Prize Mining Corp has announced that as of 1 February 2018 Michael McPhie, a Director of the company, has stepped into the President and CEO position while Feisal Somji has taken on the Executive Chairman role.
"We are extremely pleased that Michael has agreed to come on board as management of the company and to help drive our focus on the Manto Negro copper project in Mexico and continue to advance our projects in southeastern British Columbia," said Feisal Somji, Executive Chairman. "Michael joined our board in July 2017 and brings to the team more than twenty years of experience in successful mine project development and operations. His recent executive level experience with companies including Curis Resources with the Florence copper project which was sold to Taseko Mines, Exeter Resources, IDM Mining and JDS Energy and Mining will benefit Prize over the next few years. I am pleased to work beside Michael to grow Prize to the next level."
McPhie said: "I am excited to work with the Prize Mining team and investors to create shareholder value. Our move into the copper space is both strategic and deliberate as we believe the market for this fundamental commodity will be very strong for many years to come. The Manto Negro project has the potential to be a significant asset for Prize and I am looking forward to advancing this in the months ahead."
In addition, Tom Pierce has been appointed as the Chief Financial Officer of the company effective 1 February 2018. Pierce was most recently a senior executive with a private mineral trading and investment company based in Singapore.
"Tom brings to us a wealth of public company and international accounting experience and we look forward to working with him to establish strong financial structure and controls as we increase our operations in both British Columbia and Mexico," said Somji.
Prize has also announced that the exercise price of the 1 150 000 common share purchase warrants originally issued on 13 December 2017 has been reduced from US$0.65 to US$0.50 per share. The application for the reduction of the exercise price of the warrants has been accepted by the TSX Venture Exchange.