LeadFX Announces Board Changes, Omnibus Plan and Awards


PERTH, AUSTRALIA, March 5, 2018 /CNW/ - LeadFX Inc. (the "Company" or "LeadFX") (TSX: LFX) is pleased to announce the appointments of Mr. Stephen Dennis, Mr. George Molyviatis and Mr. Andrew Worland to the board of directors ("the Board") with immediate effect.

LeadFX Inc. (CNW Group/LeadFX Inc.)

Mr. Dennis has been appointed Chairman of the Company succeeding Mr. David Warner who will remain chairman of the Company's Audit, Compensation and Corporate Governance Committees.

Stephen, who is based in Perth, Western Australia, has been involved in the Australian mining industry for over 35 years, and currently serves as chairman on the board of a number of listed resource companies  

Until 2015, Stephen was Managing Director and Chief Executive Officer of CBH Resources Limited, a significant producer of lead and zinc in Australia.  His current board appointments include dual TSX/ASX listed Heron Resources Limited, which is developing the Woodlawn zinc/lead/ copper project in New South Wales.

Stephen is uniquely positioned to make a significant contribution to the Company as it enters its next phase of development, having participated in the construction and operation of several major resource projects in Australia, in particular lead and zinc mine developments.

As an independent director, Stephen will also join the Audit, Compensation and Corporate Governance Committees.

Mr. Molyviatis has been appointed as a Director of the Company. George is the Chairman of InCoR Holdings Plc, and has over 25 years of investment banking and project investment and financing experience and served on a number listed public company boards.

The Board is also pleased to announce current Chief Executive Officer Mr. Andrew Worland has been appointed as Managing Director of the Company.

Each of Messer's Dennis, Molyviatis and Worland, together with current members of the Board, will stand for reelection at the Company's 2018 annual general meeting of shareholders to be held before June 30, 2018.

Commenting on the new appointments Mr. David Warner stated "We are very pleased that the Company has been able to attract Stephen and George to the Board. Stephen's appointment reflects the forecast expansion of the Company's activities at the Paroo Station Lead Mine in Western Australia following the release of the definitive feasibility study this week. Stephen has a long history of corporate and mining asset management and has a strong knowledge of the lead and zinc industry. George joins the Board of Directors as the Company moves into a project financing phase for the Hydrometallurgical Facility at Paroo Station and we look forward to his strong contribution."

The Board has resolved to adopt a new omnibus equity incentive plan for the Company ("Omnibus Plan") that will provide the Board with the flexibility of making different forms of equity rewards as part of its need to retain a competitive compensation structure for directors, executives and employees. The Omnibus Plan will be included in the Company's management information circular for the upcoming annual general meeting where shareholder approval will be sought for the plan. The Omnibus Plan and the grants thereunder also remain subject to the approval of the Toronto Stock Exchange ("TSX").

Subject to shareholder approval at the AGM and TSX approval, the Board has agreed to issue the following Performance Share Units:



Performance Share Units



30% to vest on financial close for the Hydrometallurgical Facility,
being the date on which the Company has demonstrated it has fully
funded the Hydrometallurgical Facility and conditions to first drawdown
on debt facilities, if any, for the construction of the Hydrometallurgical
Facility have been met.



70% to vest on the Hydrometallurgical Facility achieving at least
5,250 tonnes of lead metal output in three consecutive months on or
before June 30, 2021.




Also subject to shareholder and TSX approval of the Omnibus Plan the Board has agreed to issue up to 2,000,000 incentive stock options to purchase 2,000,000 common shares in the Company to Mr. Worland as follows:



Exercise price

Vesting date





12 months from
shareholder approval

36 months from
shareholder approval




18 months from
shareholder approval

42 months from
shareholder approval




24 months from
shareholder approval

48 months from
shareholder approval




30 months from
shareholder approval

54 months from
shareholder approval




36 months from
shareholder approval

60 months from
shareholder approval


Forward looking statements

This news release may contain "forward-looking statements" within the meaning of applicable Canadian securities laws. An example of forward-looking information in this news release includes but is not limited to statements and information concerning timing of shareholder and TSX approval of the Omnibus Plan and any expectations related to the upcoming annual and special meeting of shareholders. Forward-looking statements are often, but not always, identified by the use of words such as ''seek'', ''anticipate'', ''contemplate'', ''target'', ''believe'', ''plan'', ''estimate'', ''expect'', and ''intend'' and statements that an event or result ''may'', ''will'', ''can'', ''should'', ''could'' or ''might'' occur or be achieved and other similar expressions. Forward-looking information by its nature requires assumptions and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information, and readers are cautioned not to place undue reliance on such information. These statements are based on expectations, estimates and projections as at the date of this news release and are subject to a number of risks and uncertainties. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results, performance or achievement may vary materially from those expressed or implied by the forward-looking information contained in this news release. These risk factors should be carefully considered and readers are cautioned not to place undue reliance on forward-looking information, which is current only as of the date of this news release. All subsequent forward-looking information attributable to LeadFX herein is expressly qualified in its entirety by the cautionary statements contained in or referred to herein. LeadFX does not undertake any obligation to release publicly any revisions to this forward-looking information to reflect events or circumstances that occur after the date of this news release or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.


Andrew Worland, Managing Director, President and CEO, LeadFX Inc., aworland@leadfxinc.com, infor@leadfxinc.com; 1d, 21 Teddington Street, Burswood, Perth, Western Australia, 6100