Serengeti Announces Appointment of New Director
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/09/11 -- Serengeti Resources Inc. (TSX VENTURE: SIR)(FRANKFURT: 34S) - Serengeti is pleased to announce the appointment of John D. McBride to the Board of Directors of the Company. Mr. McBride is a Co-Founder and Senior Partner of Raven Hill Partners Inc. and has extensive experience in capital markets and corporate governance.
Prior to co-founding Raven Hill, Mr. McBride was a founder and Managing Director of CC Capital Partners Group, a private investment and merchant banking firm, established in December 1987. In 2010, CC Capital merged with newly formed Raven Hill Partners pursuing a similar business model. Prior to forming CC Capital, he was a financial consultant with Merrill Lynch Canada Inc. Mr. McBride began his career as a trader on the floor of the Toronto Stock Exchange. He obtained his ICD.D corporate director designation through the Rotman Business School, and is certified by the Institute of Corporate Directors. Raven Hill is a merchant bank and private investment firm dedicated to acquiring, funding, building and advising early stage ventures, with a strong focus on the natural resources sector and recently purchased a 3.3 million share block of Serengeti.
'We are extremely pleased to have an industry player of John's caliber join the Board,' stated David Moore, President & CEO. 'We look forward to John's contributions to Serengeti's future growth as we advance our Kwanika project and our exploration assets in British Columbia and Mexico.'
The Company also announces that it has awarded a total of 1,230,000 incentive stock options to directors, officers, consultants and employees of the Company, exercisable at $0.33 for a period of five years from the date of grant. These options are granted subject to the Company's Stock Option Plan.
About Serengeti
Serengeti is a mineral exploration company managed by an experienced team of professionals with a solid track record of exploration success. The Company is currently advancing its Kwanika copper-gold project, and exploring its extensive portfolio of properties in the highly prospective Quesnel Trough of British Columbia and has initiated exploration for gold-silver deposits in Mexico. Additional information on Serengeti's projects can be found on the Company's website at www.serengetiresources.com. Serengeti is well funded to advance its projects with a current working capital position of approximately $5.5 million, which includes $2.9 million receivable from the B.C. government's METC program. Serengeti has 46.8 million shares issued and outstanding and 51.0 million shares on a fully diluted basis.
Cautionary Statement
This document contains 'forward-looking statements' within the meaning of applicable Canadian securities regulations. All statements other than statements of historical fact herein, including, without limitation, statements regarding exploration plans and other future plans and objectives, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and future events and actual results could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from our expectations are disclosed in the Company's documents filed from time to time via SEDAR with the Canadian regulatory agencies to whose policies we are bound.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Serengeti Resources Inc.
Martti Kangas
Investor Relations
647-521-9261 or Toll Free in North America: 1-855-778-7708
mkangas@procunsulcapital.com
Serengeti Resources Inc.
604-605-1300
www.serengetiresources.com