TIDMMNC
RNS Number : 7195I
Metminco Limited
23 March 2018
METMINCO announces Board changes
Metminco Limited (ASX: MNC; AIM: MNC) ("Metminco" or the
"Company") is pleased to announce changes to the Board, which,
combined with the successful completion of the current capital
raising, will allow the implementation of a focus on the
significant exploration potential of Metminco's gold projects in
Colombia.
Mr Kevin Wilson has been appointed to the position of Executive
Chairman of Metminco. Mr Wilson has over 30 years' experience in
the minerals and finance industries, including as Managing Director
of Leviathan Resources, a Victorian gold mining company. Over the
last 8 years Mr Wilson was Managing Director of an Australian
energy exploration company. Mr Wilson's background includes
experience as a geologist with the Anglo American Group in Africa
and North America and as a stockbroking analyst and investment
banker with CS First Boston and Merrill Lynch in Australia and
USA.
Mr Wilson is currently also non-executive Chairman of Victorian
gold explorer Navarre Minerals Limited and non-executive director
of Investigator Resources Limited.
The Board has approved a strategy which gives a more immediate
focus on demonstrating the significant potential of the Colombian
gold exploration assets in Quinchia. This includes commencing a
drilling program as soon as practical on the Tesorito prospect and
to gain access to the Chuscal prospect, both considered to be
highly prospective gold exploration targets by the Company. Work
will continue on the permitting of the Miraflores project as the
company investigates options for gold production.
As the focus shifts to exploration in Colombia, non-core assets
will be divested and there will be a significant reduction of
operating costs and a reduction in financial liabilities. This cost
reduction will include further changes to the Board which will
result in fewer directors and a shift in the skill mix.
As the near-term focus has shifted back towards exploration and
away from mine development, Mr William Howe has resigned from the
Board and accepted the role as Chief Operating Officer, located in
Colombia. Mr Howe built the firm and took it through its
development phase in Peru and Chile. He also moved Metminco into
Colombia and acquired the Quinchia portfolio, which has significant
upside that is now the firm's primary focus. The Board thanks Mr
Howe for his tireless devotion to the Company during this
period.
Mr Howe will continue to run day to day operations in Colombia
while an exploration manager is sought and an orderly handover can
be undertaken.
Mr Wilson said "I'm excited by the opportunities that are
presented in Metminco. There is a first class exploration portfolio
with outstanding potential at Tesorito and Chuscal and options for
a gold development at Miraflores. With the funds currently being
raised we will be able to rapidly commence investigating these
opportunities. I look forward to working with William and his team
to unlock the value that I believe exists in this portfolio."
Additional information on Mr Kevin John Wilson
Mr Kevin John Wilson, aged 60, currently holds or has held the
following directorships and partnerships over the last five
years:
Current directorships Past directorships
and partnerships
----------------------- --------------------------
Black Range Metals Pty Blackfin Pty Ltd
Ltd
----------------------- --------------------------
Investigator Resources Camballin Energy Pty Ltd
Ltd
----------------------- --------------------------
Navarre Minerals Ltd Humitos Pty Ltd
----------------------- --------------------------
Rey Cattamarra Pty Ltd
----------------------- --------------------------
Rey Derby Block Pty Ltd
----------------------- --------------------------
Rey Derby Port Operations
Pty Ltd
----------------------- --------------------------
Rey Derby Pty Ltd
----------------------- --------------------------
Rey Freney Pty Ltd
----------------------- --------------------------
Rey Lennard Shelf Pty
Ltd
----------------------- --------------------------
Rey Mt Fenton Pty Ltd
----------------------- --------------------------
Rey Oil and Gas Pty Ltd
----------------------- --------------------------
Rey Oil and Gas Perth
Pty Ltd
----------------------- --------------------------
Rey Resources Limited
----------------------- --------------------------
Rey Royalty Chile Pty
Ltd
----------------------- --------------------------
Rey Victory Pty Ltd
----------------------- --------------------------
Mr. Wilson holds no securities in Metminco at the date of this
announcement.
Except as disclosed in this announcement, neither the Company
nor Mr. Wilson are aware of any further disclosures that are
required in respect of the appointment of Mr. Kevin John Wilson
under Rule 17 or paragraph (g) of Schedule Two of the AIM Rules for
Companies.
The key terms of Mr Wilson's Executive Service Agreement are as
follows:
-- Annual fixed salary of $200,000 including statutory superannuation;
-- Annual bonus based on his performance in meeting targets and
goals as determined by the Board;
-- Right to participate in a Long Term Incentive scheme. Set by
the Board, and subject to shareholder approval, this is expected to
comprise the issue of Performance Rights which convert to ordinary
shares on meeting performance and share price vesting conditions.
It is the intention of the Board to propose to seek shareholder
approval at the Company's upcoming Annual General Meeting for the
issue of a total of up 58 million Performance Rights over
approximately three years, split into five equal tranches of
approximately 11.6 million Performance Rights with both performance
and share price vesting conditions:
o Tranche 1 vesting on a 30 day Volume Weighted Average Price of
Metminco shares on ASX ("VWAP") of 1.2c before December 31
2018;
o Tranche 2 vesting on 30 day VWAP of 1.6c before December 31, 2019;
o Tranche 3 vesting on delivery of resource of at least 1
million ounces gold at Tesorito before December 31, 2019;
o Tranche 4 vesting on 30 day VWAP of 2.4c before December 31, 2020; and
o Tranche 5 vesting on delivery of a Resource of at least 1
million ounces gold at Chuscal before December 31, 2020.
-- Termination. Under certain conditions, Mr Wilson will have
the right to receive termination payout in cash equal to six
months' annual salary
For further information,
please contact:
METMINCO LIMITED
Graeme Hogan Office: +61 (0) 2
9460 1856
NOMINATED ADVISOR AND BROKER
RFC Ambrian
Australia
Andrew Thomson / Alena Broesder Office: +61 (0) 2
9250 0000
United Kingdom
Charlie Cryer Office: +44 (0) 20
3440 6800
PUBLIC RELATIONS
Camarco
United Kingdom
Gordon Poole / Nick Hennis Office: + 44 (0) 20
3757 4997
Media + Capital Partners
Australia
Luke Forrestal Office: +61 (0) 411
479 144
Market Abuse Regulation (MAR) Disclosure
The information communicated in this announcement includes
inside information for the purposes of Article 7 of Regulation
596/2014.
Forward Looking Statement
All statements other than statements of historical fact included
in this announcement including, without limitation, statements
regarding future plans and objectives of Metminco are
forward-looking statements. When used in this announcement,
forward-looking statements can be identified by words such as
"anticipate", "believe", "could", "estimate", "expect", "future",
"intend", "may", "opportunity", "plan", "potential", "project",
"seek", "will" and other similar words that involve risks and
uncertainties.
These statements are based on an assessment of present economic
and operating conditions, and on a number of assumptions regarding
future events and actions that, as at the date of this
announcement, are expected to take place. Such forward-looking
statements are not guarantees of future performance and involve
known and unknown risks, uncertainties, assumptions and other
important factors, many of which are beyond the control of the
Company, its directors and management of Metminco that could cause
Metminco's actual results to differ materially from the results
expressed or anticipated in these statements.
The Company cannot and does not give any assurance that the
results, performance or achievements expressed or implied by the
forward-looking statements contained in this announcement will
actually occur and investors are cautioned not to place undue
reliance on these forward-looking statements. Metminco does not
undertake to update or revise forward-looking statements, or to
publish prospective financial information in the future, regardless
of whether new information, future events or any other factors
affect the information contained in this announcement, except where
required by applicable law and stock exchange listing
This information is provided by RNS
The company news service from the London Stock Exchange
END
BOALIFIDVTIVFIT
(END) Dow Jones Newswires
March 23, 2018 03:10 ET (07:10 GMT)
Metminco (LSE:MNC)
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Metminco (LSE:MNC)
過去 株価チャート
から 1 2024 まで 1 2025
