Dacha Strategic Metals Inc. Update
TORONTO,
Dec. 5, 2012 /CNW/ - Dacha Strategic
Metals Inc. (TSXV: DSM) ("Dacha") today provided the following
updates with respect to organizational and other matters following
the election of its new board of directors on November 28, 2012.
- Mr. Graham C. Warren has been
appointed Chief Financial Officer of Dacha, effective
immediately. Mr. Warren is a senior financial executive with
over 25 years of experience with emerging and established companies
in the environmental, telecom, mining, oil and gas, and biotech
sectors. Mr. Warren has extensive board, operations, corporate
finance and public markets expertise, and currently provides Chief
Financial Officer and corporate governance services to four other
publicly-traded companies. With the approval of Dacha's
independent directors, Dacha has entered into a consulting
agreement for the provision of Mr. Warren's services for an initial
term ending December 31, 2013,
subject to extension. The consulting agreement provides for an
annual fee for Mr. Warren's services of $60,000. In addition, the consulting
agreement contemplates that, at the discretion of Dacha's board of
directors, Mr. Warren may from time to time be granted options or
other appropriate equity-related compensation by Dacha to reward
performance.
- Mr. Michael D. Woollcombe has
been appointed as Corporate Secretary of Dacha, effective
immediately. Mr. Woollcombe is a partner of Voorheis &
Co. LLP and Executive Vice President of VC & Co.
Incorporated.
- The registered and head office of Dacha has been changed to 212
King Street West, Suite 201, Toronto,
Ontario, M5H 1K5, effective immediately.
Dacha also announced that, in light of the
recent changes in the composition of its board of directors and
senior management, Dacha will, for the time being, cease publishing
intra-quarter updates regarding the estimated market value of its
rare earth metals inventory while Dacha's new board and management
focus on ensuring an orderly transition and opportunities to
improve Dacha's performance and shareholder value.
About Dacha
Dacha Strategic Metals Inc. is an investment
company focused on the acquisition, storage and trading of
strategic metals with a primary focus on Rare Earth Elements. Dacha
is in the unique position of holding a commercial stockpile of
Physical Rare Earth Elements. Its shares are listed on the TSX
Venture Exchange under the symbol "DSM" and on the OTCQX exchange
under the symbol "DCHAF".
Except for statements of historical fact
relating to the Company, certain information contained herein
constitutes "forward-looking information" under Canadian securities
legislation. Forward-looking information includes, but is not
limited to, statements with respect to the Company's ability to
trade in rare earth elements, the realization value of the
Company's physical inventory portfolio, the proposed investment
strategy of the Company, general investment and market trends, and
the appointment of directors and officers of the Company.
Generally, forward-looking information can be identified by the use
of forward-looking terminology such as "plans", "expects" or "does
not expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or statements
that certain actions, events or results "may", "could", "would",
"might" or "will be taken", "occur" or "be achieved".
Forward-looking statements are based on the opinions and estimates
of management as of the date such statements are made.
Forward-looking information is subject to known and unknown risks,
uncertainties and other factors that may cause the actual results,
level of activity, performance or achievements of the Company to be
materially different from those expressed or implied by such
forward-looking information. Although management of the Company has
attempted to identify important factors that could cause actual
results to differ materially from those contained in
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that such statements will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking information. The Company
does not undertake to update any forward-looking information,
except in accordance with applicable securities laws.
Certain information on parties other than the
Company contained in this press release has been obtained or quoted
from publicly available sources, independent publications, media
articles or third party websites (collectively, the
"Publications"). In certain cases, these sources make no
representations as to the reliability of the information they
publish. Further, the analyses and opinions reflected in these
Publications are subject to a series of assumptions about future
events. There are a number of factors that can cause the results to
differ materially from those described in these publications. None
of the Company or its representatives independently verified the
accuracy or completeness of the information contained in the
Publications or assume any responsibility for the completeness or
accuracy of the information derived from these Publications.
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.
SOURCE Dacha Strategic Metals Inc.