CALGARY, ALBERTA--(Marketwired - Oct. 3, 2013) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION IN UNITED STATES
Iona Energy Inc. ("Iona" or the "Company") (TSX VENTURE:INA) is pleased to announce that Rod Begbie has joined the organization as Chief Financial Officer. Graham Heath, who has been acting as Iona's Interim Chief Financial Officer since April, will return to his duties as VP Corporate Development.
Mr. Begbie has been involved in the financing and corporate development of growing companies for over 18 years, most recently as Corporate Development Director on the board of Venture Production plc ("Venture"), a FTSE 250 North Sea focused E&P operator. At Venture he was responsible for all aspects of M&A activity, resulting in the closing of over forty transactions, as well as being closely involved in the financing rounds that took the company from its 2002 flotation with a market capitalisation of £183 million to its mid-2009 takeover by Centrica plc at an enterprise value of £1.6 billion. Mr. Begbie's seven years at Venture saw rapid growth in both production and reserves, and he played a leading role in investor relations activity throughout Venture's life as a listed company.
Mr. Begbie graduated from the University of Edinburgh with a Bachelor of Science Honours degree in Mathematics and Statistics. He started his business career as a management consultant with PA Consulting Group in London before taking up a senior role in Group Corporate Strategy at The Royal Bank of Scotland Group in early 1992. In 1995 he moved into growth company investing, ultimately as a Director within the London-based private equity group of ING Barings and in 2002 he joined Venture Production plc following a one-year educational sabbatical studying for an MBA at Insead, near Paris.
Iona also announces that it has granted Mr. Begbie options to purchase an aggregate of 2,500,000 common shares at an exercise price of $0.63 per share, in accordance with the terms of Iona's stock option plan. The options will have a term of five years and time vesting provisions with 25% vesting immediately and a further 25% vesting on the first, second and third anniversaries of the date of grant.
Additional information relating to the Company is available on SEDAR at www.sedar.com.
About Iona Energy:
Iona is an oil and gas exploration, development and production company focused on oil and gas development and exploration in the United Kingdom's North Sea.
Neither the TSX Venture Exchange Inc. 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.