Transition Metals Further Strengthens Board, Appointing Ashley Kirwan as Director

Rhea-AI Summary

Transition Metals Corp has appointed Ashley Kirwan to its Board of Directors, effective April 29, 2024. This addition increases the board to six directors, five of whom are independent. Kirwan, a professional geologist with over 15 years of experience, co-founded Orix Geoscience and holds several directorships. She has received multiple industry awards, including the Top 40 Under 40 by the Sudbury Chamber of Commerce, YWCA Women of Distinction Award, and The Eira Thomas Young Mining Professional award. Additionally, Transition Metals issued 2,090,000 stock options, 350,000 RSUs, and 1,700,000 DSUs to its directors, officers, and employees. The stock options can be converted at $0.06 per share for five years, RSUs vest in three years, and DSUs vest upon the holder's loss of office.

Positive

• Appointment of Ashley Kirwan, a highly recognized professional in the mining sector, to the Board of Directors.
• Kirwan brings over 15 years of experience and technical expertise in geology.
• Kirwan's extensive network and business acumen are expected to support company growth.
• Issuance of stock options, RSUs, and DSUs as part of an approved equity incentive plan, potentially aligning interests of directors, officers, and employees with shareholders.

Negative

• Multiple stock options, RSUs, and DSUs issued could potentially lead to shareholder dilution.
• Stock options exercisable at a low price of $0.06 might be perceived as undervaluing the company’s stock.

Sudbury, Ontario--(Newsfile Corp. - May 18, 2024) - Transition Metals Corp (TSXV: XTM) ("Transition", "the Company") today announced the appointment of Ashley Kirwan, P.Geo., ICD.D, to the Transition Board of Directors, effective April 29, 2024. Following the appointment of Ms. Kirwan, the Board will be comprised of six directors, five of whom are independent.

"We are pleased to welcome Ashley to the Transition Board," said Scott McLean, Chairman and Chief Executive Officer of the Company. "Ashley is a highly successful businessperson in our sector and has been recognized by her peers with numerous awards. Her technical expertise, strong network and astute business savvy will help develop our business and pursue growth for our shareholders."

Ashley Kirwan is a professional geologist with over 15 years of experience in the mining industry. She is the co-founder, President & CEO of Orix Geoscience, an award-winning geological consulting firm recognized for its technical excellence. Ms. Kirwan also serves as a director of EGR Exploration (EGR.V), Newbreak Resources (NBRK.CSE), Qualitica Consulting (a privately held, QA/QC company), and Orix Geoscience, as well as numerous community committees, bringing her technical, strategic planning, and governance expertise to these groups. Ashley was selected as a Top 40 Under 40 by the Sudbury Chamber of Commerce (2019), awarded the YWCA Women of Distinction Award (2020) and The Eira Thomas Young Mining Professional award (2020). She earned a B.Sc. and M.Sc. in Geology at Laurentian University, and is also a member of the Institute of Corporate Directors holding her ICD designation.

Issuance of Stock Options, DSU's and RSU's

The Company also reports that it has issued 2,090,000 stock options, 350,000 Restricted Share Units (RSU), and 1,700,000 Deferred Share Units (DSU) to certain directors, officers, and employees of the Company in accordance with the Company's approved Omnibus Equity Incentive Compensation Plan, approved at the Company's annual general meeting of the shareholders held on February 21, 2024. The options can be converted to common stock at an exercise price of $0.06 per share for a 5-year period. RSUs vest within 3 years, and DSUs vest upon the loss of office for the holder.

About Transition Metals Corp.

Transition Metals Corp. (TSXV: XTM) is a Canadian-based, multi-commodity explorer. Its award-winning team of geoscientists has extensive exploration experience and actively develops and tests new ideas for discovering mineralization in places that others have not looked, often allowing the company to acquire properties inexpensively. Joint venture partners earn an interest in the projects by funding a portion of higher-risk drilling and exploration, allowing Transition to conserve capital and minimize shareholders' equity dilution.

Further information is available at www.transitionmetalscorp.com or by contacting:

Scott McLean
President and CEO
Transition Metals Corp.
Tel: (705) 669-1777

Cautionary Note on Forward-Looking Information

Except for statements of historical fact contained herein, the information in this news release constitutes "forward-looking information" within the meaning of Canadian securities law. Such forward-looking information may be identified by words such as "plans", "proposes", "estimates", "intends", "expects", "believes", "may", "will" and include without limitation, statements regarding estimated capital and operating costs, expected production timeline, benefits of updated development plans, foreign exchange assumptions and regulatory approvals. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, metal prices, competition, risks inherent in the mining industry, and regulatory risks. Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.

Neither the 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/209819

FAQ

Who is the new director of Transition Metals as of April 29, 2024?

Ashley Kirwan has been appointed as the new director of Transition Metals effective April 29, 2024.

What is the current composition of Transition Metals' Board of Directors?

After the appointment of Ashley Kirwan, Transition Metals' Board of Directors consists of six members, five of whom are independent.

What are the details of the stock options issued by Transition Metals in May 2024?

Transition Metals issued 2,090,000 stock options, exercisable at $0.06 per share for a five-year period.

What RSUs and DSUs has Transition Metals issued recently?

Transition Metals issued 350,000 Restricted Share Units (RSUs) vesting within three years, and 1,700,000 Deferred Share Units (DSUs) vesting upon the holder's loss of office.

What awards has Ashley Kirwan received in her career?

Ashley Kirwan has received awards including the Top 40 Under 40 by the Sudbury Chamber of Commerce, YWCA Women of Distinction Award, and The Eira Thomas Young Mining Professional award.