Arcan Resources Ltd. (TSX VENTURE:ARN) ("Arcan" or the "Company") announces the appointment of Mr. Lorie Waisberg and Mr. Henry Cohen to the Board of Directors of the Company, and the appointment of Mr. Waisberg as Chairman of the Board of Directors. The anticipated appointment of Messrs. Waisberg and Cohen to the Board was announced previously in connection with the recent transaction pursuant to which all of Arcan's outstanding convertible debentures were exchanged for common shares. Their appointments coincided with the resignations of Michael Laffin and Robert Dales as directors.
Mr. Waisberg holds law degrees from the University of Toronto and Harvard University and had a distinguished 30 year career as a business law partner of Goodmans LLP in Toronto. This was followed by direct business experience as Executive Vice President, Finance and Administration of steel producer Co-Steel Inc. prior to retirement. Mr. Waisberg has served on the boards of directors of numerous Canadian public companies. He currently serves as a trustee and chair of Chemtrade Logistics Income Fund and a director of Tembec Inc. and Scorpio Mining Corporation.
Mr. Cohen is President and Chief Executive Officer of Full Cycle Energy Investment Management Limited, an energy-focused investment counsellor, which he formed in 2003. In 2010, Mr. Cohen formed Skope Energy Inc., a counter-cyclical publicly-traded natural gas producer. In 2013, he founded Bow River Energy Ltd., a private operating oil and gas company. Mr. Cohen's prior experience also includes almost 25 years as a top-ranked investment analyst.
Doug Penner, Terry McCoy and Murray Hinz will continue on as directors of the Company.
Arcan thanks Mr. Laffin and Mr. Dales for their long service to the Company and wishes them the best in their future endeavors.