Vancouver, British Columbia, July 3, 2013
Acadia Resources Corp. (“Acadia” or “the Company”) (TSX.V: AIC)
Further to the Company’s news release of April 30, 2013 in which the Company announced the appointment of Yogeshwar Sharma and Peter Clutterbuck as directors of the Company, the Company announces that:
- Chris Cherry has resigned as a director of the Company;
- the Company’s Board of Directors now consists of Read Taylor, Yogeshwar Sharma and Peter Clutterbuck;
- Peter Clutterbuck has been appointed as President and CEO upon the resignation of Tom Kennedy from those positions,
- Yogeshwar Sharma has been appointed as Chairman of the Board;
- Nigel Friend has been appointed as Chief Financial Officer upon the resignation of Tyler Friesen; and
- Tom Kennedy has been appointed as Corporate Secretary of the Company upon the resignation of James Harris from that position.
Mr. Sharma has over 40 years’ of broad international oil and gas industry experience. He is a co-founder of Hardy Oil and Gas plc, and served as its CEO until May 2012 when he stepped down to take a position as a non-executive director. Hardy is a London Stock Exchange-listed company with operations in offshore India. He also serves as a director of Longreach Oil & Gas, a TSXV-listed company with assets in Morocco. Prior to founding Hardy, Mr. Sharma worked at Elf International in France and at Schlumberger Dowell Research in USA. Mr. Sharma graduated from the University of Alberta in Mechanical Engineering and did his Post Graduate Studies at the University of Calgary in Chemical Engineering. He is a Registered Professional Engineer in Alberta, Canada, a full member of the SPE and a member of the Society of Applied and Industrial Mathematics.
Mr. Clutterbuck was most-recently CEO of AIM-listed 3Legs Resources, which operated the first shale gas production in Europe. Previously, he was CEO of TSXV-listed Orca Exploration, which developed the Songo Songo gas field in Tanzania, and VP Operations for Gabon-focused Pan Ocean Energy, which was sold for $1.6 billion to Addax Petroleum. A former Director of AIM-listed Northern Petroleum (CEO), President Petroleum, and Mediterranean Oil and Gas, Mr. Clutterbuck was responsible for the discovery of the Rubiales Field in Colombia. He had a 15-year career in management positions with the BP group in Abu Dhabi, North Sea, and Alaska, and he served on the Board of the SPE in London. He holds a degree in Engineering from Cambridge University.
Mr. Friend is an accountant with an extensive knowledge of the energy sector and in particular the commercialisation of gas streams. He is currently a Commercial Financial Director of ASA Energy Conversions Ltd. (a company involved with gas to liquid technology). Previously (2004 – 2012) he was CFO and Executive Vice-President of Orca Exploration Group Inc. (a company involved in gas development in Tanzania); and prior to that (2002 – 2004) was a financial and commercial consultant for Pan Ocean Energy Corp Inc. (an oil exploration and production company operating in Gabon). Mr. Friend was a practicing accountant with KPMG for 11 years (1986 – 1997).
FIRST TRANCHE CLOSING OF PRIVATE PLACEMENT
Further to the Company’s news releases dated April 30, 2013 and May 15, 2013, the Company has received TSX Venture Exchange approval to a first tranche closing of its private placement. The Company has raised $207,500 and issued 4,150,000 subscription receipts (“Receipts”) at a price of $0.05 per Receipt. Each Receipt is convertible, for no additional consideration, into one post-consolidated common share upon completion of the Company’s proposed share consolidation.
Finder’s fees of $6,000 will be paid in connection with the first tranche closing of the private placement. The Receipts are subject to a four-month hold period expiring October 29, 2013.
The proceeds from the private placement will be used for general working capital purposes.
ON BEHALF OF ACADIA RESOURCES CORP.
/s/ “Peter Clutterbuck”
Peter Clutterbuck, President and Chief Executive Officer
Neither the 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.
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ACADIA RESOURCES CORP.
408 – 837 West Hastings Street, Vancouver, BC V6C 3N6
Tel: (604) 684-6264 Fax: (604) 684-6242