Vancouver, British Columbia -- Indico Resources Ltd. ("Indico" or the "Company") (TSX-V: IDI) is pleased to report that further to the News Release of May 1, 2015, it has received TSX Venture Exchange conditional acceptance of the Private Placement of 40,000,000 Units at a price of $0.075 per Unit. Each Unit is comprised of a share and a half warrant exercisable at a price of $0.10 for a period of two years from the closing date. Final closing is subject to clearance of the personal information form of Mr. Luis Alva a nominee of Aruntani to the Board of Directors. Mr. Alva is the General Manager and a Director of Aruntani. Mr. Alva is a mining engineer with over 30 years of experience in mining operations and metal trading in Peru. Prior to Aruntani, he held the positions of operations manager with both Minsur and Trafigurar. Mr. Alva is a graduate of the Universidad Nacional de Ingineros, Lima, Peru, where he obtained his degree in Mining Engineering and his Masters in Mining Management and a Diploma in Mine Management from Gerens.
Also appointed to the Board of Directors of the Company is Mr. Markus J. Willi. Mr. Willi has over 29 years of experience in corporate banking and wealth management with a focus on the American continent. From 1987 until 2014, he worked in various senior management roles for Credit Suisse AG, Clariden Leu, UBS AG and Republic National Bank of New York (Suisse) AG. During the 1990s, he worked in the commodity derivatives area of UBS in New York covering American based companies in the non-ferrous/precious metals and energy area. In December 2015, he joined Sound Capital AG in Zurich and works as an advisor for selected families and companies in Latin America.
The University of St. Gallen awarded Mr. Willi the degree of a Licentiate in Business Administration/Economics (lic. oec. HSG), majoring in Business Administration with a specialization in "Finance and Accounting" in 1986. He attended the International Executive Program (IEP) at INSEAD during spring 2006.
Robert Baxter, Indico's CEO and President, comments: "We are very pleased to welcome both Mr. Willi and Mr. Alva to our Board of Directors and look forward to working closely together to develop the Ocana Project with Aruntani."
Closing of the Private Placement remains subject to the approval of the TSX Venture Exchange and the appointments of both Messrs. Willi and Alva are subject to clearance of their respective personal information forms by the TSX Venture Exchange.