Cyon Exploration Announces Private Placement & Appoints New Chair and Director
Vancouver, British Columbia – TheNewswire – August 16, 2021 – Cyon Exploration Ltd. (the “Cyon” or “Company”) (TSXV:CYON) (OTC:CYNXF) (FSE:C2YD) is pleased to announce the appointment of Mr. Wayne Tisdale as director and Chairman of the Board of Directors.
Mr. Tisdale has 40 years of experience in mining, oil and gas and agriculture finance, exploration, and development. He runs his own merchant banking company and currently sits on the boards of directors of several private and public companies, most notably Canadian Palladium Resources Inc. Over his career, Mr. Tisdale has raised considerable funds in the public company sector and has been instrumental in founding, growing and selling a range of highly successful companies. Some highlights are Rainy River Resources Ltd. (acquired by New Gold Inc.) and US Cobalt Inc. (acquired by First Cobalt Corp.). Mr. Tisdale also founded, grew and sold Torch River Agricultural Corp., one of Saskatchewan’s leading corporate farming entities.
“Mr. Tisdale’s addition to our board will provide considerable guidance and experience,” stated Cyon’s President and CEO, Brian Thurston. “Since March of this year, management of Cyon has allocated significant resources into restructuring and refocusing the Company. The recent acquisition of our Jumping Jack Property and the addition of such an accomplished and successful mining entrepreneur as Mr. Tisdale to our board are the final steps needed to set the Company up for early success. I look forward to working closely with Mr. Tisdale and adding the success of Cyon to his resume.”
The Company has accepted the resignation of Nicholas Barr as director. The Company would like to thank Mr. Barr for his services to the Company over the past four years.
Wayne Tisdale stated, “I look forward to working with Cyon’s new management on building the Company’s mineral projects. We believe Jumping Jack in particular shows great potential. Jumping Jack is underexplored, lies along a major Nevada gold belt near a world class gold mine, and shows indications of a large system, presenting excellent gold discovery potential.”
$1,000,000 Private Placement
The Company also announces that it is arranging a non-brokered private placement (the “Private Placement”) of up to 10,000,000 units (each a “Unit”) at $0.10 per Unit to raise up to $1,000,000. Each Unit will consist of one common share of the Company and one non-transferable common share purchase warrant (each a “Warrant”). Each Warrant will be exercisable into one common share in the capital of the Company at an exercise price of $0.15 per share for two years from the date of issue.
The proceeds of the Private Placement will be used for exploration of the Black Rock Canyon and Jumping Jack projects and for general working capital purposes. All Private Placement securities will be restricted from trading for a period of four months plus one day from the date of closing.
The Private Placement is subject to approval of the TSX Venture Exchange.
CYON is engaged in the acquisition, exploration, and development of mineral properties in North and South America. The Company is currently focused on its Black Rock Canyon gold property that is favorably located within the Cortez gold trend of the Battle Mountain-Eureka belt, a productive and rapidly growing gold mining district in Nevada, as well as its newly acquired Jumping Jack gold property located in the Moors Creek mining district of Nye County, Nevada, approximately 55 miles north of Tonopah. The Jumping Jack Property is situated along the eastern margin of the Walker Lane Gold Trend, ten miles north of Kinross Gold Corporation’s well-known Round Mountain Gold Mine, and is five miles north of the nearest Round Mountain open pit.
Cyon Exploration Ltd.
Per: “Brian Thurston”
President and CEO
Tel: +1 778 928-6565
Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes on the Company’s Black Rock Canyon, Jumping Jack and other properties, and continued availability of capital and financing, and general economic, market or business conditions, laws in the state of Nevada and other jurisdictions where the Company operates. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
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