Defiance Silver Corp (“Defiance”) is pleased to announce the appointment of Matthew Kavanagh to the position of Chief Financial Officer. Mr. Kavanagh is a chartered accountant with 25 years of experience in accounting and as a Chief Financial Officer for various Canadian companies including several silver miners. Defiance also announces the resignation of Ron Sowerby as Chief Financial Officer. The Board wishes to thank Ron for his contributions to Defiance since its formation.
As part of these appointments, Defiance has granted 680,000 incentive stock options under its stock option plan to directors, officers and consultants. The options are exercisable on or before November 30, 2017, at a price of $0.265.
Defiance has also filed documentation with the TSX Venture Exchange to reduce the exercise price of 397,225 previously issued warrants from $0.65 per share to $0.30 per share. The warrants remain exercisable until April 17, 2013. The warrants formed part of a 1,144,500 unit private placement priced at $0.50 per unit (each unit included one-half of one warrant) that closed on April 17, 2012. Insiders of the Company subscribed for 464,500 units (232,250 warrants); but only 57,225 warrants held by them (being 10% of the total number of warrants issued under the offering), will be re-priced. None of the warrants have been exercised.
The grant of stock options and the re-pricing of the warrants is subject to TSX Venture Exchange approval.
Defiance Silver Corp. is a near-term silver producer in Mexico. With a strong team of proven mine developers, Defiance is focused upon being an aggressive explorer and acquirer of silver projects in the historic billion-ounce silver producing Zacatecas District.
On behalf of Defiance Silver Corp.
President and CEO