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| | Thu Dec 3, 2009
ICN Announces Close of Private Placement and Appointment of new President and CEO
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| | ICN Resources Ltd. (the "Company" or "ICN", TSX Venture Exchange - ICN) is pleased to announce the closing of the final tranche of its previously announced (September 25, 2009) private placement. Combined with the first tranche closing announced on November 13, 2009 the private placement, in aggregate, consisted of 7,394,500 units (the "Units") to raise gross proceeds of $1,257,065. Priced at $0.17, each Unit consisted of one share and one half of one share purchase warrant, each whole warrant entitling the holder to acquire a common share at an exercise price of $0.25 for a period of 2 years from closing. Cash finder's fees of 6% in the amount of $57,940.30 were paid in conjunction with the private placement. The proceeds of the financing will be used for exploration of the Company's Hog Ranch Property in Nevada and for working capital purposes.
The Company is also pleased to announce the appointment of Carl Hering, Ph.D. as its new President and CEO. Dr. Hering is a geologist with over 30 years of diversified technical and managerial experience in mineral exploration and corporate development worldwide. He was instrumental in two major gold discoveries in Latin America, each exceeding 3 million ounces. He has experience in all aspects of exploration, corporate development, management, strategic planning and new program design and implementation. Dr. Hering previously worked in senior positions (1978-1997) for both Noranda Exploration and Placer Dome Inc. worldwide. From 1997 to 1999 he was Vice President Corporate Acquisitions for Bema Gold Corporation, and in 2006, held the position of Senior V. P. Exploration and Business Development for Rio Narcea Gold Mines. He is now an independent consultant and a Director of several other public companies. Recently he was responsible for the acquisition of the Hammond Reef gold project (Brett Resources) which now hosts a resource of 6.7 million ounces. Additionally, while working for Noranda in 1985 at Hog Ranch, he developed an exploration model which led to discovery of two new zones of mineralization -- both of which have now been mined.
Mr. Hering's past experience at Hog Ranch and his enthusiasm for the project augment the work now in progress by the Company as they seek new discovery on this project located in north-western Nevada. A 5,200 meter drill program, testing new concepts, is currently in progress (see the Companies Press Release of November 2, 2009), and approximately half of the planned program has been completed to date.
ICN would also like to take the opportunity of thanking outgoing President and CEO Barry Coughlan for his dedication to the Company over the past many years. Mr. Coughlan will remain on the board of directors and will continue to be instrumental in providing valuable direction to the Company going forward.
The Company also announces, subject to TSX.V approval, the issuance of 100,000 director's stock options exercisable at $0.22 for a five year period and in accordance with applicable vesting periods.
On Behalf of the Board of Directors of ICN Resources Ltd.
"Herrick Lau"
Herrick Lau, Director
For more information please contact:
ICN Resources Ltd.
Tel: (604) 685-8666
The forward-looking information contained in this press release is made as of the date of this press release and, except as required by applicable law, Icon does not undertake any obligation to update publicly or to revise any of the included forward-looking information, whether as a result of new information, future events or otherwise. By its very nature, such forward-looking information requires Icon to make assumptions that may not materialize or that may not be accurate. This forward-looking information is subject to known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such information. Neither TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release. |
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