Luca Mining Welcomes Dan Barnholden as CEO and Announces Issuance of Options
Luca Mining has appointed Dan Barnholden as the new CEO, effective July 15, 2024. Barnholden brings over 20 years of experience in senior mining investment banking roles. Additionally, Luca announced the issuance of 1,500,000 stock options to Barnholden, vesting in 25% increments from July 2024 to July 2025. Former interim CEO Ramon Perez will return to his role as President. Barnholden's extensive experience aims to enhance Luca's strategic initiatives and operational efficiency as the company transitions to a mid-tier diversified mining company. The options' exercise price will be based on the closing price of Luca's shares on July 12, 2024, with a five-year expiration.
- Appointment of Dan Barnholden as CEO brings 20+ years of investment banking experience.
- Issuance of 1,500,000 stock options to the new CEO, potentially aligning interests with shareholders.
- Transition focus towards becoming a mid-tier diversified mining company.
- Potential dilution from the issuance of 1,500,000 stock options.
Dan Barnholden is a seasoned professional with over 20 years of experience in senior mining investment banking roles at bank-owned and boutique dealers in
Chairman David Rhodes stated, "I'm very pleased to announce Dan joining the Luca team as CEO. He brings a wealth of experience in the sector, having held numerous leadership roles and successfully navigating complex market dynamics. His extensive background in mergers and acquisitions and financial markets will provide invaluable expertise as we strive to enhance our strategic initiatives and operational efficiency. Dan's proven track record aligns with our vision of transforming Luca into a prominent mid-tier company. We are confident that his leadership will steer us towards new heights of success and industry recognition. Luca's Board of Directors wish to thank our President, Ramon Perez for stepping in as interim CEO while we undertook the search for a full time CEO. As evidenced by our progress at both
Dan Barnholden said, "I am honoured and excited about the opportunity to lead Luca Mining into its next chapter, and I want to thank the Board for this opportunity. I admire the hard work that has been done over the past year and the entire team to position the Company for success. Today, the Company is at an exciting juncture, as
Issue of Options
The Company announces that it will issue an aggregate of 1,500,000 options to purchase Common Shares (the "Options") to the CEO pursuant to its omnibus incentive award plan. The Options exercise price will be set based on the closing price of the Company's shares on July 12, 2024, and will expire five years from the date of their issuance. The Options shall vest as follows: (i)
About Luca Mining Corp
Luca Mining (TSX-V: LUCA, OTCQX: LUCMF, Frankfurt: Z68) is a diversified Canadian mining company with two
The
The Tahuehueto Gold, Silver Mine is a new underground operation in Durango State,
The Company expects its operations to start generating positive cash flows in 2024. Luca Mining is focused on growth with the aim of maximizing shareholder returns.
For more information, please visit: www.lucamining.com
On Behalf of the Board of Directors
(signed) "Ramon Perez"
Ramon Perez, President
Qualified Persons
The technical information contained in this News Release has been reviewed and approved by Mr. Chris Richings, Vice-President Technical at Luca Mining as the Qualified Person for the Company as defined in National Instrument 43-101.
Cautionary Note Regarding Production Decisions and Forward-Looking Statements
It should be noted that Luca declared commercial production at
Positive operating cash flow is defined as excluding capital, debt repayment and Trafigura financing.
Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities laws. Forward Looking Information includes, but is not limited to, disclosure regarding the planned program to improve mining operations at
Neither 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.
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SOURCE Luca Mining Corp.
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