Yellowhead Mining Inc. announced Tuesday that it had appointed former Simpcw Chief Keith Matthew as an advisor to the board of directors, effective Jan. 11.
The company news release described Matthew as an accomplished journalist and a long time First Nations leader. It noted that, while serving as a chief, he was instrumental in concluding several major impact benefit agreements with Kinder Morgan Canada and Canadian Hydro Developers (now owned by TransAlta Corp.). He was also instrumental in the creation of both Simpcw Resources Ltd., the business arm of Simpcw First Nation and Simpcw Heritage Trust, the wealth management arm of the community. His focus as both a councilor and chief was in creating wealth and opportunities for Simpcw First Nation.
Last fall Yellowhead announced it had entered into a negotiation agreement with Chief Keith Matthew. The agreement set out negotiation principles and objectives to achieve a long-term definitive accommodation agreement.
Matthew, who had been chief for about five years, stepped down from that position last December.
Also appointed an advisor to the board, effective Jan. 31, was Paul B. Sweeney, the former executive officer of Plutonic Power Corporation. He recently arranged $470 million in project financing for Plutonic’s East Toba Montrose hydro project and $175 million for the Dokie Wind project. Before working for Plutonic he held a number of senior positions with various mining and resource companies.
On Tuesday Yellowhead announced as well that it had raised just over $20 million in a private sale of shares and purchase warrants.
“We are pleased to have completed the private placement,” stated Ian Smith, chief executive officer of the Company. “It provides us the funds to continue engineering and increase step-out drilling on the project.”
The proceeds of the offering will be used for exploration and development of the company’s Harper Creek project and for general working capital purposes.
Yellowhead’s Harper Creek project is a proposed major copper-gold-silver mine that would be located about 20 km southeast of Clearwater.