Silcom Systems Announces Appointment of New CEO and Private Placement
Vancouver, British Columbia--(Newsfile Corp. - November 24, 2017) - Silcom Systems Inc. (the "Company" or "Silcom") announces that at the annual meeting of shareholders held on November 14, 2017, Graeme O'Neill, William Willoughby and Scott Parsons were elected to the Board of Directors. Subsequent to the meeting, Graeme O'Neill resigned as President and Chief Executive Officer of the Company and William Willoughby was appointed as President and Chief Executive Officer in his place.
William Willoughby, PhD, PE, is principal owner of Idaho-based engineering firm Willoughby & Associates, PLLC, and serves as Director and Chief Executive Officer of Cypress Development Corp., a TSX.V listed issuer. From 2007 to 2014, he was Director, President and COO of International Enexco Ltd., a copper and uranium resource company, and prior to that worked as a senior mining engineer for Teck (Cominco). He has been a Professional Engineer in Idaho since 1985, and received his Doctorate in Mining Engineering & Metallurgy from University of Idaho in 1989.
Silcom was formed in 2014 under a Plan of Arrangement from Bayhorse Silver Inc., and is presently a B.C. Reporting Issuer. In March, 2017, the Company entered an Option Agreement with Cypress Development Corp. to acquire up to an 80% interest the Gunman Zinc/Silver Project in Nevada (Silcom news release April 5, 2017), and subsequently filed a technical report on the property on SEDAR (Gunman NI-43-101 Technical Report, Effective Date May 30, 2017.
The Company is pleased to announce a non-brokered private placement for $170,000, which shall consist of 6,800,000 common shares at a price of $0.025 per share. Net proceeds will be used for working capital purposes, including work on the Gunman project and towards obtaining a Canadian exchange listing. The Company will continue its status as a mineral resource company, focused on base and precious metals, and actively looking to grow its holdings for its shareholders.
On behalf of the Board
President & CEO
For further information, please contact
William Willoughby at 208.358.3617