Terra Nova Announces the Addition of James Hutton to the Board of
Directors and Confirms Extension of Warrant Expiry
CALGARY, AB -- (Marketwire) -- 12/17/12 -- Terra Nova Energy Ltd.
(TSX VENTURE: TGC) ("Terra Nova" or the "Corporation") announced that
it has appointed Mr. James Hutton to the Board of Directors,
effective December 13, 2012.
Mr. Hutton has spent his career in the financial services industry
and for the past 25 years has specialized in resource company
finance. Mr. Hutton is the President and Chief Executive Officer of
Hutton Capital Corporation, a company engaged in investment banking.
Mr. Hutton designed and executed in excess of $1,400,000,000 in flow
through share resource financings for the Canadian energy and mining
sectors between 1998 and 2006. He was the founder and President of
the Canada Dominion Resources Group of companies, one of the largest
and most successful flow-through share funds in Canada. During Mr.
Hutton's tenure, the Canada Dominion Resources Group completed in
excess of $800,000,000 in offerings, which subsequently focused their
investments on mining and energy issuers actively exploring for
resources in Canada. The Canada Dominion Resources Group was acquired
from Mr. Hutton by the Dundee/Dynamic Mu
tual fund organization.
In recent years, Mr. Hutton has been a director and/or officer of
several junior resource companies. Mr. Hutton's appointment to the
Terra Nova Board remains subject to approval by the TSX Venture
Exchange (the "TSXV").
Mr. Norman Mackenzie, Terra Nova's CEO, "is extremely pleased with
the announced addition to Terra Nova's board of directors. The
addition of Mr. Hutton brings valuable business experience to the
Mr. Peter Miles has resigned as a Director of Terra Nova effective
immediately. The Board of Directors would like to thank Mr. Miles for
his contributions in repositioning of Terra Nova as an oil and gas
company, and wish him well in his future endeavours.
Terra Nova is also pleased to confirm that its application to the
TSXV (previously announced on November 15, 2012) to extend the term
of the 10,245,000 common share purchase warrants originally due to
expire on December 30, 2012, was approved. Such warrants, exercisable
at $0.30, now expire on June 30, 2013. The Corporation does not plan
to issue amended warrant certificates. Holders are advised to retain
their original certificates in order to exercise, if desired, prior
to June 30, 2013.
Terra Nova also announces that it has issued options exercisable into
200,000 common shares to certain directors, with an exercise price of
$0.30, subject to regulatory approval. The options were issued
pursuant to Terra Nova's stock option plan, and expire on June 10,
2014. The options were fully vested upon issuance.
About Terra Nova Energy Ltd.
Terra Nova Energy Ltd. is a Calgary based oil and gas company. Its
common shares trade on the TSX Venture Exchange under the symbol
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.
For more information please contact:
Terra Nova Energy Ltd.
Norman J. Mackenzie
Chief Executive Officer
Press spacebar to pause and continue. Press esc to stop.