Minera Alamos appoints Blasutti as EVP, corporate dev

Executive Summary

• Minera Alamos appointed Darren Blasutti as Executive Vice President, Corporate Development, replacing Doug Ramshaw who resigned as President and Board Member.
• The company completed a $3.5 million private placement of units at 40 cents per unit, with key personnel subscribing $1 million; proceeds are for general working capital.
• The company settled $3.6175 million in debt (including advisory fees and gold call option obligations) by issuing 12,617,718 shares at 40 cents per share.

Key Details

• Executive Appointment: Darren Blasutti appointed as Executive Vice President, Corporate Development. He brings over 25 years of experience, including senior roles at Barrick Gold Corp. (leading acquisitions like Homestake and Placer Dome) and previous CEO role at Americas Gold and Silver Inc.
• Resignation: Doug Ramshaw resigned as President and Board Member after 7.5 years of service.
• Private Placement Structure:
  • Total Proceeds: $3.5 million.
  • Price: 40 cents per unit.
  • Warrant Terms: Each unit entitles the holder to acquire one additional common share at an exercise price of 70.5 cents for a period of 36 months.
  • Subscribers: Key personnel, including Mr. Blasutti, who subscribed for $1 million.
  • Use of Proceeds: General working capital.
  • Hold Period: Minimum hold period of four months and one day after issuance.
• Debt Settlement Agreement:
  • Total Debt Settled: $3,617,500 (U.S.).
  • Shares Issued: 12,617,718 common shares.
  • Price Per Share: 40 cents.
  • Debt Composition:
    • $800,000 (U.S.) from an advisory services agreement dated Jan. 1, 2025.
    • $2,817,500 (U.S.) to settle outstanding obligations for 1,860 ounces of gold under a call option agreement dated Oct. 27, 2023.
  • Conditions: Subject to TSX Venture Exchange approval.
  • Hold Period: Minimum hold period of four months and one day after issuance.
• Share Unit Grants:
  • Quantity: 7,025,824 Restricted Share Units (RSUs) granted to officers and directors.
  • Vesting: One year after the date of grant.
  • Settlement: Cash or common shares at the holder's option.

Notable Quotes

• "Mr. Blasutti is joining Minera Alamos at a pivotal time as the company navigates from being a development company to gold producer, given the recent acquisition of the Pan gold mine in Nevada. His experience with transforming asset portfolios, financing resource projects and related capital markets business acumen, in addition to hands-on corporate operations, will be a key driver in Minera Alamos's next phase of growth." — Darren Koningen, CEO