District Announces Change to Board of Directors
March 11, 2020 – District Metals Corp. (TSX-V: DMX; "District" or the “Company”) announces that Mr. Doug Ramshaw has been appointed to its Board of Directors, replacing Mr. Rob Chang, who will continue as a strategic advisor, in each case, effective today.
Mr. Chang has been with District since 2018, and his corporate expertise has been invaluable to the establishment and organization of the Company. District greatly appreciates Mr. Chang’s contributions to District, and is fortunate to have retained him as a strategic advisor.
Garrett Ainsworth, CEO of District, commented: “I would like to thank Rob for his time and advice during District’s intensive search for an advanced exploration stage project, which has resulted in execution of a definitive agreement for the acquisition of a 100% interest in the polymetallic Tomtebo Property in south-central Sweden. His assistance has been invaluable from a corporate and capital markets perspective, and I am very pleased that Rob has agreed to remain as a strategic advisor to the Company.”
Mr. Ramshaw has spent more than two decades as a senior executive in the resource sector. Following obtaining his Bachelor of Science degree in Mining Geology from the Royal School of Mines, Mr. Ramshaw began his career in the U.K. including time spent as a mining analyst for an independent brokerage firm in London prior to moving to Canada. More recently he served as President and CEO of Corex Gold Corp., and presided over its merger with Minera Alamos Inc. where he continues to serve as President. Mr. Ramshaw also acts as an independent director of Great Bear Resources.
Garrett Ainsworth also commented: “With the acquisition of the Tomtebo Property, upon and subject to acceptance of the TSX Venture Exchange, in a new jurisdiction we are growing the team, and I know that Doug’s expertise and experience in the mining sector will be an asset for District. Doug is well-known and respected in the market, and he will be an asset for the Company in achieving our long-term strategic goals.”
On Behalf of the Board of Directors
President and Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding “Forward-Looking” Information.
This news release contains certain statements that may be considered “forward-looking statements” with respect to District Metals Corp. (“District” or the “Company”) within the meaning of applicable securities laws. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, predictions, indications, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management’s expectations, estimates and projections regarding future events.
Forward-looking statements relating to District include, among other things, statements relating to: timing of the closing of the proposed acquisition of the Tomtebo Property including receipt of all regulatory approvals and satisfaction of all other conditions precedent; completion of the expenditure requirements thereunder, future commodity prices; District’s planned exploration activities including costs, timing and results thereof; the adequacy of the Company’s financial resources and ability to raise additional funds as and when required and on reasonable terms; and timing, receipt and maintenance of all required approvals, consents and permits under applicable legislation.
These statements and other forward-looking information are based on opinions, assumptions and estimates made by District in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that the Company believes are appropriate and reasonable in the circumstances, as of the date of this news release, including, without limitation, assumptions about the receipt of all regulatory approvals to the completion of the proposed acquisition of the Tomtebo Property; satisfaction of all conditions precedent to completion of the acquisition of the Tomtebo Property; the Company’s ability to raise sufficient capital to fund planned exploration activities, maintain corporate capacity and satisfy the exploration expenditure requirements required by the definitive purchase agreement by the times specified therein (failing which the Tomtebo Property will be forfeited without any repayment to the Company); and stability in financial and capital markets.
Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by District as of the date such statements are made, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the following factors: a number of conditions precedent must be satisfied for the acquisition of the Tomtebo Property to be completed (including regulatory approval); the risk that the Company will be unable to raise sufficient capital to maintain its mineral tenures and concessions in good standing, finance planned exploration (including incurring prescribed exploration expenditures required by the definitive purchase agreement) and for general corporate purposes, the risk that the Company will not be able to explore and develop the Tomtebo Property; the risk that if the required exploration expenditures are not incurred by the time specified therefore the Tomtebo Property will be forfeited without any repayment of the purchase price; management and conflicts of interest; fluctuations in demand for, and prices of gold, silver and copper; inherent risks of exploration for mineral deposits, including that commercial quantities or grades of minerals may not be discovered; risks associated with the uncertainty of estimates of mineral resources governmental regulations, particularly those applicable to the mineral exploration and development industry; environmental laws and regulations and associated risks, including climate change legislation; land reclamation requirements; the ability to obtain and maintain necessary rights, concessions and permits; risks of operating in a foreign jurisdiction and through foreign subsidiaries; a dependence on ability to attract and retain qualified management; limitations of insurance and uninsured risks; public social activism against companies undertaking natural resource development; risks associated with First Nations relations; competition; legal proceedings and the enforceability of judgments; anti-corruption and bribery regulations;; market events and general economic conditions globally; and currency exchange rate risks. These factors and assumptions are not intended to represent a complete list of the factors and assumptions that could affect District. These factors and assumptions, however, should be considered carefully.
Although the Company has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in the forward-looking statements or information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Also, many of such factors are beyond the control of the Company. Accordingly, readers should not place undue reliance on forward-looking statements or information. The forward-looking information is made as of the date of this news release, and the Company assumes no obligation to publicly update or revise such forward-looking information.