August 26, 2020 - TheNewswire - Vancouver, Canada - Teuton Resources Corp. ("Teuton" or "the Company") (TSXV:TUO) (Frankfurt:TFE) announces that it has appointed Robert Gardner to its Board of Directors, subject to TSX-V approval.
Mr. Gardner retired in 2015 as Senior Vice President & Treasurer of TELUS Corporation, one of Canada's largest telecommunications companies (current market capitalization of $31 Billion), after spending over 14 years with the firm. As an Officer and the Treasurer of TELUS, he was responsible for all treasury related activities including cash management, capital structure management, and pension investments. Mr. Gardner reported on such activities to the CFO, CEO and the Pension and Audit Committees of the Board of Directors of TELUS Corporation and gained extensive experience in corporate finance, governance, investor relations, bank and credit rating agency relations, M&A, tax and venture investment. In addition to responsibility for the TELUS sponsored pension plans, until his retirement, Mr. Gardner was appointed as trustee of the Telecommunication Workers Pension Plan in 2003 and subsequently as Board member and Chair of the Audit Committees of Concert Properties Ltd. and Concert Infrastructure Inc.
Mr. Gardner previously held the position of Director Treasury at start-up wireless firm ClearNet Communications Inc. from 1998 to 2001 at which time the firm was acquired by TELUS Corporation. While at ClearNet, he was actively involved with capital raising, financial modelling and valuation, investor relations and cash management. Mr. Gardner also previously held the position of Finance & Investor Relations at forest products firm Repap Enterprises Inc. from 1989 to 1997.
Mr. Gardner holds a Master of Business Administration (MBA) from the Richard Ivey School of Business at The University of Western Ontario and a Bachelor of Applied Science (BASc.), Civil Engineering, from the University of Waterloo.
Dino Cremonese, P.Eng., President of the Company, commented as follows: "Mr. Gardner's appointment to the Board of Directors signals a new stage in Teuton's development. His resume is exceptional and I could not imagine a more qualified candidate. He will bring his years of experience in financial matters to the Company and help it transition to a more senior role in the mining industry."
Concurrent with Mr. Gardner's appointment, the Company's Board of Directors has adopted a new stock option plan, called the 2020-A stock option plan, to replace its old stock option plan. The new plan is a fixed less than or equal to 10-per-cent plan, in accordance with TSX Venture Exchange policy. It is identical to the old plan except that the total number of shares which may be issued according to the plan has increased due to the increase in the company's shares outstanding. The number of shares which can be reserved for issuance under the plan is 5,009,188, which is 10 per cent of the 50,091,881 shares currently outstanding; there are presently 3,965,000 unexercised options which were previously granted. The new plan is subject to acceptance by the TSX-V. The Board has authorized and approved the granting of stock options for an aggregate of 500,000 common shares to directors, officers and consultants under its stock option plan. The stock option grants vest quarterly (first one-quarter of the entire grant vests immediately), are exercisable at $3.18 per share and have a term of 5 years. The Options are subject to the approval of the TSX-V.
Teuton owns interests in more than thirty properties in the prolific "Golden Triangle" area of northwest British Columbia and was one of the first companies to adopt what has since become known as the "prospect generator" model. Eight of these properties are currently under option to third parties. Over $4 million in option cash and share payments has been generated from these properties since 2015, including properties where optionees have already earned their interest.
Teuton was the original staker of the Treaty Creek property assembling the core land position in 1985. It presently holds a 20% carried interest in Treaty Creek (carried until such time as a production decision is made) as well as a 0.98% NSR in the claims covering the Goldstorm zone. A 0.49% NSR is owned in the peripheral claims. None of the NSRs are subject to a buy-back. Teuton also owns eight other royalties in the Sulphurets Hydrothermal System with interests ranging up to 2.5%, none of which are subject to a buyback. Interested parties can access information about Teuton at the Company's website, www.teuton.com.
"Dino Cremonese, P.Eng."
Dino Cremonese, P. Eng.,
President and Chief Executive Officer
For further information, please visit the Company's website at www.teuton.com or contact:
Director Corporate Development and Communications
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Cautionary Statements regarding Forward-Looking information
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially.
All statements relating to future plans, objectives or expectations of the Company are forward-looking statements that involve various risks and uncertainties. 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. Important factors that could cause actual results to differ materially from the Company's plans or expectations include risks relating to the actual results of current exploration activities, fluctuating gold prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company 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 otherwise required by applicable securities legislation.
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