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CHIEF FINANCIAL OFFICER APPOINTED, STOCK OPTIONS GRANTED AND REPRICED

VANCOUVER, B.C. – Cabo Mining Enterprises Corp. (“Cabo” or the “Company”)
announces the appointment of Mr. Alex Loosdrecht, CA, as Chief Financial Officer of the Company, and the recent departure of Mr. Corry Silbernagel, Vice-President Finance and Corporate Development. In his role as Chief Financial Officer, Mr. Loosdrecht will provide financial and strategic leadership, develop and motivate a strong accounting and finance team, manage relationships with senior management, the Board and the financial community and ensure the continued timely and accurate reporting of financial information in compliance with regulatory filing requirements.

Prior to joining Cabo, Mr. Loosdrecht was Senior Vice-President-Operations, Chief Financial Officer, and held other strategic business development and senior management positions with Speedy Glass and Glentel Inc., as well as TCG International Inc., its parent company. TCG International Inc. operates in the after market automotive and wireless communications industries with over 350 corporate locations, 1,000 franchisees and 2,000 employees. In his
past senior management roles, he was responsible for financial reporting, information technology management, corporate development and general business management. Mr. Loosdrecht has been a Chartered Accountant since 1987.

The Company also advises that Mr. Thomas Lamb, Corporate Secretary, has accepted a new position with another firm effective May 31, 2005. An announcement of a new appointment is expected in the near future.

Cabo’s Board of Directors has approved, subject to TSX Venture Exchange approval, the repricing of 1,479,000 stock options previously granted to its employees, directors, officers and consultants in July and October, 2004 to an exercise price of $0.80 per share. The Company also announces the granting of additional incentive stock options to new employees and officers to purchase 250,000 common shares of the Company at $0.80 per share. Following
the granting of the options, the Company will have unexercised director and employee stock options totaling 2,227,000 common shares.

Cabo is a drilling services and mineral exploration company headquartered in Vancouver, British Columbia, Canada. The Company provides drilling services through its subsidiaries Heath & Sherwood Drilling (1986) Inc. of Kirkland Lake, Ontario, Petro Drilling Company Limited of Springdale, Newfoundland, Stratacan (Quebec) Inc., of Montreal, Quebec, and Advanced Drilling Ltd. of Surrey, British Columbia. Cabo’s mineral exploration properties are located near Cobalt, where a drill has been mobilized as of May 9, 2005, Kenora, and Sudbury Ontario, Canada. The Company’s common shares trade on the TSX Venture Exchange under the symbol: CBE

 ON BEHALF OF THE BOARD

“John A. Versfelt”

John A. Versfelt
Chairman, President and CEO

Further information about the Company can be found on the Cabo website (http://www.cabo.ca) and SEDAR (www.sedar.com) or by contacting Investor Relations Mr. Garett Greene or Mr. John A. Versfelt, Chairman, President & CEO of the Company at 604-984-8894.

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The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, potential mineral recovery processes and other business transactions timing. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
 

 


Last Updated: 05/12/2005