NXA Inc.
TSX VENTURE : NXI

June 17, 2009 15:39 ET

NXA Inc. Appoints New Directors and Senior Officers

TORONTO, ONTARIO--(Marketwire - June 17, 2009) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES

NXA INC. ("NXA" or the "Company") (TSX VENTURE:NXI) announced today that at the annual and special meeting of shareholders held on June 11, 2009 (the "Shareholders Meeting"), all directors nominated by management were elected, namely Mr. Robert Metcalfe, Mr. Stephen Wilkinson, Mr. Allan Wakefield and Mr. Robert Doyle.

Mr. Perry Dellelce, Mr. Charles J. Lilly and Mr. Chris Tambakis resigned as directors of the Company, and Mr. Lilly also resigned as Chief Financial Officer of the Company. The Company wishes to thank these individuals for their services to the Company.

At a board of directors meeting held directly after the Shareholders Meeting, the board of directors appointed the following persons as officers of the Company for the ensuing year:



Stephen Wilkinson - President and Chief Executive Officer
Kenneth Yurichuk - Chief Financial Officer
Robert Metcalfe - Chairman of the Board


The Company is also pleased to announce that it has entered into preliminary discussions with Odessa Resources Corp. ("Odessa"), with respect to a proposed purchase by the Company of certain assets of Odessa. At this point the discussions are in a preliminary stage, and no agreements have been reached with respect to a potential transaction. Certain directors and/or officers of NXA are also directors, officers or shareholders of Odessa. The board of directors intends to appoint a special committee of directors who are independent of the proposed transaction to conduct the discussions with Odessa on behalf of NXA.

Odessa is a private mineral exploration company with rights to mineral properties located in eastern Europe.

NXA INC.

NXA is a mineral exploration company with mineral properties in British Columbia, Canada. NXA is listed on Tier 2 of the TSX Venture Exchange.

Completion of the proposed acquisition is subject to a number of conditions, including but not limited to, TSX Venture Exchange acceptance. There can be no assurance that the acquisition will be completed as proposed or at all. Trading in the securities of the Company should be considered highly speculative. Investors are cautioned that mineral resources which are not mineral reserves do not have demonstrated economic viability.

This press release contains forward looking statements based on assumptions, uncertainties and management's best estimates of future events, including regarding the completion of the proposed acquisition. Actual results may differ materially from those currently anticipated. Investors are cautioned that forward-looking statements involve risks and uncertainties. Important factors that could cause actual results to differ materially from those expressed or implied by such forward looking statements are detailed from time to time in the Company's periodic reports filed with securities regulatory authorities.

The TSX Venture Exchange has in no way passed upon the merits of the proposed acquisition and has neither approved nor disapproved the contents of this press release.

Shares Outstanding: 66,352,357

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.

Contact Information

  • NXA Inc.
    Robert J. Metcalfe
    Chairman
    416-400-4457