Tocvan Ventures Corp (CSE:TOC) announced Tuesday that it was adding depth to its board with the immediate addition of finance veteran and former Bear Sterns senior executive Fred Jones.
From 1998 to 2006, Jones was a vice president with Bear Stearns & Co in San Francisco and London.
In 2006, he was the founding managing director of Jutland Capital Management in Vancouver, specializing in global fixed income, commodities, currency research and portfolio management. In 2007, he founded Jutland Group in Hong Kong, where he is consulting chairman to the company, responsible for overseeing commodity operations, financing and investment management operations.
Tocvan Ventures said Jones held senior roles at blue chip firms like Morgan Stanley & Co, Merrill Lynch & Co, and nearly 25 years of experience working directly in distressed investment, private lending, direct investment, fixed income, foreign exchange and commodity portfolio management.
The company said it is “very pleased” to have someone of Jones' caliber joining the board.
Jones has a Bachelor of Science in accountancy, as well as a MBA.
"I am happy to be joining an organisation dedicated to building value in the metals industry, through smart acquisitions of distressed assets,” sad Jones.
“I am highly impressed with the quality of the individuals involved, and I am looking forward to assisting in developing a portfolio of first-class precious metals assets,” he added.
Tocvan Ventures CEO Derek Wood said Jones is a great addition to the company’s board and his “experience, expertise and vast industry contacts” will assist Tocvan with alternative less dilutive financing capabilities once projects become further de-risked.
The company said it has granted 150,000 stock options to Jones at an exercise price of C$0.20 effective Tuesday. The options are exercisable for five years and will be cancelled 90 days after cessation of acting as director, officer, employee or consultant of the company.
Tocvan is a well-structured exploration mining company. Tocvan was created in order to take advantage of the prolonged downturn the junior mining exploration sector, by identifying and negotiating interest in opportunities where management feels they can build upon previous success. Calgary-based Tocvan’s main asset is the Pilar gold and silver project in Sonora, Mexico and the Rogers Creek project in Southern British Columbia. Management feels both opportunities represent tremendous opportunity.
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