Yuntone Capital Corp Closes Non-Brokered Private Placement Offering and Announces Changes to Board of Directors
February 2, 2018. Yuntone Capital Corp. (“Yuntone”) (TSX-V: YTC) announces that further to its news release dated October 16, 2017, the Company has closed its non-brokered private placement. The closing consisted of 15,220,000 common shares at $0.05 per share for gross proceeds of $761,000. All securities issued are subject to a statutory hold period of four months and 1 day.
The net proceeds from the sale of the the Offering will be used for identifying business acquisitions as well as for general working capital and corporate purposes.
Change in Board of Directors
The Company is also pleased to announce that it has appointed Gunther Roehlig as president, chief executive officer and director to replace Stuart Wooldridge as chief executive officer, president and director. The Company has also appointed Peter Hughes as an independent director of the Company. The Board of Directors thank Mr. Wooldridge for his support and direction and wish him well in his other endeavors.
Mr. Roehlig has more than 15 years of experience in the financial and investment industry. In particular, Mr. Roehlig has experience in restructuring, managing and financing junior public companies. Most recently, Mr. Roehlig served as the president of Terra Ventures Inc., which held a 10% stake in the high grade Roughrider uranium discovery owned by Hathor Exploration. In May 2011, Terra Ventures was acquired by Hathor Exploration – Hathor was then subsequently acquired by one of the world’s largest mining companies Rio Tinto in late 2011.
| Mr | Hughes has 25 years of business experience including senior-level executive and Director positions in both |
| private and public companies specializing in pharmaceuticals, alternative energy and mining. Mr. Hughes has built | |
| industrial and resource companies from the ground up and has obtained regulatory approval and exchange approval | |
| for numerous reporting issuers. His experience includes; corporate structuring, public and private financing, | |
| marketing, strategic planning, negotiating agreements and public company management. He has also worked with | |
| the National Research Council of Canada providing alternative energy companies with market intelligence and | |
| strategic planning. Mr. Hughes is a Director of Kelso Technologies Inc. (TSX.V) and a Director of Broome Capital Inc. | |
| Mr. Hughes has a Bachelor of Science degree and completed the Canadian Securities Course and Directors and | |
| Officers Program. |
On behalf of the Board of Directors, Gunther Roehlig, Chief Executive Officer and President
For further information please contact:
Yuntone Capital Corp.
604-416-0073
Forward-Looking Statements
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management’s current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Yuntone cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Yuntone’s control. Such factors include, among other things: risks and uncertainties relating to Yuntone’s ability to complete the proposed private placement financing, implement its exploration program on the Hat Property, limited operating history and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, Yuntone undertakes no obligation to publicly update or revise forward-looking information.
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