STEM 7 Capital Appoints Director and Proposes Debt Settlement
January 31 2014 - 8:30AM
Access Wire
January 31, 2014 - Vancouver, BC
- STEM 7 Capital Inc. (formerly Canada Gold Corp.,
TSX.V: CI, Frankfurt: T9NB, OTC-BB: CNGZF) (the "Company") announces that
Mr. Graydon Kowal has been appointed as an independent director of
the Company. In addition, the Company proposes to settle certain
trade payables and loans in the aggregate of approximately
$368,965.48 by the issuance of common shares of the Company. The
Company is currently classified as a resource issuer and continues
to seek out and evaluate resource properties and intends to change
its name to more accurately reflect its activities, on closing of
an acquisition.
Effectively
immediately, Mr. Graydon Kowal of Calgary, Alberta, has been
appointed as an independent director and member of the Company's
Audit Committee. Mr. Kowal has been active in the mining and
petroleum industries in Saskatchewan, Alberta, and British Columbia
for the last 18 years. Since 1995, Mr. Kowal has been the President
and Chief Executive Officer of Guardian Helicopters Inc., a private
helicopter company serving the oil and gas, mining, and forest
industries across North America. Mr. Kowal is also
President/Co-owner of Guardian Drilling and Consulting/Guardian
Drilling Mexico, that provides drilling and management services to
the mining industry in North and South America. He has also been
the President and Chief Executive Officer of Guardian Exploration
Inc. since 2001 (TSX.V: GX), which is focused on developing oil and
gas in Western Canada and Montana. Mr. Kowal has served as a key
service provider for successful mining companies such as Denison
Mines Corp., Fission Uranium Corp., and Areva Resources, and has
extensive experience with the entire Athabasca region. Mr. Kowal
also presently serves as an independent director of Aldrin
Resources Corp., which trades on the TSX Venture
Exchange.
The Board of
Directors of Stem 7 Capital will now consist of Dave McMillan,
Chairman and CEO, Al Fabbro, Independent Director and Chair of the
Audit Committee and Mr. Graydon Kowal, Independent Director and
member of the Audit Committee. Ms. Kelsey Chin remains as Chief
Financial Officer. Chad McMillan has resigned as a director of the
Company effectively immediately to concentrate on his other
business endeavors. The Company thanks Chad for his contributions
over the years and wishes him all the success in the
future.
The Company also
advises that it has negotiated the settlement of certain trade
payables and unsecured loans in the amount of $368,965.42 by the
issuance of shares at a deemed value of $0.05 representing
approximately 7,379,309 shares. Upon approval, these shares will be
subject to a 4-month hold period from the date of
issuance.
The above appointment
of Mr. Kowal and the proposed shares for debt are subject to TSX
Venture Exchange approvals.
The Company also
announces that further to it's press release of August 2, 2013
advising the closing of the $134,000 private placement of an
aggregate of 2,680,000 units at $0.05, the Company failed to
mention that an 8% finder's fee was payable on $61,000 of the total
amount. As a result, the Company has recorded a liability of $4,480
payable to two arm's length individuals.
Finally, the Company
has set March 31, 2014 as the date for the 2012 annual general
meeting, which was delayed due to the impending change of business
that was subsequently cancelled and announced by way of a press
release dated October 31, 2013.
The Company will
continue to source and evaluate mineral properties of merit and
will continue to provide updates as appropriate.
The
TSX Venture Exchange Inc. has in no way passed upon the merits of
the previously proposed COB Transaction and has neither approved
nor disapproved the contents of this press release.
For more information,
please contact Dave McMillan (+1-778-773-4560) or email
dave@canadagold.com.
On behalf of the Board,
"Dave
McMillan"
Dave McMillan
Chairman & CEO
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.
Cautionary Note
Regarding Forward-Looking Statements: Certain disclosure in this release, including
statements regarding the Company's intentions with respect to the
Change of Business transaction, the proposed shares for debt
settlement and its name change constitute "forward-looking
statements" and "forward-looking information" within the meaning of
the United States Private Securities Litigation Reform Act of 1995
and Canadian securities legislation. In making the forward-looking
statements in this release, the Company has applied certain factors
and assumptions that the Company believes are reasonable, including
that the Company is able to obtain any required government,
shareholder, or other regulatory approvals. However, the
forward-looking statements in this release are subject to numerous
risks, uncertainties and other factors relating to the Company's
operations that may cause future results to differ materially from
those expressed or implied in such forward-looking statements. Such
uncertainties and risks may include, among others, delays in
obtaining required government, shareholder, or other regulatory
approvals or financing. There can be no assurance that such
statements will prove to be accurate, and actual results and future
events could differ materially from those anticipated in such
statements. Readers are cautioned not to place undue reliance on
forward-looking statements. The Company does not intend, and
expressly disclaims any intention or obligation to, update or
revise any forward-looking statements whether as a result of new
information, future events or otherwise, except as required by
law.