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DATE: January 18, 2017
TSX-V SYMBOL: BKR
FSE: BR2, WKN: A110N3
Berkwood Resources Ltd. (TSX-V: BKR Frankfurt - BR2, WKN: A110N3) is pleased to announce the appointment of Thomas Yingling as President, CEO and a director, effective immediately. Mr. Yingling benefits from over 23 years experience managing publicly traded companies. He has served as President and CEO and/or a director of other resource based public companies. During that time Mr. Yingling has specialized in Corporate finance, assisting in raising over $75-million, and has handled the corporate communications and strategic planning for the companies. Mr. Yingling has built and maintained strong business relationships in North America, Europe and Asia.
Mr. Yingling stated, "I am excited for the opportunities that lie ahead for the shareholders of Berkwood Resources. Berkwood has key projects in Quebec, cash in the bank, and an excellent share structure with a significant shareholder base held in Europe."
In addition, the Company has appointed Binny Jassal as Chief Financial Officer, effective immediately. Binny Jassal brings over 20 years of accounting and management experience to the Company. Mr. Jassal is qualified as a Certified Public Accountants (CGA) in Canada, and fellow member of Association of Chartered Certified Accountants in London England and holds Certificate in Accounting and Finance from Ryerson University Toronto. Mr. Jassal is currently serving as a director and/or chief financial officer for a number of public companies in mining sector. Mr. Jassal will be an important member of the team working on the financial and corporate side of the operations.
David Hodge has resigned as President, CEO and a director of the Company. Ms. Jody Bellefleur has resigned as CFO and Ms. Frances Petryshen has resigned as Corporate Secretary. The Company would like to thank all of them for their contributions over the years.
Further to the news release dated November 24, 2016 the Company wishes to inform shareholders that it will be proceeding with the financing announced. The Company proposes to issue up to 10,000,000 units at $0.10 per unit for gross proceeds of up to $1,000,000. Each unit will be comprised of one common share and one common share purchase warrant, with each whole warrant exercisable into one common share at a price of $0.13 for a period of two years from closing. All securities will be subject to a four-month hold plus one day period. A finder's fee may be paid in accordance with the TSX-V policies. Proceeds of the private placement will be used to develop existing properties, potential future acquisitions and general working capital. The closing of the private placement and the payment of the proposed finder's fees are subject to approval of the TSX-V.
The Company also announces that it will be granting its directors, officers, consultants and employees option agreements to purchase up to an aggregate of 2,500,000 common shares, exercisable at $0.105 per share for five years. The option agreements to be issued will be subject to the TSX-V four (4) month hold period and will be granted in accordance with the Company's Stock Option Plan.
FOR AND ON BEHALF OF THE BOARD
President, CEO and Director
TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this News Release. This release has been prepared by management and no regulatory authority has approved or disapproved the information contained herein.