VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 24, 2011) - Cayden Resources Inc. (News - Market indicators) ("Cayden" or the "Company") is pleased to announce that Steve Cook and Alistair Maxwell have been appointed to the Company's board of Directors.
Mr. Cook and Mr. Maxwell will add significant experience to the Company's Board in leadership and in the area's of tax planning, corporate finance, and governance. Mr. Cook will serve as an independent director and as the chairman of the audit committee. Mr. Maxwell will serve as an independent director and as the chairman of both the compensation, governance and nomination committees.
Steve Cook is a practicing tax partner at the prestigious tax law firm, Thorsteinssons LLP based in Vancouver, British Columbia. Mr. Cook received his B.Comm. and LL.B. degrees from the University of British Columbia and was called to the British Columbia Bar in 1982 and the Ontario Bar in 1992. Mr. Cook is a specialist in corporate and international tax planning, offshore structures, representation, and civil and criminal tax litigation. Mr. Cook has served on the board of Directors of Brett Resources Ltd. ("Brett") prior to it being acquired by Osisko Mining Corp. and has also served as Chair of the Special Committee of the Brett Board of Directors during the Osisko/Brett negotiations. Mr. Cook currently serves on the board of directors of Skeena Resources Ltd.
Alistair Maxwell was formally the President and Chief Executive Officer of Clarus Securities Inc. from its inception in 2003 to April 2011 and has been active in the financial services industry for over 20 years. Mr. Maxwell is a former Head of Sales and Trading at Loewen Ondaatie McCutcheon Ltd and a Financial Analyst at the Royal Bank of Canada. Mr. Maxwell holds a Masters in Business Administration degree from the Rotman School of Management and a Bachelors of Arts (Economics) degree from Queen's University.
Cayden would also like to announce the resignation of Ben Gelber and thank him for his important contribution as a director of Cayden through its critical growth phase. Mr. Gelber will continue on with Cayden in an advisory role as a geologist.
President and CEO Ivan Bebek states: "We are very pleased to add this depth of experience to the Cayden Board of Directors. The addition of Steve Cook and Alistair Maxwell will provide considerable financial, tax planning and corporate development expertise to an already strong board. We look forward to working with our new board members to further the advancement of the Company."
In conjunction with the appointments and subject to regulatory approval, the Company will grant up to 815,500 incentive stock options to directors, officers, employees and consultants of the Company, exercisable at a price of $2.86 per share for a period of five years from the date of grant. The exercise price of the options is based on the 10-day trade weighted average of Cayden shares during the 10 days preceding the grant. Any shares issued under the option grant will be subject to a four-month hold period from the date of granting, pursuant to the policies of the TSX Venture Exchange.
On Behalf of the Board,
Ivan Bebek, President and CEO
About Cayden Resources: Cayden is a junior mineral exploration company focused on the rapid exploration and development of high quality mining assets located primarily in North and South America. Managed by highly skilled and successful technical and financial professionals, Cayden is well financed with no debt. Cayden is also strongly committed to the highest standards for environmental management, social responsibility, and health and safety for its employees and neighboring communities. Cayden trades on the TSX Venture Exchange. More information about Cayden is available at www.caydenresources.com.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the Common Shares in any jurisdiction in which such offer, solicitation or sale would be unlawful. The Common Shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to, or for the benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.