VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/04/13 -- F.D.G. Mining Inc. (TSX VENTURE: FDG) (the "Company" or "FDG") is pleased to announce that it has appointed JDS Energy and Mining Inc. (JDS) Vancouver, Canada (www.jdsmining.ca) to complete an evaluation, development and execution plan for the Company's 100% owned Topacio Project, Nicaragua, Central America. Antonio Ponte, Executive Chairman commented, "I am very pleased with the appointment of JDS who bring a team of professionals with exceptional project management, mine operation experience and expertise to work with the new FDG management team to advance the Topacio Project".
David St. Clair Dunn has resigned as President and Chief Executive Officer of the Company effective 4 April 2013 but will continue as a member of the Company's Board of Directors.
Antonio Ponte, Executive Chairman and a Director of the Company, has been appointed as Chief Executive Officer (CEO) of the Company effective 4 April 2013.
The Company is also pleased to announce that, effective 4 April 2013, Philipp D. Hoch has been appointed as Chief Financial Officer (CFO) of the Company. Mr. Hoch is an M.B.A. (lic. oec.) graduate of the University of Zurich, and started his career in 1991 with Price Waterhouse. Mr. Hoch began work with Swiss Re and in 1999 was appointed the Chief Group Controller and Member of the Executive Boards Division Finance. In 2004 Mr. Hoch became Chief Financial Officer of Swiss Re (UK) in London and was responsible for the implementation of the New Regulation (N4) of the FSA as well as other projects on capital optimization. In 2008 Mr. Hoch became Chief Financial Officer and Chief Risk Officer of Banca Del Gottardo Group. After the sale of the Bank Mr. Hoch became an independent consultant until 2010 when he was appointed Chief Financial Officer of Deutsche Bank (Suisse) AG until 2012.
Further to FDG's news releases dated 27 August 2012, 27 September 2012 and 31 October 2012, announcing a private placement of 531 units at a price of $1,000 per unit for gross proceeds of $531,000, which units are comprised of secured promissory notes in the aggregate amount of $531,000, bearing interest at the rate of 12% per annum and maturing on 31 October 2013, the Company is pleased to announce that the promissory note holders have agreed to convert the promissory notes, together with all accrued but unpaid interest thereon, into common shares in the capital stock of the Company at a price of $0.13 per share. The Company has also reached an agreement to settle an aggregate of $300,000 in outstanding debt in exchange for common shares in the capital stock of the Company at a deemed price of $0.13 per share. Pursuant to the shares for debt settlements, the Company proposes to issue up to an aggregate of 6,392,307 common shares in full settlement of the outstanding promissory notes and liabilities. The completion of the shares for debt settlements is subject to the approval of the TSX Venture Exchange.
The Company further announces that pursuant to its stock option plan, it has granted stock options to certain directors, officers and consultants of the Company to purchase up to a total of 3,900,000 common shares in the capital stock of the Company. The options are exercisable at a price of $0.13 per share for a term of five years from the date of granting.
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