Dacha Strategic Metals Inc. Update
TORONTO, Dec. 5, 2012 /CNW/ - Dacha Strategic Metals Inc. (TSXV: DSM) ("Dacha") today provided the following updates with respect to organizational and other matters following the election of its new board of directors on November 28, 2012.
- Mr. Graham C. Warren has been appointed Chief Financial Officer of Dacha, effective immediately. Mr. Warren is a senior financial executive with over 25 years of experience with emerging and established companies in the environmental, telecom, mining, oil and gas, and biotech sectors. Mr. Warren has extensive board, operations, corporate finance and public markets expertise, and currently provides Chief Financial Officer and corporate governance services to four other publicly-traded companies. With the approval of Dacha's independent directors, Dacha has entered into a consulting agreement for the provision of Mr. Warren's services for an initial term ending December 31, 2013, subject to extension. The consulting agreement provides for an annual fee for Mr. Warren's services of $60,000. In addition, the consulting agreement contemplates that, at the discretion of Dacha's board of directors, Mr. Warren may from time to time be granted options or other appropriate equity-related compensation by Dacha to reward performance.
- Mr. Michael D. Woollcombe has been appointed as Corporate Secretary of Dacha, effective immediately. Mr. Woollcombe is a partner of Voorheis & Co. LLP and Executive Vice President of VC & Co. Incorporated.
- The registered and head office of Dacha has been changed to 212 King Street West, Suite 201, Toronto, Ontario, M5H 1K5, effective immediately.
Dacha also announced that, in light of the recent changes in the composition of its board of directors and senior management, Dacha will, for the time being, cease publishing intra-quarter updates regarding the estimated market value of its rare earth metals inventory while Dacha's new board and management focus on ensuring an orderly transition and opportunities to improve Dacha's performance and shareholder value.
Dacha Strategic Metals Inc. is an investment company focused on the acquisition, storage and trading of strategic metals with a primary focus on Rare Earth Elements. Dacha is in the unique position of holding a commercial stockpile of Physical Rare Earth Elements. Its shares are listed on the TSX Venture Exchange under the symbol "DSM" and on the OTCQX exchange under the symbol "DCHAF".
Except for statements of historical fact relating to the Company, certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the Company's ability to trade in rare earth elements, the realization value of the Company's physical inventory portfolio, the proposed investment strategy of the Company, general investment and market trends, and the appointment of directors and officers of the Company. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Certain information on parties other than the Company contained in this press release has been obtained or quoted from publicly available sources, independent publications, media articles or third party websites (collectively, the "Publications"). In certain cases, these sources make no representations as to the reliability of the information they publish. Further, the analyses and opinions reflected in these Publications are subject to a series of assumptions about future events. There are a number of factors that can cause the results to differ materially from those described in these publications. None of the Company or its representatives independently verified the accuracy or completeness of the information contained in the Publications or assume any responsibility for the completeness or accuracy of the information derived from these Publications.
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.
SOURCE Dacha Strategic Metals Inc.
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