Ressources Appalaches inc.
TSX VENTURE : APP

Ressources Appalaches inc.

October 22, 2010 16:00 ET

Ressources Appalaches Reorganizes its Management

RIMOUSKI, QUEBEC--(Marketwire - Oct. 22, 2010) - Ressources Appalaches (TSX VENTURE:APP) is pleased to announce the appointment of Mr. Alain Hupé Eng. as the Company's new President. Mr. Alain Hupé has been with the Company since its inception in 1994 as geologist in charge of exploration work and he was gradually engaged at all level of development in the Company.

Mr. André Proulx, Ressources Appalaches's founding president, still will be involved as Chairman of the Board of Directors. The other members of the Board of Directors are Mr. Clément Duchesne P.Sc., Mr. Dominic Doucet Eng and Mr. Richard-Marc Lacasse Phd. Management would like to thank Mr. Andre de Guise Eng, outgoing director, for services rendered during his tenure.

Appalaches also proceed to the closing of a private placement with qualified investors, employees, executive officers, directors and consultants in the amount of $700,000. With this placement, Appalaches issued 14,000,000 common shares at the price of $0.05 per share, and 14,000,000 warrants. Each warrant gives its holder the right to purchase one common share at the price of $0.10 per share until October 22, 2011. These securities are subject to a four-month holding period.

In connection with the private placement, commissions were paid on a portion of the financing for a total of $55,460 and 1,109,200 warrants issued at the price of $0.05 per share until October 22, 2012. The private placement is subject to TSX Venture Exchange approval.

The proceeds of the placement will be used for general purposes as well as for exploration work on the properties located in Nova Scotia.

Additional information can be obtained from the Company. Visit our Web site at www.ressourcesappalaches.com.

The TSX Venture Exchange and its regulatory service provider (as defined in the policies of the TSX Venture Exchange) assume no responsibility for the adequacy or accuracy of this press release.

Contact Information

  • Ressources Appalaches Inc.
    Alain Hupe
    President
    418-724-0901
    or
    Ressources Appalaches Inc.
    Christian Guilbaud
    Investor Relations
    514-813-7862
    info@ressourcesappalaches.com