SOURCE: Terra Nova Energy Ltd.

December 17, 2012 07:30 ET

Terra Nova Announces the Addition of James Hutton to the Board of Directors and Confirms Extension of Warrant Expiry

CALGARY, AB--(Marketwire - Dec 17, 2012) - Terra Nova Energy Ltd. (TSX VENTURE: TGC) ("Terra Nova" or the "Corporation") announced that it has appointed Mr. James Hutton to the Board of Directors, effective December 13, 2012.

Mr. Hutton has spent his career in the financial services industry and for the past 25 years has specialized in resource company finance. Mr. Hutton is the President and Chief Executive Officer of Hutton Capital Corporation, a company engaged in investment banking. Mr. Hutton designed and executed in excess of $1,400,000,000 in flow through share resource financings for the Canadian energy and mining sectors between 1998 and 2006. He was the founder and President of the Canada Dominion Resources Group of companies, one of the largest and most successful flow-through share funds in Canada. During Mr. Hutton's tenure, the Canada Dominion Resources Group completed in excess of $800,000,000 in offerings, which subsequently focused their investments on mining and energy issuers actively exploring for resources in Canada. The Canada Dominion Resources Group was acquired from Mr. Hutton by the Dundee/Dynamic Mutual fund organization.

In recent years, Mr. Hutton has been a director and/or officer of several junior resource companies. Mr. Hutton's appointment to the Terra Nova Board remains subject to approval by the TSX Venture Exchange (the "TSXV").

Mr. Norman Mackenzie, Terra Nova's CEO, "is extremely pleased with the announced addition to Terra Nova's board of directors. The addition of Mr. Hutton brings valuable business experience to the Corporation."

Mr. Peter Miles has resigned as a Director of Terra Nova effective immediately. The Board of Directors would like to thank Mr. Miles for his contributions in repositioning of Terra Nova as an oil and gas company, and wish him well in his future endeavours.

Terra Nova is also pleased to confirm that its application to the TSXV (previously announced on November 15, 2012) to extend the term of the 10,245,000 common share purchase warrants originally due to expire on December 30, 2012, was approved. Such warrants, exercisable at $0.30, now expire on June 30, 2013. The Corporation does not plan to issue amended warrant certificates. Holders are advised to retain their original certificates in order to exercise, if desired, prior to June 30, 2013.

Terra Nova also announces that it has issued options exercisable into 200,000 common shares to certain directors, with an exercise price of $0.30, subject to regulatory approval. The options were issued pursuant to Terra Nova's stock option plan, and expire on June 10, 2014. The options were fully vested upon issuance.

About Terra Nova Energy Ltd.

Terra Nova Energy Ltd. is a Calgary based oil and gas company. Its common shares trade on the TSX Venture Exchange under the symbol "TGC". 

Neither the 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

  • For more information please contact:
    Terra Nova Energy Ltd.
    Norman J. Mackenzie
    Chief Executive Officer
    (403) 815-5204