Marchwell Ventures Ltd.

November 29, 2011 15:04 ET

Marchwell Ventures Ltd. Announces Change to Board of Directors and Officers and Grant of Options

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 29, 2011) - Marchwell Ventures Ltd. (TSX VENTURE:MVE.H) (the "Corporation"), announces that Peter Evans and Bruce Linton have tendered their resignations as directors of the Corporation effective November 10, 2011 and November 17, 2011, respectively, and Richard Iglinski has tendered his resignation as Director of Corporate Finance acting as Chief Financial Officer effective November 28, 2011. The board of directors would like to thank Peter, Bruce and Richard for their contributions and wish them the best in their future endeavours.

In connection with the above resignations, the board of directors is pleased to announce the following appointments:

K. Peter Miller - Director;

Donn Burchill - Director, President and Chief Executive Officer;

John Downes - Chief Financial Officer; and

Sandra Lee - Corporate Secretary.

The Corporation has also established an audit committee ("Audit Committee") and the following persons are appointed to such Audit Committee:

John Eckert;

Donn Burchill; and

K. Peter Miller.

The Corporation also announces that its board of directors has granted stock options in respect of an aggregate of 380,000 common shares of the Corporation to the directors, officers and management company employees of the Corporation. The exercise price of the options is $0.20 per share, with each stock option entitling the holder to purchase one common share for a period of five years.

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

  • Marchwell Ventures Ltd.
    Sandra Lee
    Corporate Secretary
    (604) 488-5427