VANCOUVER, May 26, 2020 /CNW/ - Virginia Energy Resources
Inc. (TSX.V: VUI) ("Virginia Energy" or the
"Company") is pleased to announce the appointment of Mr.
Andrew MacRitchie as Virginia
Energy's Chief Financial Officer. Mr. MacRitchie is a Chartered
Professional Accountant and has held management roles for several
TSX Venture Exchange listed mining companies over his 20-year
career. During that period, he has assisted in raising more than
$200 million for exploration stage
mining companies. Mr. MacRitchie began his career with
PricewaterhouseCoopers and has since gathered experience working on
gold, silver, uranium, diamond and base-metals projects in
North America, South America, and Africa. Mr. MacRitchie's appointment is
effective immediately.
Karen Allan, Virginia Energy's
current Chief Financial Officer has resigned in order to pursue
other interests. The Board of Directors would like to express their
deep appreciation to Mrs. Allan for the substantial assistance she
has provided the Company over the years, and wishes her the best in
her future endeavors.
Virginia Energy also announces that the Board of Directors
granted 1,850,000 incentive stock options to directors, officers,
employees and consultants of the Company, subject to TSX Venture
Exchange acceptance. The incentive stock options have a term of 5
years, expiring on May 25, 2025 or
upon departure of the option-holder. In accordance with the
Company's existing incentive stock option plan, and TSX-Venture
Exchange Policy 4.4 "Incentive Stock Options", option-holders are
entitled to exercise any vested stock options for a period up to 90
days following their resignation or departure from the Company.
Incentive stock options vest immediately. After vesting, each
incentive stock option will allow the holder to purchase one common
share in the Company at a price of C$0.09. Shares issued in conjunction with the
exercise of these incentive stock options will be subject to a four
month hold period from the date of grant.
About Virginia Energy
Virginia Energy Resources Inc.
is a uranium development and exploration company. The company holds
a 100% controlling interest in the advanced stage Coles Hill
uranium project located in south central Virginia, USA.
On Behalf of the Board of Directors
of
VIRGINIA ENERGY RESOURCES
INC.
Walter Coles,
Sr.
President & CEO
Cautionary Note Regarding Forward-Looking
Statements
Certain of the statements in this press release constitute
"forward-looking statements" within the meaning of the United
States Private Securities Litigation Reform Act of 1995 and
"forward-looking information" within the meaning of applicable
Canadian securities laws. Forward-looking information includes, but
is not limited to, statements relating to filing of a lawsuit in
federal court against the Commonwealth of Virginia. Forward-looking statements and
information generally express predictions, expectations, beliefs,
plans, projections, or assumptions of future events or performance,
do not constitute historical fact and are subject to a variety of
risks and uncertainties which could cause actual events or results
to differ materially from those reflected in such statements.
Forward-looking statements and information contained in this
release are based on the beliefs, estimates, and opinions of
management on the date the statements are made. There can be no
assurance that such statements or information will prove accurate.
Actual results may differ materially from those anticipated or
projected.
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
SOURCE Virginia Energy Resources Inc.