Company.
Mr. Welyhorsky is a registered Professional Metallurgical Engineer with over 28 years of experience spanning all levels of project development and operations in the mining and metals industry. He brings to Signature's advisory board a wealth of industry experience in various roles globally including with Yamana Gold, Detour Gold, Barrick Gold, and AMEC. Mr. Welyhorsky has held key roles in the study and development of many world-class gold mining operations including Yamana Gold's Cerro Moro mine and Detour Gold. Mr. Welyhorsky has also held management positions at several Canadian open pit and underground operations and was most recently Mine General Manager at the Pure Gold Mine in Red Lake, Ontario, Canada where he was successful at taking the project into operations.
"I am extremely delighted to be joining Signature Resources as board advisor using my years of project, technical and operating experiences to further advance the Lingman Lake Gold Project. Having worked in the Red Lake area, I have seen firsthand the significant high-grade potential in the region. To be part of this very real growth story, and the ability to positively impact the company's goals while working with an exceptionally talented team, is a privilege and an honour."
Rickardo Welyhorsky, P. Eng. - Advisory Board
"Rickardo's depth and breadth of experience within our industry is incredible. He brings unique Canadian and international perspective to our advisory board in all phases of mineral projects with special emphasis on metallurgy, mine development, and operation. His technical prowess, leadership capabilities, and team-focused professionalism is a significant and highly valued addition to Signature's Advisory Board."
Robert Vallis, P. Eng., MBA - President & CEO
Stock Options
The Company has also granted 200,000 incentive stock options to Mr. Welyhorsky as a result of his appointment. The options shall have an exercise price of $0.12, expire five years from the date of issuance, and shall vest 25% immediately, and 12.5% ever six months thereafter through to the third anniversary.
Upcoming AGM
Signature is seeking shareholder approval for a share consolidation on an up to one (1) new common share for up to every existing five (5) common shares (the "Consolidation") at its upcoming Annual General and Special Meeting to be held on March 1st, 2021. Management and the board of the Company believe that the Consolidation will enhance the marketability of the Company's common shares as an investment to a wider range of potential investors, which should help to facilitate additional financings for strategic investment. This in turn would permit Signature to act upon opportunities to accelerate resource growth through drilling. In addition, the Consolidation could also provide the potential for new index inclusions of Signature's common shares, which could be beneficial to the Company and its shareholders. The Consolidation will only be pursued if management and the board deem the impact to be a net material benefit to the Company's goals of becoming a premier gold exploration/development company. Consequently, the Company would only initiate a share Consolidation in the event management believed it could potentially lead to:
