TIDMMTL
RNS Number : 2363W
Metals Exploration PLC
22 April 2021
22 April 2021
METALS EXPLORATION PLC
("Metals Exploration" or the "Company")
Appointment of Non-Executive Directors
Metals Exploration plc (AIM: MTL) the natural resources
exploration and development company with assets in the Pacific Rim
region, is delighted to announce the appointment of three new
Non-Executive Directors:
- David Cather as Independent Non-Executive Chairman; formerly
CEO (Mining) of Abu Dhabi Capital Group and Avocet Mining plc
- Jeremy Wrathall as Independent Non-Executive Director; CEO of
Cornish Lithium Ltd and formerly Global Head of Natural Resources -
London at Investec
- Andrew Chubb as Non-Executive Director; Partner and Head of
Mining at investment bank Hannam & Partners
David was formerly CEO (Mining) of Abu Dhabi Capital Group, a
private family office based in UAE and immediately prior to that
was CEO of Avocet Mining plc, a LSE and Oslo listed gold production
company with a 95,000oz per annum operating mine in Burkina Faso
and an advanced development project in Guinea. David's previous
roles include acting as Chief Operating Officer of European
Goldfields and a member of a London based fund management team,
Grafton Resource Investments and various positions with Anglo
American plc. He has participated in numerous acquisitions and IPOs
of mining companies on various stock exchanges and has significant
expertise in mine development. He is currently Non-Executive
Director of AK Altynalmas JSC, a Kazakhstan emerging mid-tier gold
producer and of Galantas Gold Corporation, a Northern Irish
underground gold developer.
Jeremy has over 30 years of experience in the mining finance
industry and has advised numerous mining companies on transactions
globally. Following his graduation in Mining Engineering from the
Camborne School of Mines in Cornwall, he spent three years working
as a mining engineer in the South African gold mining industry.
Subsequently, Jeremy pursued a career in mining investment banking
in London, including senior roles at global investment banks,
including his most recent role as Global Head of Natural Resources
at Investec Bank London. He has advised on numerous transactions on
all of the world's major mining exchanges and has served as a
Non-Executive Director of mining companies listed on AIM and on the
ASX. Jeremy is a Fellow of the Institute of Materials, Minerals and
Mining and is currently CEO of Cornish Lithium Ltd, which he
founded in 2016.
Andrew is currently a Partner and Head of Mining at natural
resources focused investment bank Hannam & Partners.
Previously, Andrew was a Managing Director at Canaccord Genuity,
where he worked for eight years in the natural resources team. He
has a broad range of international corporate finance,
restructuring, capital markets and M&A experience focusing on
the metals, mining and natural resources sectors. During Andrew's
career, he has successfully advised on numerous IPOs, public and
private equity and convertible capital raises and M&A
transactions including AIM, TSX, ASX, NASDAQ and Official List
companies. Prior to joining Canaccord Genuity, he spent four years
with law firm BLP and has a first class law degree from Manchester
University.
Subject to the approval by shareholders at the next AGM,
together with any other applicable consents, the Company intends to
offer each of the three new Non-Executive Directors the ability to
participate in a Company option incentive scheme, once adopted, on
the following basis:
-- Each new Non-Executive Director to be issued 6,600,000 zero priced options;
-- Provided the individual remains a director of the Company,
the option vesting conditions include (i) one third of the options
vest on issue, (ii) one third of the options vest on the first
anniversary of issue, and (iii) one third of the options vest on
the second anniversary of issue;
-- The options are exercisable after vesting provided the 30 day
volume weighted average price (VWAP) of the Company's quoted shares
exceed 143% of the 30 day VWAP price on the date of their
appointment; and
-- Subject to the parties entering into an option scheme deed
containing market standard terms and conditions for such deed and
scheme.
The Company is in the process of developing an incentive plan to
make appropriate awards to executive management which may be under
the same option scheme or under a separate management incentive
scheme. Further details will be provided to shareholders for
approval once the details are finalised.
The new Non-Executive Directors are expected to be appointed as
members of the Company's Board committees, which will be formalised
at the next Board meeting in early May 2021. A further announcement
will be made in due course.
Darren Bowden continues as an Executive Director/CEO and Guy
Walker and Andrew Stancliffe both continue as Non-Executive
Directors of the Company.
Guy Walker, outgoing Non-Executive Chairman of Metals
Exploration, commented :
"We are delighted to welcome David, Jeremy and Andrew to the
Board. Attracting three Non-Executives of their calibre is a major
endorsement for the Company and also significantly strengthens our
Board. They bring an incredible wealth of experience and knowledge
across mining, mining finance and investment which we believe will
be very important to us as we continue to progress our Runruno
project and strengthen the Company's financial position. As a Board
we very much look forward to working with them to deliver our
strategy and future ambitions."
This Announcement contains inside information as defined in
Article 7 of the Market Abuse Regulation No. 596/2014 ("MAR"). Upon
the publication of this Announcement, this inside information is
now considered to be in the public domain.
For further information please visit or contact
www.metalsexploration.com
Metals Exploration PLC
Via Tavistock Communications
Limited +44 (0) 207 920 3150
-------------------------
Nominated & Financial STRAND HANSON LIMITED
Adviser:
-------------------------
James Spinney, James
Dance, Rob Patrick +44 (0) 207 409 3494
-------------------------
Financial Adviser & Broker: HANNAM & PARTNERS
-------------------------
Nilesh Patel +44 (0) 207 907 8500
-------------------------
Public Relations: TAVISTOCK COMMUNICATIONS
LIMITED
-------------------------
Jos Simson, Nick Elwes +44 (0) 207 920 3150
-------------------------
Additional information on the Directorate Appointments
The following additional information is provided in accordance
with AIM Rule 17 and paragraph (g) of Schedule Two of the AIM Rules
for Companies.
Full name David Connal Cather
Age 61
----------------------------------------
Current AK Altynalmas JSC
directorships: Galantas Gold Corporation
Cather Mining Consultancy Limited
----------------------------------------
Historical Avocet Mining plc
directorships Fengro Industries Corp. (now Elemental
from previous Royalties Corp.)
5 years:
----------------------------------------
Full name Jeremy Bruce Earl Wrathall
Age 57
-----------------------------------
Current Cornish Lithium Ltd
directorships: Wrathall Consulting (Two) Limited
Geocubed Limited
Cornish Lithium G5 Limited
-----------------------------------
Historical Nil
directorships
from previous
5 years:
-----------------------------------
Full name Andrew Howard Chubb
Age 4 2
----------------------
Current Cora Gold Limited
directorships:
----------------------
Historical Hannam & Partners LLP
directorships
from previous
5 years:
----------------------
There is no further information to be disclosed in relation to
the directorate appointments pursuant to AIM Rule 17 or Schedule
Two paragraph (g) of the AIM Rules for Companies.
- END -
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