TIDMRLD
RNS Number : 8917D
Richland Resources Ltd
05 February 2018
5 February 2018
Richland Resources Ltd
("Richland" or the "Company")
Appointment of Chief Executive Officer
and
Issue of Equity
Richland (AIM: RLD), the gemstones producer and developer, is
pleased to announce the appointment of Anthony ("Tony") Brooke to
the Board as its new Chief Executive Officer with immediate effect.
Mr Brooke has previously acted as Vice President of Marketing and
Sales for the Company's wholly owned subsidiary, Capricorn Sapphire
Pty Limited ("Capricorn Sapphire"), and been assisting with its
sales and marketing initiatives alongside his team at Gem Dreams
Co. Limited ("Gem Dreams"), as set out in the Company's
announcement of 23 November 2016.
Further to the Company's announcement of 15 January 2018, Dr.
Bernard Olivier has accordingly resigned as Chief Executive Officer
and a director of the Company also with immediate effect in order
to pursue his other interests. The Company would like to thank Dr.
Olivier for his significant contributions to the Company's
development, initially in Tanzania and more recently in relation to
the establishment and commissioning of the Company's Capricorn
Sapphire mine.
Mr Brooke is a leading expert in the gemstone industry and will
be using his expertise and experience to further develop the
Company's Capricorn Sapphire mine in Queensland, Australia. An
overview of his industry experience is set out below:
Gemstone Mr Brooke has approximately 36 years'
industry experience in the gemstone industry
expert based in Bangkok, Thailand, the commercial
centre of the ruby and sapphire industries,
where he established Gem Dreams in 1985.
Gem Dreams is a gemstone wholesaler
and consultancy business which operates
a traditional jewellery business in
the Jewellery Trade Centre in Bangkok
and represents and advises luxury jewellery
brands, individual collectors and mines
looking to market sapphires and other
gemstones.
---------------- ---------------------------------------------
Senior sapphire He has been a member of the Thai Gems
industry and Jewellery Traders Association for
figure eleven years and from 2011 to 2017,
acted as its Chairman for overseas trade
and development for Europe, Central
and South America and Africa.
---------------- ---------------------------------------------
Gemstone He has been involved in the management
industry of sapphire mining operations in both
specialist Tanzania and Thailand and has represented
mines operating in Australia, Malawi
and the USA. He is also a Gemfields
ruby auction site holder.
---------------- ---------------------------------------------
Mr Brooke, in conjunction with the rest of the Board, has
commenced a strategic review of the Company's Capricorn Sapphire
mining, marketing and sales operations to assess how the Company
can best leverage its position as the owner of one of the world's
largest sapphire mines operated to the highest international
corporate social responsibility standards. The Company will make a
further announcement in due course when this review is concluded
and in the meantime mining operations remain suspended whilst the
Company continues to focus on its exploration programme targeting
potential resource expansion as set out in its announcement of 11
December 2017.
Issue of Equity
Pursuant to certain pre-existing contractual arrangements
between Capricorn Sapphire, Tony Brooke and Gem Dreams in
connection with the abovementioned sales and marketing assistance
and the Company's beneficiation strategy, the Company has today
issued 3,581,237 new common shares of US$0.0003 each in the capital
of the Company ("Common Shares") to Tony Brooke in respect of sales
commissions of US$42,717 earned during the period from 1 December
2016 to 31(st) December 2017 (the "Commission Shares"). The number
of Commission Shares has been calculated on the basis of the
Company's volume weighted average share price of 0.84p pence for
the year ended 30(th) November 2017 and using a foreign exchange
rate of GBP1 = U$1.42.
Further to Mr Brooke's appointment as Chief Executive Officer of
Richland, Capricorn Sapphire has entered into a new sales support
agreement with Gem Dreams for a fixed fee of US$2,500 per month,
with no commission arrangements, in order to provide services in
support of the sale of Capricorn Sapphire's products in Thailand
(on an exclusive basis) and elsewhere (on a non-exclusive basis)
including:
-- supporting/arranging grading of material;
-- cutting of gemstones;
-- import & export clearance;
-- sales accounting; and
-- sales collection and stock record keeping.
All pre-existing commission and service arrangements between
Capricorn Sapphire and Gem Dreams have accordingly been
terminated.
Application will be made to the London Stock Exchange for the
Commission Shares, which will rank pari passu in all respects with
the existing Common Shares, to be admitted to trading on AIM
("Admission"). It is expected that Admission will become effective
and that dealings in the Commission Shares will commence at 8.00
a.m. on 9 February 2018. Following Admission, the Company will have
478,233,319 Common Shares with voting rights in issue and holds a
further 7,275,000 Common Shares in treasury.
Following the issue of the Commission Shares, Mr Brooke's
aggregate interest in the Company will be 4,214,594 Common Shares
representing approximately 0.88 per cent. of the Company's enlarged
issued share capital with voting rights.
Additional information
The following information is provided in accordance with
paragraph (g) of Schedule Two of the AIM Rules for Companies in
relation to the appointment of Mr Brooke:
Anthony ("Tony") Peter Brooke (aged 58):
Current Directorships/Partnerships: Past Directorships/Partnerships
(last 5 years):
Gem Dreams Co. Ltd None
There is no other information that is required to be disclosed
pursuant to paragraph (g) of Schedule Two to the AIM Rules for
Companies.
Edward Nealon, Non-Executive Chairman of Richland, today
commented:
"I am most pleased that Tony, with his wealth of gemstone
industry knowledge and experience, has decided to take up the
position of Chief Executive Officer of the Company and look forward
to working closely with him.
"I would like to thank Bernard for his significant contribution
to the Company's development from his early days as an exploration
geologist through to his more recent role as Chief Executive
Officer, and wish him well for the future."
For further information, please contact:
Edward Nealon Tony Brooke Mike Allardice
Chairman Chief Executive Group Company
+61 409 969 955 Officer Secretary
+66 81 854 1755 +852 91 864 854
Nominated Adviser Broker
Strand Hanson Shore Capital Stockbrokers Ltd
Limited Jerry Keen (corporate broking)
James Harris Toby Gibbs / Mark Percy (corporate
Matthew Chandler finance)
James Dance +44 (0) 20 7408 4090
+44 (0) 20 7409
3494
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014.
Further information is available on the Company's website:
www.richlandresourcesltd.com. Neither the contents of the Company's
website nor the contents of any website accessible from hyperlinks
on the Company's website (or any other website) is incorporated
into, or forms part of, this announcement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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February 05, 2018 04:00 ET (09:00 GMT)
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