GrowMax Confirms Appointment of New President, Grant of Options and Update of NCIB
CALGARY, ALBERTA--(Marketwired - Jan 12, 2017) - GrowMax Resources Corp. (TSX VENTURE:GRO) ("GrowMax" or the "Company") confirms that on January 9, 2017, Mr. Stephen Keith joined the Company as its new President. Mr. Keith is a registered professional engineer and an accomplished senior executive with 20 years in the natural resources sector, with a specific focus on mining and finance.
Mr. Keith will be working closely with the Executive Chairman and board of directors to implement the overall company strategy and achieve its performance targets. He will be responsible for all of the Company's operations at Bayovar in Peru, progressing the phosphate, brine and fertilizers projects and advancing the various studies and plans for these projects.
Grant of Options
The Company also announces that the board of directors has granted 1,000,000 options to Mr. Keith in conjunction with his appointment as President. Each stock option represents the right to purchase one common share of the Company at an exercise price of $0.20 per common share. The stock options vest over a two-year period and expire on January 9, 2022.
Update of Normal Course Issuer Bid (NCIB)
In the month of December 2016, the Company repurchased and subsequently cancelled 419,000 of its common shares. As of the current date, the Company has 215,506,645 common shares issued and outstanding.
About GrowMax Resources Corp.
GrowMax Resources Corp. is a publicly listed Canadian company (Ticker GRO on TSX-V) focused on exploration and development of phosphate and potassium-rich brine resources on its Bayovar Property, which is located in the Sechura Desert in northwestern Peru. The Company's vision is to become a leading producer of phosphate and potash fertilizer products in Peru.
GrowMax owns approximately 92% of GrowMax Agri Corp., a private company that owns 100% of the Bayovar Property, which currently covers approximately 227,000 gross acres. The Indian Farmers Fertiliser Co-operative Limited (IFFCO) and its affiliates own approximately 8% of GrowMax Agri Corp.
Certain statements contained in this press release may constitute "forward-looking statements" as such term is used in applicable Canadian and US securities laws. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and the Company undertakes no obligation to update forward-looking statements should these beliefs, estimates and opinions or other circumstances change, except as required by applicable law. In particular, there is no assurance that future purchases of common shares will be made under the NCIB.
Neither TSX Venture Exchange 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.
Abby Badwi, P. Geo.
+1 587 390 7015