IBI Appoints New Director And Chief Financial Officer
TORONTO, ONTARIO--
IBI Corporation (IBIC : CDN) (the "Company"), a junior mining and investment company, announces the appointment of John R. Penic MBA, CA of Calgary, Alberta as a new addition to the Board of Directors and as Chief Financial Officer.
After graduation from the University of Toronto with his Bachelor's degree in Commerce and Finance, Mr. Penic spent five years with the Mississauga office of the international accounting firm of PricewaterhouseCoopers LLP where he earned his CA designation and specialized in tax, as well as audit and finance. He then joined Suncor Energy Inc in Toronto and concurrently earned his Masters of Business Administration in the Executive MBA programme at the University of Western Ontario. After five years, he moved to Suncor in Calgary for a further five years and attained the position of Manager of Finance in the exploration and production division, the group responsible for their primary resource development.
Since leaving Suncor in May 2000, he has taken up a new career in investment management.
Mr Penic has been granted incentive options to acquire 1,000,000 shares of the Company at $0.07 each, to expire August 31, 2003.
Gary A Fitchett, President and CEO, commented that "John Penic, in addition to being a significant shareholder and being a direct link to a strong group of other shareholders, fills a very important function for the Company as CFO, particularly with his relevant academic background and his hands-on experience as Finance Manager with one of Canada's outstanding and notable resource companies. As IBI moves into the production stage with the Bukusu vermiculite project in Uganda, we will benefit from John's specific knowledge and industry contacts. Appointment of a CFO was one of the platforms established in our strategic plan last October."
Common Shares Outstanding
The Company has 204,952,878 common shares issued and outstanding, before the closing of the private placement announced February 21, 2000. |
