TORONTO, December 16, 2015 /PRNewswire/ --
Jaguar Mining Inc. (TSX-V:JAG) ("Jaguar" or the
"Company") announced today that George
Bee is leaving his position as Chief Executive Officer of
Jaguar.
Rodney Lamond has been appointed
as Chief Executive Officer effective immediately. Mr. Lamond is
currently a director of Jaguar. Mr. Lamond is a Professional Mining
Engineer who brings more than 27 years of mining experience and has
held senior management positions overseeing or stationed at
operations in Peru, Chile, Honduras, Mexico, USA,
Canada and Australia. From 2013 to 2015, Mr. Lamond was
the President and Chief Executive Officer of Crocodile Gold Corp
before the July 2015 business
combination of Crocodile Gold Corp and Newmarket Gold Ltd.
In accepting the role, Mr. Lamond said "I am extremely
pleased to have the opportunity to lead Jaguar Mining. I look
forward to working closely with the Board and all of our employees
to achieve the company's strategic goals of increasing shareholder
value from our high quality gold assets in Brazil."
"On behalf of the Board I wish to thank George for his
service and wish him well in his new endeavours," said
Richard Falconer, Chairman of the
Board of Jaguar.
Jaguar also provided an update on its strategic review process
to explore alternatives for the enhancement of shareholder value,
which was initially announced earlier this year. The process is
being coordinated by a special committee of directors (the "Special
Committee"), which appointed Origin Merchant Partners as its
exclusive financial advisor. The Special Committee continues to
consider various alternatives for the Company, including: merger
opportunities, the potential sale of the Company's assets,
potential partnership or joint venture agreements and any other
options with the objective of maximizing value for the Company's
shareholders.
There can be no assurance that the Company's efforts will be
successful or that this process will result in any transaction. The
Company does not intend to provide further updates with respect to
this process unless and until the Board approves a transaction
arising from the strategic review, together with
recommendations.
The Company's ongoing development and production activities at
its operations in Brazil will be
unaffected by this strategic review process.
In connection with the hiring of Mr. Lamond, Jaguar has granted
him 7,000,000 options (the "Options"), which are each exercisable
at a price of $0.22 and expire
December 16, 2020. The Options vest
on a quarterly basis at the end of each fiscal quarter of the
Company, in 12 equal instalments of 583,333.33 Options over a three
year period. The Company has also granted Mr. Lamond 3,000,000
deferred share units, of which 1,500,000 shall vest if and when the
volume weighted average trading price of the common shares of the
Company (the "Common Shares") for 20 trading days ("VWAP") is equal
to or exceeds C$0.33, and the
remaining 1,500,000 shall vest if and when the VWAP is equal to or
exceeds C$0.44.
Of the total Options granted, in accordance with the policies of
the TSX-V, 4,443,199 Options (the "Conditional Options") are not
exercisable unless and until approved by shareholders of the
Company holding more than 50% of the outstanding Common Shares
excluding the votes attaching to any Common Shares held by Mr.
Lamond and his associates (the "Shareholder Approval"). The
remaining balance of 2,556,801 Options are not considered
Conditional Options and are not subject to Shareholder
Approval.
About Jaguar Mining Inc.
Jaguar is a gold producer with mining operations in a prolific
greenstone belt in the state of Minas Gerais, Brazil. Additionally, Jaguar wholly owns the
large-scale Gurupi Development Project in the state of Maranhão,
Brazil. In total, the Company owns
mineral claims covering an area of approximately 197,000 hectares.
Additional information is available on the Company's website at
http://www.jaguarmining.com.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Derrick Weyrauch, Chief Financial
Officer, +1(416)-628-9601, dweyrauch@jaguarmining.com