Mr. Stephen Keith, President and CEO, Search Minerals Inc.
Mr. Keith has spent many years in the mining and resource business as both a banker and as an operator/manager of various enterprises. Mr. Keith was most recently a founder and the President and Chief Executive Officer of Rio Verde Minerals Development Corp. (TSX: RVD), a company he took from concept to listing onto the TSX, with over $30 million completed in equity financings. Mr. Keith led Rio Verde until its acquisition by B&A Fertilizers Limited on March 13, 2013. He is on the Board of Directors of Aura Minerals Inc. Mr. Keith has previously held the titles of Vice President, Corporate Development at Plutonic Power Corporation; Director, Investment Banking at Thomas Wiesel Partners; Vice President, Investment Banking at Westwind Partners Mining Group; and Manager, Technical Services with Knight Piesold Consulting. He holds a BSc, Applied Science (Queen's University), an International MBA (York University, Schulich School of Business) and a PEng (Ontario and British Columbia).
Ms. Kathrin Ohle, Director, Tangerine Tango Environmental Attributes Services Inc. ("Tangerine Tango")
Building on 20 years of experience in investing and lending in the corporate world and the closing of debt and (quasi) equity transactions of over $5.5 billion with corporate clients of various sizes and industries, Ms Ohle has been assisting her renewable energy and clean technology clients in fundraising (equity & debt) and business development since 2009.
Kathrin is a senior partner at Tangerine Tango, the financial advisory firm presently providing financial advisory services to DRI. She also runs her own financial advisory firm called twig energy inc. Prior to founding twig energy inc. in 2009, she was a strategic investor with Emera Inc., a financial investor with the Business Development Bank of Canada, and a corporate lender with TD Securities as well as Deutsche Bank.
Upon completion of the transaction, the Company's current CEO, Bruce Keith, will continue to manage the Company, its existing assets and the new DRI assets. Mr. Bruce Keith is presently the CEO of DRI and its principle shareholder, owning approximately 40%.
The MOU also contemplates that Terreno will complete a non-brokered or brokered private placement (the "Offering") of not less than 10,000,000 units at a price of $0.05 per unit (the "Units"). Each Unit will be comprised of one common share and one half of one common share purchase warrant. Each whole warrant shall entitle the holder thereof to purchase an additional common share of Terreno at a price of $0.10 per share for a period of 36 months from closing. Insiders of Terreno are expected to participate in the Offering and it is anticipated that the Offering shall close concurrently with the Acquisition.
The proceeds from the Offering will be used for furthering the development of DRI's biofuel project, including the purchasing of key processing equipment and for general working capital requirements. Additional amounts will be 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 Company to achieve its business objectives. All Units will be subject to a hold period expiring four months and one day after closing of the Transaction.
DRI also intends on completing a private placement to raise gross proceeds of up to $250,000. Further details of DRI's financing will be made available once known.
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