Canadian Metals Announces Changes and Additions to its Management Team
Canadian Metals Inc. CSE: CME
CANADIAN METALS ANNOUNCES CHANGE AND ADDITIONS
TO ITS MANAGEMENT TEAM
April 14, 2020 Montréal, Québec. - Canadian Metals Inc. (“CME” or the “Company”) (CSE:
CME) has appointed new members to its management team for its silicon metal project. In
anticipation of a full review and update of its industrial feasibility study with the following
objectives:
• build one of the most competitive silicon plants on a net Co2 basis,
• developing renewable resources,
• participating in regional economic development,
• leveraging Quebec talent and know how and
• creating wealth and major economic benefits for all stakeholders
The Board of Directors and management have spent some time reviewing its strategic
direction and believe that this organisational structure provides the skills required to carry out
this project.
The Company also announces that the team's efforts will henceforth be dedicated solely to the
silicon metal project, thereby the company will analyze all the possibilities of disposing of its
other assets.
To strengthen the company’s cash position, all senior management members have
significantly reduced or completely waived cash compensation and will be compensated
instead with shares/options under a plan to be decided and approved later.
- Michel G. Gagnon was Interim Chairman and CEO, he will remain as Chairman
- Stéphane Leblanc was appointed President & CEO
- Beat Frei was appointed Vice President Development & Project finance
- Patsie Ducharme remains Chief Financial Officer of the Company.
Stéphane Leblanc
Mr. Leblanc is an original founder of Canadian Metals and has held several roles throughout
the Company’s existence. More recently he held the position of VP Corporate Development.
His nomination to President and CEO will allow the project to pursue with the benefit of his
extensive knowledge and background.
Beat Frei
Throughout his career Mr. Frei successfully executed mandates in various areas including
corporate and infrastructure/project finance. Mr. Frei will be based in Switzerland. Prior to
commencing his role as a financial advisor in the commodities field in 2000, Mr. Frei worked
for more than 20 years in various positions at Credit Suisse/CSFB (Vice President) and as a
Director of UBS AG. More recently, Mr. Frei contributed significantly in the acquisition and
restart of the Bloom Lake Mine with Champion Iron Ltd. as Head of Finance, Business
Development and Marketing. Prior to the Champion role, he was instrumental to the upgrade
of several steel and metal plants in the Middle East and CIS countries, was Finance Director
of Klockner & Co., Germany (a leading steel distribution company), was engaged by global
steel traders such as Duferco SA, Switzerland and Balli Group, UK and advised SMS Demag
AG, Germany (a leading equipment maker for the steel industry). Furthermore, Mr. Frei held
the position of CFO with OOO Enisey, a mid-size Russian oil company which transformed into
an integrated oil company by building the world's most northerly-located refinery in Usinsk.
Significantly, projects which were completed and advanced with Mr. Frei's input had a value
of more than US $2,25 billion and were mainly financed with debt instruments.
Mr Stéphane Leblanc, President & CEO, stated that "We are very pleased to have Mr. Beat
Frei join our team. His global experience as a financial advisor to both steel companies and
other resource commodities-based industrial corporations will benefit Canadian Metals greatly
as we complete the Industrial Feasibility Study at the Company silicon me tal Project and
continue with its development. Canadian Metals is pursuing a strategy of not only focusing on
building alliances with Asian based end users but also targeting customers that are more
proximal, such as those in Canada and the United States.
Update on payments receivable following the sale of the Langis quarry
Also, the Company is pleased to announce that it has received the first minimum payment of
$150,000 from Les Minéraux Industriels du Québec Inc (« MIQ ») in relation of the May 2,
2019 agreement. This payment represents the second installment of a total of staged cash
payments of $ 2,250,000 to be made by MIQ in accordance with the agreement (see press
release of May 2, 2019). The third installment is a minimum payment of $300,000 due on or
before December 31, 2020 and other minimum payments of $300,000 on or before each of
December 31, 2021, and 2022, $450,000 on or before December 31, 2023, and a final
$250,000 over a maximum of 5 years after the previous payment.
Stéphane Leblanc, President and CEO, commented, "We believe this agreement bolds well
with CME’s strategic plan and allows us to focus on the development of our industrial project.
The long -term supply agreement at a locked-in price should provide security to the raw
material requirement and meanwhile, the cash generated from this agreement helps support
CME’s activities. We are also on track to complete our industrial feasibility study revised and
updated in Q4 2020.’’
About Canadian Metals Inc.
Canadian Metals is a company focused on creating shareholder value through the
development of its industrial silicon metal project in Quebec, Canada.
For more information, please contact:
Stéphane Leblanc
President & CEO
Email: : [email protected]
Cautionary Statements Regarding Forward-Looking Information
Certain statements included herein may constitute “forward -looking statements”. All statements
included in this press release that address future events, conditions, or results, including in
connection with the prefeasibility study, its financing, job creation, the investments to complete the
project and the potential performance, production, and environmental footprint of the ferrosilicon
plant, are forward-looking statements. These forward-looking statements can be identified by the
use of words such as “may”, “must”, “plan”, “believe”, “expect”, “estimate”, “think”, “continue”,
“should”, “will”, “could”, “intend”, “anticipate”, or “future”, or the negative forms thereof or
similar variations. These forward-looking statements are based on certain assumptions and analyses
made by management in light of their experiences and their perception of historical trends, current
conditions, and expected future developments, as well as other factors they believe are appropriate
in the circumstances. These statements a re subject to risks, uncertainties, and assumptions,
including those mentioned in the Corporation’s continuous disclosure documents, which can be
found under its profile on SEDAR ( www.sedar.com). Many of such risks and uncertainties are
outside the control of the Corporation and could cause actual results to differ materially from those
expressed or implied by such forward -looking statements. In making such forward -looking
statements, management has relied upon a number of material factors and assumptions, on the basis
of currently available information, for which there is no insurance that such information will prove
accurate. All forward-looking statements are expressly qualified in their entirety by the cautionary
statements set forth above. The Corporation is under no obligation, and expressly 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 expressly required by applicable law.
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accuracy of this release.