Peter Gundy, Chairman of the Board stated: “As we continue to move forward, Walter Henry, previously the Chair of the Special Committee is fully committed to executing our Board of Directors’ plan as it relates to the new corporate direction which includes non-dilutive financings, a refocus on our core assets, and a new management team.”

Mr. Henry has had the roles of chairman and director for 12 publicly traded junior companies. He is a Chartered Financial Analyst (CFA) and brings a wide range of expertise to the company’s executive management team given his extensive finance background encompassing capital markets, investment banking, international projects and financial reporting.

Upon assuming the role of Interim Chief Executive Officer, Mr. Henry will no longer be an independent director of the company. The company’s independent directors will remain Mr. Peter Gundy, Ms. Priya Patil, Mr. Gary O’Connor, and Mr. Mark Ashcroft.

The company also announced that it has granted a total 7,500,000 stock options under its stock option plan to all the directors on the company board All of the options are exercisable at a price of $0.05 per share and have a term of 5 years.  The options vest 1/3 on granting; 1/3 on the first anniversary of the grant date and 1/3 on the second anniversary of the grant date. Following the grant of these options, a total of 23,560,000 options are outstanding under the company’s stock option plan and 24,296,000 options remain available for issuance.

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Mr Jain has profound knowledge for over 30 years in the banking sector, and has been the board member of Exim Bank, NIBM (National Institute of Bank Management) and IBPS (Institute of Banking Personnel Selection) in the past.

Mr Jain’s banking career was first started with Punjab National Bank. Prior to his position with IDBI Bank, he was the managing director and CEO of Indian Bank from November 2015 to March 2017.

According to NDTV, he has also served as general manager at Syndicate Bank. In addition to degrees in MBA and Mcom, Mr Jain’s educational qualifications include CAIIB (Certified Associate of Indian Institute of Banking), a CFA (Chartered Financial Analyst) and an FRM (Financial Risk Manager).

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