Orogen Royalties Inc (CVE:OGN) announced Thursday the appointment of Roland Butler to its board of directors.
The company noted that Butler has worked in royalty and prospect generation for over 20 years. He is a co-founder of Altius Minerals Corporation where he served as vice president and director from listing in 1997 to 2010.
Butler then served as CEO of Callinan Royalties Corporation from 2011 to 2014, which structured the funding of numerous early-stage exploration alliances resulting in the generation of mineral projects -- including the Silicon gold project (now owned by AngloGold Ashanti) where Orogen holds a 1% net smelter return royalty.
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"Orogen's objective is to build a royalty business based on the Company's core strengths in mineral exploration and industry experience. We hold a high-quality portfolio of royalties on early to advance stage projects with significant growth and near-term production potential. Orogen also has several active joint ventures in Canada, USA, and Mexico that are structured for royalty creation,” said Orogen CEO Paddy Nicol in a statement.
"Mr Butler's depth of experience enhances the board's skillset that will help Orogen achieve its goals."
As part of Butler's compensation, the company said its board has agreed to grant him 500,000 incentive stock options at $0.33 each for a period of five years, subject to regulatory approval.
Orogen also announced that it has decided to cancel a grant of 9 million incentive stock options at $0.35 per share for a period of 10 years.
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