QNB Metals appoints Peres as CEO
2024-11-04 19:14 ET – News Release
Mr. Stephane Leblanc reports
QNB APPOINTS NEW CEO & PROVIDES CORPORATE UPDATE
Ian C. Peres has been appointed chief executive officer of QNB Metals Inc. in replacement of Stephane Leblanc who will remain as a director of the corporation.
In addition, Mario Drolet has also been appointed to the board of directors of the corporation in replacement of David Couture who has resigned from the board of directors.
The board would like to thank Mr. Leblanc for his leadership and contribution as CEO over his tenure and would also like to thank Mr. Couture for his contribution as a director and wishes him well in his future endeavours.
Mr. Drolet is a seasoned finance professional with over 30 years of expertise across capital markets and investor relations globally. As the founder and president of MI3 Financial Communications Inc., Mr. Drolet combines entrepreneurial insight with a profound understanding of financial dynamics in the mining industry. He has a record of fostering growth for small to medium-sized public companies by enhancing visibility, attracting investors and facilitating capital-raising initiatives.
Mr. Drolet’s dedication to excellence, combined with his experience and collaborative approach, well positions him as a valuable asset on the board of directors.
Mr. Peres is a chartered professional accountant with over 30 years of capital markets experience in executive and board level positions across several private and public companies listed in Canada. He was formerly chief financial officer and chief investment officer of a leading merchant bank in Toronto which raised over $500-million for the public sector.
Mr. Peres is also the founder, and former CFO and director of Energy Fuels Inc., now a mid-tier uranium producer in the United States Midwest, with a market capitalization over a billion dollars. Mr. Peres most recently led Moneta Gold as president and chief executive officer for 13 years until retiring in 2022, where he grew the National Instrument 43-101 gold resource, located in the Timmins, Canada, world-class gold mining camp, from a negligible amount to over nine million ounces.
The corporation previously announced a joint venture agreement with ReSolve Energie (press release: Sept. 19, 2024) to explore for white hydrogen using leading detection technologies and proprietary methodologies (the joint venture).
The joint venture definitive agreement is expected to be finalized prior to Nov. 30, 2024, subject to:
- Filing of a National Instrument 43-101 technical report for its project located in Nova Scotia, Canada (completed);
- Completion of a best-efforts private placement for gross proceeds of up to $500,000 through the issuance of common shares at a share price of five cents;
- Receipt of all necessary regulatory approvals for the joint venture (as applicable).
Following the closing of the private placement, an exploration program is immediately planned, including sampling of selected target areas believed to host white hydrogen, and electromagnetic surveys to help identify rock formations, delineate faults, zone dilation and subsurface traps.
The program will also focus on confirming the commercial viability of white hydrogen production and storage of any identified deposits.
Natural, or « white » hydrogen, is a naturally forming gas generated within the Earth’s crust through water-rock reactions. This process involves interactions between water molecules and iron-rich minerals at high temperature and pressure. As water reacts with these minerals, it releases hydrogen gas, making it distinct from other hydrogen production methods that often rely on fossil fuels or renewable energy sources. Unlike traditional notions that consider hydrogen to be scarce and fleeting, recent discoveries have revealed that significant quantities of natural hydrogen may exist beneath the Earth’s surface. This hydrogen percolates through the crust and can accumulate in underground traps, providing the potential for a more sustainable source of energy.
The company also announces that, further to its previous press release of Sept. 30, 2024, the company has settled a total of $305,000 of the company’s outstanding debt by the issuance to the creditors thereof an aggregate of 6.1 million common shares in the capital of the company at a deemed price of five cents per share. All securities issued pursuant to the debt settlement are subject to a four-month-and-one-day hold period from the closing date of the debt settlement.
The debt settlement constitutes a related party transaction as defined under Multilateral Instrument 61-101 — Protection of Minority Securityholders in Special Transactions (MI 61-101) as certain creditors are directors of the company.
The company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(g) and 5.7(e) of MI 61-101, due to financial hardship and as the transaction is designed to improve the financial position of the company, as determined in accordance with MI 61-101.
About QNB Metals Inc.
QNB Metals is an exploration company with its Kingsville salt reservoir project located in Nova Scotia. The company, through its recently announced joint venture, is now exploring for natural or white hydrogen in Ontario and Quebec, using leading detection technologies and proprietary methodologies.