VANCOUVER, BC, Dec. 16, 2020 /CNW/ - Itasca Capital Ltd.
(TSXV: ICL) ("Itasca" or "Company") is pleased to
announce that Michael Liggett has
been appointed as Chief Financial Officer ("CFO") and
Corporate Secretary of the Company, effective December 14, 2020.
Mr. Liggett comes to Itasca with extensive experience in deal
structuring, negotiations, due diligence, valuation, risk
management, regulatory compliance, and financial management. He was
previously the CFO of Eacom Timber Corporation and has over twenty
years of experience as a public company CFO and offers Itasca a
wealth of strategic and operational expertise. Mr. Liggett began
his career in audit and business advisory services at PwC, spending
7 years before becoming CFO of a TSXV listed company.
Mr. Liggett was appointed CFO and Corporate Secretary of the
Company pursuant to a services agreement. In connection with the
appointment, Company also granted Mr. Liggett 25,000 stock options
(the "Options") under its stock option plan to acquire up to
an aggregate of 25,000 common shares in the capital of the Company
("Common Shares"). Each Option is exercisable for a period
of five years from the date of grant at an exercise price of
$1.25 per Common Share. All of the
Options vested immediately upon being granted.
In connection with Mr. Liggett's appointment, Hassan Baqar has resigned as CFO and Corporate
Secretary of the Company. Mr. Baqar will continue to serve as a
director on the board of directors of the Company.
"We sincerely thank Hassan for the contributions he has made to
Itasca during his tenure as CFO," Larry
Swets, Jr., Chief Executive Officer and a director of the
Company, said. "Following the acquisition of the Kenora sawmill, Itasca is now well-positioned
to execute on its strategy and Mike is the right person to join our
leadership as we enter this new phase of growth."
All amounts in this press release are in Canadian dollars unless
indicated otherwise.
Forward Looking Information
Certain information in this news release constitutes
forward-looking statements under applicable securities laws. Any
statements that are contained in this news release that are not
statements of historical fact are forward-looking statements.
Forward looking statements are often identified by terms such as
"may", "should", "anticipate", "expect", "potential", "believe",
"intend", "estimate" or the negative of these terms and similar
expressions. Forward-looking statements in this news release
include, but are not limited to statements regarding the Company's
new phase of growth.
Forward-looking statements are based on assumptions, including
expectations and assumptions concerning: interest and foreign
exchange rates; capital efficiencies, the lumber industry (and its
growth and growth rates) in North
America, the anticipated benefits of the acquisition and the
Company's future plans and ability to complete future investments.
While the Company considers these assumptions to be reasonable,
based on information currently available, they may prove to be
incorrect. Readers are cautioned not to place undue reliance on
forward-looking statements. In addition, forward-looking statements
necessarily involve known and unknown risks, including, without
limitation, risks associated with general economic conditions;
adverse industry events; future legislative, tax and regulatory
developments. Readers are cautioned that the foregoing list is not
exhaustive and other risks are set out in the Company's public
disclosure record filed under the Company's profile on
www.sedar.com. Readers are further cautioned not to place undue
reliance on forward-looking statements as there can be no assurance
that the plans, intentions or expectations upon which they are
placed will occur. Such information, although considered reasonable
by management at the time of preparation, may prove to be incorrect
and actual results may differ materially from those anticipated.
Forward-looking statements contained in this news release are
expressly qualified by this cautionary statement and reflect our
expectations as of the date hereof, and thus are subject to change
thereafter. The Company 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
required by law.
Neither TSXV nor its Regulation Services Provider (as that term
is defined in policies of the TSXV) accepts responsibility for the
adequacy or accuracy of this news release.
SOURCE Itasca Capital Ltd.