Vela Minerals Ltd. announced that it has entered into a definitive share purchase agreement, dated effective April 18, 2018, to acquire all of the outstanding share capital of Standard Uranium Ltd. In connection with completion of the Transaction, Jon Bey will join the Board of Directors of the company and will serve as Chief Executive Officer. Mr. Bey is currently the President and Chief Executive Officer of Standard Uranium, and has significant experience in structuring and financing transactions in the resource sector. Mr. Bey is a senior executive with more than twelve years of resource sector and capital markets experience.

He is Chairman of the Steel Rose Group of companies, CEO of the investor relations firm Steel Rose Communications and Chairman of Steel Rose Capital, a capital markets advisory firm. Following the appointment of Mr. Bey, it is anticipated that Richard Grayston would remain with the company and would serve in the capacity of Chief Financial Officer.