TSXV: CAA
VANCOUVER, Feb. 2, 2015 /CNW/ - Callinan Royalties
Corporation ("Callinan," the 'Company') (TSXV: CAA) today reports a
series of actions pursuant to succession planning and Board
renewal. Brian Irwin, currently
Callinan's Chair and an independent director of Callinan since
2005, has retired effective today and will be replaced as Chair by
Jay Sujir, who was elected to the
Board in December 2014. In addition,
Anna Stylianides, a former
independent director of Callinan, has joined the Board effective
today.
Anna was an independent director of Callinan from December 2008 to December
2013 and is currently Co-Chair & CEO of Eco-Oro Minerals
Corp. With a corporate law background and 20 years of global
capital markets experience, she has fulfilled multiple investment
banking and corporate restructuring mandates for Canadian and US
private and public companies.
Brian Irwin, Callinan's retiring
Chair, commented "After a twenty year relationship with Callinan,
including 10 years on the Board, I feel I am retiring at a time
when our treasury position is robust, and the company's business
plan is well defined. Jay is well qualified to serve as Chair,
having held numerous other independent director and Chair positions
and Anna's knowledge and sound judgment are important attributes in
ensuring the Board functions responsibly. I wish my colleagues and
fellow shareholders the best in the coming years."
About Callinan Royalties
Callinan Royalties Corporation is one of the oldest public
listings in Canada and one of the
first contributors to the development of the Flin Flon, Manitoba copper-zinc district.
Callinan currently holds a portfolio of royalties including its
cornerstone 4% NSR on the Hudbay 777 Mines.
The Company invests its royalty income to provide alternative
financing options to mineral exploration and development companies
with attractive projects and excellent management.
Callinan is a dividend paying Tier 1 company currently listed on
the TSX Venture Exchange under the symbol CAA, and has received
conditional approval for graduation to the Toronto Stock Exchange.
The Corporation has a strong financial position with no debt,
recurring annual cash flow from the 777 royalties and approximately
49.3 million shares outstanding.
Cautionary Statement on Forward-Looking Information
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. Certain of the information presented in
this News Release may constitute "forward-looking statements" or
"forward-looking information" within the meaning of Canadian
securities legislation (together referred to as "forward-looking
statements"). The forward-looking statements are subject to risks,
uncertainties and other factors that may cause actual results to be
materially different from those expressed or implied by such
forward-looking statements, including any delays in the receipt of
consents or approvals. Although Callinan Royalties has attempted to
identify important factors that could cause actual actions, events
or results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will prove
to be accurate as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
statements contained in this News Release and in any document
referred to in this News Release. Forward-looking statements are
made based on management's beliefs, estimates and opinions on the
date the statements are made and Callinan Royalties undertakes no
obligation to update forward-looking statements if these beliefs,
estimates and opinions or other circumstances should change, except
as required by applicable law.
SOURCE Callinan Royalties Corporation