|July 21, 2008|
Berkley Announces New Appointments and Closes Private Placement
|Berkley Resources Inc. (the "Company" or "Berkley") is pleased to announce the appointments of Dr. Kelly Hyslop as Chairman of the Board and Matt Wayrynen as President of the Company. Dr. Hyslop was appointed on May 23, 2008 as a member of the Board and has served in a variety of capacities as a director, founder, strategic or financial advisor for over fifty public and private emerging growth companies. Mr. Wayrynen has been a member of the Board since 2002 and is the Company's current Chief Executive Officer.|
The appointments followed the retirement of Lloyd J. Andrews, who has been a Director and the Chairman of the Board for the last five years, and the resignation of Lindsay Gorrill who leaves the President office to devote his time to his additional business affairs. Mr. Gorrill will remain as a Director of the Board.
Additionally, Berkley is pleased to announce the appointments of Lloyd J. Andrews and Louis Wolfin, the Company's founder and former Chief Executive Officer, as Chairman Emeritus. Chairman Emeritus is a non-voting position and the candidates are nominated and appointed by the Board in recognition of significant and long-standing contributions to the Company. As nonvoting
members, Messrs. Andrews and Wolfin will attend Board meetings as needed and will provide their expert consultation to the Company.
The Company also reports that it has closed the non-brokered private placement of 2,800,000 units at a price of $0.18 per unit, each unit consisting of one common share and one non-transferable share purchase warrant. Each warrant will entitle the Investor to purchase one additional share at a price of $0.30 until July 16, 2009. No commissions were paid on this transaction. The hold period
for all securities issued under this private placement will expire on November 16, 2009.
ON BEHALF OF THE BOARD
President & C.E.O.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release
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