TORONTO, ON / CRWEPRESSRELEASE / July 30, 2015 /Norvista Capital Corporation (CVE:NVV)(“Norvista” or the “Company“) announces the following appointments to its management team and Board of Directors. Mr. Gerald P. McCarvill, after leading Norvista and its predecessor company since 2008, has tendered his resignation as Chairman and Chief Executive Officer of the Company. Mr. Stan Spavold, currently a director and Chair of the Audit Committee of Norvista, has been appointed as Chairman of the Board and Mr. Donald H. Christie, currently President and Chief Operating Officer of Norvista, has been appointed as President and Chief Executive Officer of the Company.
“On behalf of the Board of Directors and staff I would like to thank Gerry for his tireless efforts and steady guidance over the last several years in what has been, at times, a challenging investment environment in the resource sector. Gerry and his shareholders have enjoyed many successes over the last 35 years as the result of Gerry’s unique ability to identify successful projects early in their life cycle and to source the financing necessary to bring them into production. In addition to his current focus as Executive Chairman of Norvista Financial Inc. we look forward to benefitting from Gerry’s insight in his ongoing role as a key member of the Board of Directors of Norvista as the Company continues to add to its portfolio of investments,” said Don Christie, President and Chief Executive Officer.
Mr. McCarvill commented that “Stan, who currently serves as Executive Vice President of Clearwater Fine Foods Inc. and Chair of the Audit Committee of Norvista with over 35 years of experience in corporate finance and M&A activity with a number of public and private companies, has taken a very hands on approach as a director of Norvista. In his new role as Chairman we look forward to Stan being instrumental in the future growth of Norvista particularly on the funding side of the business.”
Norvista also announces the grant of a total of 4,355,000 stock options to directors, officers and employees of the Company pursuant to the Company’s incentive stock option plan. The stock options were granted effective July 29, 2015, exercisable at a price of $0.15 per share and expire on July 29, 2020. The stock options vest one-third (1/3) on July 29, 2015, one-third (1/3) on July 29, 2016 and one-third (1/3) on July 29, 2017.
Norvista is a resource based merchant bank that began operations and was listed for trading on the TSX Venture Exchange in June of 2014. The Company’s strategy is to capitalize on the significant asset value contraction that has occurred over the last several years in the junior resource sector. Norvista focuses its efforts on the pursuit of highly prospective exploration projects while balancing exploration risk through investment in small to mid-scale, pre-production, opportunities requiring partial or full completion of feasibility studies. The Company takes a proactive role with its investee companies and in the majority of cases assumes management positions and/or seats on the board of directors of these companies. Management is of the view that current market conditions allow the Company to significantly mitigate political and country risk by pursuing investments in some of the world’s top ranked mining jurisdictions.
Since inception Norvista has completed four strategic investments. The Company has a 9.9% undiluted interest in Nevada Zinc Corporation the owner of a highly prospective zinc exploration project in Eureka, Nevada. Management of Norvista hold senior officer positions as well as board seats at Nevada Zinc Corporation. Nevada Zinc recently completed its phase three drill program and the assay results from all three drill programs have been positive.
The Company also owns a 19.9%, fully diluted ownership interest in Minera Alamos Inc. the owner of an open pit, high-grade copper/molybdenum resource in Sonora, Mexico. Minera Alamos is targeting a 2016 mine construction start date for its Los Verdes project. The Company is actively involved in Minera Alamos through its board representation.
Norvista holds an 80% ownership interest in Akuna Minerals Inc., a private company with a small scale, pre-production, high-grade copper project in northern Manitoba. Norvista’s investment in Akuna funded the acquisition of the property and will assist in the funding of the cost of the feasibility study on the project that is scheduled to commence construction in 2016 and begin production in 2017.
The Company has also made a small portfolio investment in Petrowolf, LLC, a private oil and gas exploration company that has assembled a significant land holding in the Permian Basin in Texas from the proceeds of the initial financing subscribed to by Norvista. Petrowolf is currently marketing a follow-on financing in order to fund its initial drill program and acquire additional exploration property.
For further information contact:
Norvista Capital Corporation
390 Bay Street West, Suite 612
Toronto, Ontario M5H 2Y2
Tel: (416) 504-4171
Don Christie, President and CEO
CAUTIONARY STATEMENT: Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking information that is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes statements made herein with respect to, among other things, the Company’s objectives, goals or future plans, potential corporate and/or share acquisitions, exploration results, potential mineralization, exploration and mine development plans with respect to the Company’s investee companies, timing of the commencement of operations, and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, exploration results being less favourable than anticipated, capital and operating costs varying significantly from estimates, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, risks associated with the defence of legal proceedings and other risks involved in the mineral exploration and development industry, as well as those risks set out in the Company’s public disclosure documents filed on SEDAR. Although the Company believes that management’s assumptions used to develop the forward-looking information in this news release are reasonable, including that, among other things, the investee companies will be able to identify and execute on opportunities to acquire mineral properties, exploration results will be consistent with management’s expectations, financing will be available to such companies on favourable terms when required, and commodity prices and foreign exchange rates will remain relatively stable. Undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information contained herein, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
SOURCE: Norvista Capital Corporation