Phrygian Mining Corporation Announces Board Changes and Options Allocation

Strategic Insights -

Phrygian Mining Corporation has announced a significant change to its Board of Directors, with Monte Kwinter, a member of the Ontario Legislature, taking over as Director of Phrygian. Mr. Kwinter replaces Mr. John McKimm, who has resigned from the position. With his extensive experience in international business and community service, Mr. Kwinter brings a wealth of knowledge and expertise to the role.

In addition to the Board change, Phrygian has also announced the allocation of 50,000 options at $1.55 per share. These options have been issued for a period of three years and are subject to regulatory approval.

Key Takeaways:

  • Monte Kwinter, a member of the Ontario Legislature, has joined Phrygian Mining Corporation's Board of Directors, replacing Mr. John McKimm.
  • Mr. Kwinter has extensive experience in international business and has been involved in various business and political endeavors in Central Asian countries, including Kyrgyzstan.
  • Mr. Kwinter's community service activities include membership on the board of directors of the Canadian National Exhibition, Chairman of the Toronto Harbour Commission, and Founding President of the Toronto Regional Council of B'nai B'rith, among others.
  • Phrygian has allocated 50,000 options at $1.55 per share, which are subject to regulatory approval and have a term of three years.
  • Mr. Kwinter has previously held portfolios as Minister of Consumer and Commercial Relations, Minister of Financial Institutions, and Minister of Industry, Trade and Technology, following his election in 1985.

Statistics:

  • Number of options allocated: 50,000
  • Price per share: $1.55
  • Term of options: Three years
  • Regulatory approval required: Yes
  • Mr. Kwinter's previous positions include Minister of Consumer and Commercial Relations (1990-1995), Minister of Financial Institutions (1993-1995), and Minister of Industry, Trade and Technology (1987-1990)
  • Mr. Kwinter's community service activities include 20+ years of service

Sources:

  • Phrygian Mining Corporation press release, October 10, 1995
  • Business Wire, October 10, 1995