Golden Virtue Announces Changes to Management, 5:1 Share Consolidation and Private Placement - Hawaii News Now - KGMB and KHNL

Golden Virtue Announces Changes to Management, 5:1 Share Consolidation and Private Placement

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Vancouver, British Columbia / ACCESSWIRE / May 13, 2014 / Golden Virtue Resources Inc. TSX.V:GVR (“Golden Virtue” or the “Company“) announces a consolidation of the authorized and issued common shares of the Company (the “Common Shares“) on the basis of a one (1) post-consolidated Common Share for each five (5) pre-consolidation Common Shares (the “Consolidation“).

Following the Consolidation, the Company will hold a non-brokered private placement pursuant to which the Company will issue an aggregate of up to 6,750,000 units (the “Units“). Each Unit will consist of one common share and one half of one whole common share purchase warrant (the “Warrant“), at a price of $0.08 per Unit. The Company expects to raise gross proceeds of up to $540,000 (the “Financing“). Each whole Warrant issued in connection with the Financing will be exercisable into one common share at a price of $0.35 for a period of two years.

In connection with the Financing, the Company will pay a 10% cash finder’s fee and issue 10% finder’s warrants (the “Finder’s Warrants“). The Finder’s Warrants will be exercisable into Units for a period of two years at an exercise price of $0.08.

Proceeds from the Financing will be used for general working capital and settlement of debt.

The Consolidation and Financing remain subject to Exchange approval. All securities issued in connection with the Financing will be subject to a four month resale restriction.

The Company also announces the resignation of Craig Sutherland as interim President, CEO and director as well as the resignation of director, Ken Berscht. We thank them for their service and wish them luck with their future endeavors.

As a result of the resignation of Mr. Sutherland and Mr. Berscht, Tim Fernback has consented to act as President, CEO and director for Golden Virtue and Steve Low has also joined the board of directors.

Mr. Fernback brings to the Company over twenty years of experience in financing public and private small-cap companies in Canada. He is the current President, CEO and director of Jet Gold Corp. (TSX.V: JAU) and the former President, CEO and director of Providence Resources Corp. (TSX.V: PV). Mr. Fernback holds an Honours B.Sc. from McMaster University, and also a graduate of the University of British Columbia, where he completed a MBA with a concentration in Finance. In addition, Mr. Fernback holds a Certified Professional Accounting Designation (CPA, CMA) and is an active member of many industry and trade organizations in Vancouver.

Steven Low is a former natural gas trader and institutional salesman, holding positions with three notable Toronto boutique dealers. Mr. Low has built and maintains robust relationships on both the buy-side and sell-side in Canada and into the U.S. He has a passion for all aspects of energy marketing – upstream, midstream and downstream – and investor interest in each of these areas. With significant market-making experience for junior issuers, Steven is able to present companies to the appropriate analysts, investment bankers and dealers with the best distribution possible for their specific strategy, including facilitation of crossing of blocks. A former infantryman and aircraft structural repair technician with the Canadian Forces, Steven’s compelling nature exudes a clear-cut approach to his client’s needs.

ON BEHALF OF THE BOARD

GOLDEN VIRTUE RESOURCES INC.

Tim Fernback

President & CEO

For further information contact Tim Fernback at 604-340-3774.

Neither TSX Venture Exchange nor its Regulations 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.

SOURCE: Golden Virtue Resources Inc.   

ReleaseID: 415553