CALGARY, ALBERTA–(Marketwired – March 21, 2017) – GrowMax Resources Corp. (TSX VENTURE:GRO) (“GrowMax” or the “Company“) is pleased to announce the following management change to its senior executive team:
Mr. Lloyd Wiggins has been appointed Chief Financial Officer of the Company, effective April 1, 2017. Mr. Wiggins is a Chartered Accountant, Chartered Director and an experienced finance executive with more than 35 years of professional experience. Most recently, Lloyd was the Chief Financial Officer (“CFO”) of Petrowest Corporation, a publicly listed, multifaceted energy services company with revenues exceeding $200 million. Prior to that, Mr. Wiggins served as CFO and other senior financial and accounting positions with multiple public and private entities including Movie Distribution Income Fund, TGS North American Real Estate Investment Trust, and the Hees /Edper Group of Companies. Mr. Wiggins received his Bachelor of Commerce degree with an Accounting Major from the University of Saskatchewan, is a Chartered Accountant with the Chartered Professional Accountants of Alberta and obtained his Chartered Director designation from the Directors College (a joint venture between McMaster University and The Conference Board of Canada).
Grant of options
The Company also announces that the board of directors has granted 200,000 options to Mr. Wiggins in conjunction with his appointment as CFO. 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 April 1, 2022.
Stephen Keith, President of GrowMax commented, “Mr. Wiggins’ considerable experience in entities with international operations has provided him with the skills necessary to effectively manage multi-jurisdictional and cross-cultural finance teams, to implement effective and efficient corporate and tax structures, to ensure effective communication with senior management and the Board of Directors and to complete a number of debt and equity financings. As GrowMax focuses on developing its potash and phosphate projects in Peru, Lloyd will bring his considerable experience and energy to our team to help the Company achieve future success. Over the next few years, GrowMax is planning on developing its brine and fertilizers project in Peru as well as ramping up its large phosphate resource to transform GrowMax from explorer to producer and cash flow generator. Lloyd will be a significant contributor to this effort. We are very happy to welcome Lloyd to our team and that we were able to attract an individual of his caliber to our management team.”
Mr. Douglas Yee, current CFO of GrowMax, will be continuing with GrowMax until September, 2017 as an Independent Consultant and Financial Advisor to the Company, and to assist in a smooth transition and transfer of information with the new CFO.
“Doug has been a large part of GrowMax’s history and has been with the Company since its inception. In this past year of transition, when the Company has fundamentally shifted strategy and has commenced building a new management team and development plan, Doug has been instrumental in assisting us in this complicated yet important transition. We have been fortunate having Doug agree to stay on during this transition period to ensure a proper transfer of knowledge and to steer GrowMax towards future success. The Board of Directors of GrowMax and management team would like to offer Mr. Yee our sincere gratitude and thanks for his service and wish him luck in his future endeavours,” stated Abby Badwi, Executive Chairman of GrowMax.
Update of Normal Course Issuer Bid
During the months of January and February 2017, the Company repurchased and subsequently cancelled 496,000 and 535,000 of its common shares, respectively, for a total of 1,031,000 common shares. Since commencing its Normal Course Issuer Bid in December 2016 until the end of February 2017, the Company has purchased a total of 1,450,000 common shares at an average cost of $0.152 per common share. As at February 28, 2017, the Company has 214,475,645 outstanding common shares.
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 information” as such term is used in applicable Canadian and US securities laws. Any information or statements contained herein that express or involve discussions with respect to predictions, expectations, plans, projections, objectives, assumptions or future events should be viewed as forward-looking information. Such forward-looking information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different than those results, performance or achievements expressed or implied by such forward-looking information.
In particular, statements (express or implied) contained herein regarding the following should be considered as forward-looking information: developing the Company’s brine and fertilizers project in Peru, ramping up its large phosphate resource to transform GrowMax from explorer to producer, generating cash flow and continuing share purchases under the Normal Course Issuer Bid.
Forward-looking information and 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 information or statements should these beliefs, estimates and opinions or other circumstances change, except as required by applicable law.
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.
+1 587 390 7015
Stephen Keith, P. Eng.
+1 647 299 0046