CALGARY, Oct. 2, 2018 /CNW/ - ESI Energy Services Inc. (CSE: OPI) ("ESI" or the "Company") announces that Mr. Ian Ganzer has been appointed to the position of Vice President, Mining Operations for the Company. Mr. Ganzer will be responsible for overseeing and managing a proposed investment by ESI into an early stage Process Facility and Cobalt Supply Agreement (the "Agreement") with Battery Minerals Resources Limited ("BMR") for BMR's cobalt-focused mineral exploration claims located in Ontario. BMR is a privately owned Australian multi-commodity battery materials exploration company. Details of the Agreement were announced in an earlier News Release dated May 22, 2018.
Mr. Ganzer has been involved in the mining business since July 2010. He was a co-founder of GS Energy LLC, a coal mining venture located in McDowell County, West Virginia, from July 2007 until July 2010, where he held the positions of Vice President and President. In September of 2016 he joined Conuma Coal Ltd, a metallurgical coal mining company based in Tumbler Ridge, British Columbia, Canada, where he held the position of Vice President, Business Development until September 2017.
Since then, Mr. Ganzer has worked as a consultant with Weston Energy LLC, a Yorktown Portfolio enitity, collaborating on various coal mining ventures, conducting end-to-end operational evaluations and on-site due diligence for potential investments.
Agreement Details
If the project proceeds, ESI would finance, build and operate a cobalt processing facility that would be supplied by feedstock material mined by BMR from its properties in Ontario. A five-member technical committee is to be established by ESI and BMR to oversee a planned feasibility study for mining operations and to make a recommendation on whether to proceed with the project. If the project is approved, the technical committee would oversee mining, construction and operations.
About ESI
ESI is a publically-traded company listed on the Canadian Securities Exchange under the symbol OPI. The Company operates in western Canada and the United States of America. The Company, through its operating subsidiaries, ESI Energy Services Inc. ("ESI") and Ozzie's Pipeline Padder, Inc. ("OPI"), supplies (rents and sells) backfill separation machines ("Padding Machines") to mainline pipeline contractors, renewables and utility construction contractors as well as oilfield pipeline and construction contractors.
Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. Forward-looking statements can be identified by the use of words such as "are expected", "is forecast", "is targeted", "approximately" or variations of such words, and phrases or statements that certain actions, events or results "may", "could", "would", "might", or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results or performance to be materially different from any future results or performance expressed or implied by the forward-looking statements.
Forward-looking statements in this news release include, but are not limited to, statements concerning, generally, ESI's agreement to finance, build and operate a cobalt processing facility and BMR's agreement to supply feedstock material and, specifically, the following: the formation of a technical committee and the work that it would perform; BMR's ability to earn interests in the processing facility and the establishment of a joint venture; BMR's right of first refusal and option to purchase ESI's interest; BMR's rights to terminate the Agreement and receive a termination fee in certain events; ESI's participation payment and construction financing obligations; the appointment of additional ESI directors; and regulatory and shareholder approvals.
Forward-looking statements are based on a number of factors and assumptions made by management and considered reasonable at the time such statements are made. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. ESI and BMR have made assumptions that they consider to be reasonable to manage or eliminate the risks identified below. Such risks include, but are not limited to, the following: the technical committee may not recommend to proceed with the project, or BMR or ESI may not accept a recommendation to proceed; ESI may not complete construction of the processing facility in an appropriate, timely or economic manner, or at all; BMR properties may not contain sufficient quantities of feedstock material and/or BMR may not be able to supply committed quantities of feedstock material; ESI may not achieve returns of capital sufficient to permit BMR to earn an interest in the facility or form a joint venture; ESI may fail to meet certain financing, design or construction obligations, some of which would permit BMR to terminate the Agreement and receive a termination fee; planned additional ESI directors may not be appointed or serve; and required regulatory and shareholder approvals or requirements may not be obtained or met.
SOURCE ESI Energy Services Inc.
View original content: http://www.newswire.ca/en/releases/archive/October2018/02/c3514.html
Robert Dunstan, Chief Executive Officer, Phone: (403) 205 7188, Email: robert.dunstan@energyservicesinc.comCopyright CNW Group 2018
