TSXV: NOVR
OTCQB: NOVRF
VANCOUVER, BC, Feb. 23,
2023 /CNW/ - Nova Royalty Corp. ("Nova"
or the "Company") is pleased to announce the appointment of
Hashim Ahmed as Chief Financial
Officer of the Company ("CFO"). Mr. Ahmed's transition into
the CFO role is expected to be effective at the start of the second
quarter and will result in the replacement of Bill Tsang who will be departing the Company at
the same time.
Alex Tsukernik, President and CEO
of Nova, commented, "On behalf of the Board of Directors and
management, I would like to congratulate Hashim on his appointment
to the executive leadership team at Nova. Hashim has deep industry
experience in the mining sector and a strong background in finance,
accounting, tax, and governance. He is a welcome addition to our
leadership team and I am confident that he will be a positive
contributor to Nova as we continue to work towards delivering the
next phase of growth. I would like to also thank Bill Tsang for his dedicated service to the
Company and wish him all the best in his future
endeavours."
Mr. Ahmed commented, "I am excited to join Nova Royalty and look forward to working with
such an accomplished board and management team. The current team
has accumulated a portfolio of strong and attractive copper
royalty assets and is positioned to be a unique player in the
growth of the global copper sector. With the advent of electric
vehicles, the demand for copper is expected to rise exponentially.
I plan to support the board and management in scaling Nova Royalty and delivering superior returns to
shareholders."
Hashim Ahmed
Prior to joining Nova, Mr. Ahmed was with Jaguar Mining, where
he served as Chief Financial Officer since 2016. Mr. Ahmed has
approximately 20 years of experience in finance, accounting, tax,
and corporate governance. He obtained his CA/CPA designation with
PriceWaterhouseCoopers LLP and later worked with Ernst & Young
LLP in their advisory practice. Mr. Ahmed also worked with
Barrick Gold for seven years, where
he held progressively senior positions in finance functions. Mr.
Ahmed is a member of the Board of Directors of Stratabound
Minerals and a Member of the Audit Committee of the Government of
Ontario.
Corporate Update
Nova also announces the grant of 1,907,500 restricted share
units (each an "RSU") and 1,347,500 stock options (each an
"Option") to certain directors, officers, employees and
consultants of the Company in accordance with the Company's share
compensation plan. The RSUs and Options vest in equal annual
installments over a period of two years, except for those allotted
to Mr. Ahmed which vest in equal installments over a period of
four years. Each vested RSU entitles the holder to receive one
common share of the Company and each vested Option is exercisable
for a period of five years at an exercise price of C$1.47 per
common share.
About Nova
Nova is a royalty company focused on providing investors with
exposure to the key building blocks of clean energy – copper and
nickel. Nova has assembled a portfolio of royalties on a
significant proportion of the next generation of major copper
projects located in 1st-tier jurisdictions, providing investors
exposure to some of the most critical resource assets for the clean
energy transition. These projects are being advanced by the world's
premier mining companies, which include First Quantum, Lundin,
Hudbay, Anglo American and Glencore,
among others. The Company is headquartered in Vancouver, British Columbia and is listed on
the TSX Venture Exchange under the trading symbol "NOVR" and on the
US OTCQB under the trading symbol "NOVRF".
ON BEHALF OF NOVA ROYALTY CORP.,
(signed) "Alex Tsukernik"
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.
Cautionary Note Regarding Forward-Looking
Statements
This press release contains "forward-looking information" and
"forward-looking statements" within the meaning of applicable
securities legislation (collectively, "forward looking
statements"). The forward-looking statements herein are made as of
the date of this press release only, and the Company does not
assume any obligation to update or revise them to reflect new
information, estimates or opinions, future events or results or
otherwise, except as required by applicable law. Often, but not
always, forward-looking statements can be identified by the use of
words such as "plans", "expects", "is expected", "budgets",
"scheduled", "estimates", "forecasts", "predicts", "projects",
"intends", "targets", "aims", "anticipates" or "believes" or
variations (including negative variations) of such words and
phrases or may be identified by statements to the effect that
certain actions "may", "could", "should", "would", "might" or
"will" be taken, occur or be achieved. Forward-looking statements
include, but are not limited to, statements regarding future
departure of Mr. Tsang and timing thereof, board contributions,
vesting of RSUs, potential vesting and exercise of stock options as
well as copper demand fundamentals, and shareholder returns.
Forward-looking statements are subject to various known and unknown
risks and uncertainties, many of which are beyond the ability of
Nova to control or predict, that may cause Nova's actual results,
performance or achievements to be materially different from those
expressed or implied thereby, and are developed based on
assumptions about such risks, uncertainties and other factors set
out herein, including, but not limited to, the risk factors set out
under the heading "Risk Factors" in the Company's annual
information form dated April 29, 2022
and other filings available for review on the Company's profile
at www.sedar.com. Such forward-looking information
represents management's best judgment based on information
currently available. 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. No
forward-looking statement can be guaranteed and actual future
results may vary materially. Accordingly, readers are advised not
to place undue reliance on forward-looking
statements.
SOURCE Nova Royalty Corp.