Scientific Metals Corp.

Scientific Metals Corp.

May 17, 2016 08:00 ET

Scientific Metals Appoints New Director, President and Chairman and Grants Stock Options

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 17, 2016) - Scientific Metals Corp. ("STM" or the "Company") (TSX VENTURE:STM) is pleased to announce that, subject to the approval of the TSX Venture Exchange (the "Exchange"), Mr. Brian Kirwin has been appointed as a director and President of STM. Mr. Kirwin, BA Earth Sciences, Dartmouth College, MSc Mineral Exploration, Queen's University, is an accomplished mining executive and geoscientist with over 33 years' of experience with both senior and junior mining companies. Mr. Kirwin began his career in mining working in exploration and corporate development on projects from grass roots to mines worldwide for companies such as Placer Dome, Freeport McMoRan and Cominco. He has served in leadership positions in various capacities from CEO and founder of American Bonanza Gold Corp. and Nevada Copper to VP Exploration for Vengold Inc. With global experience evaluating and developing deposits, mines and risk worldwide, Mr. Kirwin has led teams to several discoveries.

Mr. Kirwin succeeds Ms. Michelle Gahagan as President who has been appointed Chair of the Board of Directors. The board of directors of STM is now comprised of Michelle Gahagan, Garry Clark, Wayne Tisdale, James Welykochy and Brian Kirwin.

Mr. Kirwin comments, "I am pleased to join the STM team. I look forward to helping identify and secure new assets in the lithium sector both domestically and worldwide."

The Company also announces that it has granted stock options to acquire up to 2,950,000 common shares of the Company of which an aggregate of 2,550,000 stock options were granted to certain directors and officers of STM. Each of the stock options is exercisable for a five year term expiring on May 17, 2021 and exercisable until that time at a price of $0.12 per common share. On May 16, 2016, the last day that the Company's common shares traded prior to the granting of the stock options, the closing price of the common shares on the Exchange was $0.09 per share. The options vest immediately upon the date of grant. The stock options, and any common shares issued upon exercise of the stock options, are subject to a four month resale restriction expiring September 18, 2016.

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