VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 27, 2014) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
(TSX VENTURE:MPL.P) (the "Company") is pleased to announce that Mr. Shane Doyle has been appointed as President and Chief Executive Officer of the Company effective March 27, 2014. Mr. Doyle replaces Mr. Jonathan Lexier, who has resigned from the Company as President, Chief Executive Officer and a director of the Company in order to pursue other business opportunities. Mr. Doyle graduated in 1988 from St. Mary's University with a Master's of Business Administration and a Bachelor of Arts (Political Science). Mr. Doyle currently serves as President and a director of Maple Leaf Corporate Funds Ltd., as well as the President, Chief Executive Officer and a director of each of Maple Leaf Flow-Through Holdings Corp. and Maple Leaf Short Duration Flow-Through Management Corps., the general partners of Maple Leaf Short Duration Flow-Through Limited Partnerships. Mr. Doyle is also the President and a director of Maple Leaf Energy Income Management Corp., the general partners of Maple Leaf Energy Income Limited Partnerships and of Maple Leaf Energy Income Holdings Corp.
Transfer of Escrow Shares
In connection with the appointment of Mr. Doyle as President and Chief Executive Officer of the Company, the Company announces that Mr. Lexier has entered into share transfer agreements with Mr. Doyle and Mr. Hugh Cartwright, to sell to each 375,000 common shares (total of 750,000 common shares) of the Company for cash consideration of $0.05 per common share. The transfer of the common shares of the Company (the "Transferred Shares") from Mr. Lexier to Mr. Doyle and to Mr. Cartwright is subject to the approval of the TSX Venture Exchange ("Exchange"), and will be completed in accordance with the terms of an escrow agreement between the Company, Valiant Trust Company, and the securityholders of the Company, which was entered into in connection with the initial public offering of the Company (the "Escrow Agreement"). The Transferred Shares will remain in escrow in accordance with the terms of the Escrow Agreement. In connection with the purchase of the Transferred Shares, Mr. Doyle and Mr. Cartwright rely on the exemption set out in Section 2.5 of National Instrument 45-106 - Prospectus and Registration Exemptions, in view of their position as directors of the Company.
As a result of the purchase of the Transferred Shares, Mr. Doyle and Mr. Cartwright each now owns or has control over 1,125,000 common shares in the Company, with Mr. Doyle and Mr. Cartwright each representing 17.5% of the issued and outstanding common shares of the Company. Mr. Lexier no longer owns or has control over any of the common shares in the Company. The common shares of the Company are listed on the Exchange, and the Exchange has conditionally accepted the aforementioned transfer. Mr. Doyle and Mr. Cartwright will be filing reports under National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issuers.
Mr. Lexier's stock options have been cancelled as a result of the aforementioned resignations of Mr. Lexier from the Company and as a result, options to acquire up to 26,666 common shares were returned to the option pool. Following the option cancellation, the Company has 173,334 stock options outstanding.
This news release contains "forward-looking information" within the meaning of applicable securities laws relating to the acceptance by the Exchange of the Transferred Shares from Mr. Lexier to Mr. Doyle and Mr. Cartwright, and the completion of the associated transactions.
Although the Corporation believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Corporation can give no assurance that they will prove to be correct. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, acceptance by the Exchange of the Transferred Shares from Mr. Lexier to Mr. Doyle and Mr. Cartwright.
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.
Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. Securities laws.