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Selwyn Announces Appointment of Korea Zinc Representative to Board
Selwyn Announces Appointment of Korea Zinc Representative to Board
About this update from Edm Resources Inc
[{"type":"text","content":"\nSelwyn Announces Appointment of Korea Zinc Representative to Board\n\n\n Jul. 7, 2009 (Baystreet.ca) -- VANCOUVER, BRITISH COLUMBIA -- Selwyn Resources Ltd. (TSX VENTURE:SWN) (\"Selwyn\" or the \"Company\") announces that Mr. Yun Birm Choi, has been appointed to the Board of Directors of Selwyn. Mr. Choi is Vice-President and Secretary of Pan-Pacific Metal Mining Corporation (\"Pan-Pacific\"), a wholly-owned subsidiary of Korea Zinc Company. Korea Zinc is one of the largest zinc metal smelters in the world and Mr. Choi brings a wealth of information on zinc markets to the Board.\n\nWade Nesmith, Selwyn Board Chairman, commented: \"The Board of Selwyn welcomes Mr. Choi as the representative of Korea Zinc and looks forward to working with him on the Board in advancing the Selwyn Project.\" \nPan-Pacific, as a result of the closing of the second tranche of a $3 million Unit financing, now holds 30 million common shares and 15 million common share purchase warrants (see July 6, 2009 News Release). In connection with this transaction, effective June 3, 2009, Selwyn Resources Ltd., Korea Zinc Co., Ltd., and Pan-Pacific entered into a shareholder agreement (the \"Shareholder Agreement\"). The Shareholder Agreement contains, among other things, certain restrictions on the sale of shares by Pan-Pacific and the voting of shares, in each case, for a period of 1 year from June 3, 2009. The Shareholder Agreement also provides that so long as Pan-Pacific continues to hold 10% or more of the issued shares of Selwyn on an undiluted basis, the Board of Selwyn will support a Pan-Pacific nominee for election to the Board and will include the Pan-Pacific nominee on the slate of directors put forward by management to the shareholders of Selwyn for approval. \nSelwyn's focus is the exploration and development of its Selwyn Project in eastern Yukon and Northwest Territories. The Selwyn Project represents one of the largest undeveloped resources of zinc and lead in the world and is unique in its location in the politically-attractive and stable jurisdiction of the Yukon. It is therefore both a unique opportunity and a strategic asset providing a long term secure supply of zinc and lead to the Pacific Margin. \nThis news release contains forward-looking statements concerning the development of the Selwyn Project. These statements are based on assumpti...