Eros Resources Corp. (TSX.V: ERC) (“Eros” or the “Company”) announces that it acquired for a purchase price of CDN$1.5 million, direct ownership of 18.75 million units (the “Units”) of Skeena Resources Limited (“Skeena”) at a price of CDN$0.08 per Unit on July 27, 2016. Each Unit consists of one common share of Skeena and one half warrant (“Warrant”) to purchase an additional common share of Skeena exercisable until July 22, 2019, at a price of CDN$0.12 per share in year one, CDN$0.14 per share in year two and CDN$0.16 per share in year three.
Immediately following this transaction, Eros owned 48,690,111 common shares of Skeena, representing 10.6% of the issued and outstanding common shares of Skeena and 9,375,000 Warrants. Assuming the exercise of Eros’ Warrants in full, Eros would own 58,065,111 common shares, which would represent 12.4% of the then issued and outstanding common shares of Skeena.
The shares were acquired by Eros for investment purposes and depending on market and other conditions, it may from time to time in the future increase or decrease its ownership, control or direction over securities of Skeena through market transactions, private agreements, or otherwise. Eros has filed the early warning report on www.sedar.com.
Eros announces the resignations of Walter Coles Jr., Vice President of Corporate Development, and Karen Allan, Chief Financial Officer and Corporate Secretary. Mr. Coles has chosen to focus on other ventures, including his role as CEO and President of Skeena Resources Limited. Ms. Allan is pursuing personal objectives. The Board of Directors expresses its deep gratitude to both Mr. Coles and Ms. Allan for their contributions. The Company wishes Mr. Coles and Ms. Allan the best in their future endeavours.
Eros is also pleased to announce the appointment of Mr. Andrew MacRitchie as the Company’s new Chief Financial Officer and Corporate Secretary. Mr. MacRitchie is a Chartered Public Accountant who has assisted in raising more than $100 million in funding for a number of TSX Venture-listed mining companies over his 16-year career. Mr. MacRitchie began his career with PricewaterhouseCoopers and has since gathered experience working on gold, silver, diamond and base-metals projects in North America, South America, and Africa. Mr. MacRitchie volunteers as the National Treasurer for the Kidney Foundation of Canada, and his appointment is effective immediately.
Eros Resources Corp. is a well-financed Canadian public company focused on the exploration and development of mineral deposits in North America. Eros also holds an investment portfolio which includes around 48,690,111 shares of Skeena Resources Limited, which is advancing exploration on 3 exciting projects, Spectrum, GJ and Snip, in the Golden Triangle of the Stikine Arch of northwestern British Columbia.
ON BEHALF OF THE BOARD OF DIRECTORS OF
EROS RESOURCES CORP.
Ron Netolitzky, President & CEO
Neither 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.
|For further information contact: Ron Netoilitzky, President/CEO or Tony Perri - Investor Relations, Manager|
Suite 650, 1021 W. Hastings Street Vancouver, British Columbia, Canada V6E 0C3
Tel: (604) 688-8115 Fax: (604) 568-7695 Website: www.erosresourcescorp.com