DEMESNE RESOURCES LTD. ANNOUNCES MANAGEMENT CHANGES, CONSULTANT PAYMENTS AND EXPLORATION UPDATE
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
TORONTO, Aug. 22, 2023 /CNW/ - Demesne Resources Ltd. (CSE: DEME) ("Demesne" or the "Company") announces that Brennan Direnfeld has resigned as Chief Executive Officer, Corporate Secretary, and Director of the Company effective August 21, 2023. The Company thanks Mr. Direnfeld for his services as a director of the Company and wishes him all the best in his future endeavors.
The Company is pleased to announce that Adam Virani, a director of the Company, has replaced Mr. Direnfeld as Chief Executive Officer and Corporate Secretary of the Company and that Brandon Kou has been appointed as a Director to fill the vacancy left by Mr. Direnfeld's resignation.
Mr. Kou was most recently the CEO and a member of the Board of Directors of Leef Brands Inc (formerly Icanic) and responsible for the company's overall strategy and day to day operations both on the operating level as well as overseeing all public company aspects. Prior to Leef Holdings, he was the co-founder and partner of Mavan Capital Partners, an investment firm focused on bringing technology opportunities to the Canadian capital markets. Before his time at Mavan, Mr. Kou was the Co-Founder and General Manager of Steve Nash Enterprises, a conglomerate with portfolio companies in media/entertainment, sports and health/wellness/lifestyle. He was responsible for leading the investment team and originating investment opportunities including Indochino, Sharecare, the Vancouver Whitecaps, Onebode and the Steve Nash Sports Club and Fitness World. In addition to his responsibilities at Steve Nash Enterprises, Mr. Kou served as a Board of Directors proxy for Steve Nash Sports Club and Fitness World, a growing chain fitness clubs in Vancouver co-founded by Mark Mastrov.Mr. Kou has previously served on the Board of Directors for Liquid Nutrition, a healthy QSR that is publicly traded on the Toronto Stock Exchange and on the Board of Directors for OneBode, an international holistic vitamin company as well as an advisor for several companies including RadPad, Work Force Athletics, Genexa and Farafena. Prior to joining Steve Nash Enterprises, Mr. Kou provided investment banking services at Houlihan Lokey where he focused on Media, Sports and Entertainment. Mr. Kou is a graduate of the Marshall School of Business at the University of Southern California and was born and raised in Seal Beach, CA.
Mr. Kou will be issued 15,000 common shares of the Company (the "Common Shares") per month for his services as a director of the Company, with the first 45,000 Common Shares to be issued following his appointment.
Payments to Certain Consultants of the Company
The Company also announces that it intends to issue 150,000 Common Shares of the Company (the "Common Shares") to Mr. Direnfeld, at a deemed price of $0.10 per Common Share, pursuant to his consulting agreement with the Company. The payment consists of 50,000 Common Shares per month for the three month period from June to August, being his compensation for the forgoing period.
Additionally, the Company intends to issue 30,000 Common Shares to a consultant of the Company at a deemed price of $0.23 for services provided during the three month period from June to August. The Common Shares issued to Mr. Direnfeld and the consultant will be subject to a four month and a day statutory hold period.
Exploration Activities
During the month of July, the Company engaged an independent geological service provider to complete grab and chip sampling on the Star Project, with results pending. The Company will provide an update on the sampling following the receipt of a final report from the service provider.
ABOUT DEMESNE RESOURCES LTD.
Demesne Resources Ltd. is a British Columbia based company involved in the acquisition and exploration of magnetite mineral properties, with a focus on mineral properties located in British Columbia. The Company's sole property is the Star Project, consisting of five contiguous mineral titles covering an area of approximately 4,615.75 hectares located in the Skeena Mining Division, British Columbia, Canada. The Company has entered into an option agreement pursuant to which it is entitled to earn an undivided 100% interest in the Star Project.
FORWARD–LOOKING STATEMENTS
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking.
Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions.
Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws. The Company undertakes no obligation to update or revise any forward–looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for the Company to predict all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward–looking statement. Any forward–looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.
Although we believe that the assumptions inherent in the forward-looking statements are reasonable, there can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE CANADIAN SECURITIES EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
SOURCE Demesne Resources Ltd.
View original content: http://www.newswire.ca/en/releases/archive/August2023/22/c6008.html
