The shares of Richfield are owned by Richard J. Boswell (99.9%), President of Richfield, and Anne M. Boswell (0.1%), wife of Richard J. Boswell.
Board of Directors
The Corporation's current board and management will resign upon completion of the Transaction with the exception of David Heighington. The following are brief descriptions of the proposed directors and officers that will, collectively, bear management and stewardship of the Corporation upon completion of the Transaction.
Rudy Cech - Proposed President, Chief Executive Officer, and Director
Mr. Cech graduated from the University of Mining Technology in Ostrava, Czechoslovakia with a Master of Science Degree in Mining Engineering in 1966. Mr. Cech joined Sproule Associates in Calgary in 1970 and served as a Senior Vice President-International and Director of that company until 2006. He is currently President of Adur Energy Ltd., a private consulting company and has been active on the Boards of a number of private and public oil and gas companies.
Richard Boswell - Proposed Vice President, Corporate Secretary, and Director
Mr. Boswell graduated from the University of Calgary with a Bachelor of Commerce degree and has 30 years of oil and gas industry experience. He was a co-founder and President of Crozet Exploration Ltd, a private resource company, from 1980 to 1987 and was Land Manager of its successor, Crozet Oil & Gas Ltd., from 1987 to 1989. From 1989 to 1992, Mr. Boswell was Land Manager for Hardy Oil and Gas Ltd., a private resource company. From 1992 to 1996, he was an Officer and Director of Stateside Energy Ltd., a publicly listed company. Mr. Boswell was also a founding Director of Tonka Development Ltd., a publicly listed company, from incorporation until its sale in March 2002. From March, 2006, to May, 2007. Mr. Boswell was Vice President of Land at Mirage Energy Ltd., a public resource company. From June, 2007 to Nov 30, 2010, Mr. Boswell was President and Director of Kierland Resources Ltd.
Alan Chan - Former Director of the Corporation and proposed Chief Financial Officer and Director
Mr. Chan co-founded Petrox Resources Corp., an oil and gas company listed on the TSXV. Mr. Chan holds a BS.c. in Electrical Engineering and has worked in a number of industries and held various senior technical and management positions. He has been involved in the establishment, financings, mergers, and acquisitions of a number of public companies in Canada and internationally. Mr. Chan is a director of a number of public companies listed on the TSXV.
Edwin Tam - Proposed Director
Mr. Tam co-founded Petrox Resources Corp., an oil and gas company listed on the TSXV. He has a BS.c and a MS.c, both in Mechanical Engineering and has 30 years of experience working in the western Canadian oil and gas industry. He has worked for a number of energy companies including Suncor, EnCana, Husky, and Anderson Exploration.
The Letter of Intent also contemplates that Gold Ridge will complete a non-brokered or brokered private placement of 4,000,000 Common Shares of the Corporation at an issue price of $0.10 per common share for aggregate gross proceeds of $400,000 (the "Offering"). The Offering shall close concurrently with the Acquisition.
The proceeds from the Offering will be used for exploration and development of the Richfield Assets and general working capital requirements. Additional amounts have been allocated for costs required to complete the Acquisition and for unallocated working capital. There may be circumstances where, for sound business reasons, a reallocation of funds may be necessary in order for the Corporation to achieve its business objectives.
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