TIDMCAF
China Africa Resources PLC
09 March 2017
China Africa Resources plc
("China Africa" or "the Company" or "CAF")
Senior Management Appointment
China Africa Resources plc (LON:CAF) the AIM listed natural
resource exploration and development company, is pleased to
announce that Mr Peter Bojtos has been appointed President with
responsibility for project origination and development with
immediate effect.
Peter Bojtos is a Professional Engineer with over 40 years of
experience in the mining industry and a strong background in
corporate management; including all facets of the industry from
exploration through the feasibility study stage to mine
construction, operations and decommissioning.
Mr. Bojtos graduated from the University of Leicester in 1972,
following which he worked at a number of open-pit iron-ore and
underground base-metal and uranium mines in West Africa, the United
States and Canada. Following that, for the next 12 years, he worked
in Toronto for Kerr Addison Mines Ltd., a Noranda Group company, in
increasingly senior management and officer positions. He was the
President & CEO of RFC Resource Finance Corp between 1990 to
1992 and was the President & CEO of Consolidated Nevada
Goldfields Corp from 1992 to 1993. Mr. Bojtos was also Chairman
& CEO of Greenstone Resources Ltd between 1993 to 1995.
For the past 18 years Mr. Bojtos has also been an independent
director of numerous Canadian, US, Australian, London or European
listed mining and exploration companies including Birim Goldfields
Inc., Desert Sun Mining Corp., Queenstake Resources Ltd., European
Uranium Inc., US Gold Corp., Vaaldiam Resources Ltd. and William
Resources Inc.
Over his career he has visited and evaluated properties in over
70 countries carrying out approximately 20 significant corporate
acquisitions, mergers or sales that involved 24 operating mines.
Mr. Bojtos has participated in the financing, development, building
or reopening of 19 mines and has had a hand in the operation of 24
producing mines.
David Linsley, Chief Executive Officer, commented:
'When the opportunity to develop China Africa Resources
presented itself my first call was to Peter. Having worked together
over the past three years on a number of opportunities I knew Peter
would be the perfect person to add to the team. Given his expertise
and knowledge he will undoubtedly play a major role in the
development of the Company as we look to deliver our strategy
sourcing the most appropriate opportunities and projects to invest
in.
Peter Bojtos, President, said:
"I am delighted to join David and the team at this early stage
and look forward to evaluating and developing opportunities that I
feel would be appropriate for the company. David has put together
an exceptional team of renowned industry experts with a knowledge
base across numerous commodities and geographies. This will ensure
the company is well placed and has the skill sets to move quickly
in evaluating potential deals and creating shareholder value."
For further information on the Company, visit:
http://www.chinaafricares.com/.
China Africa Resources T: +44 (0)203
PLC 778 0655
David Linsley, Chief Executive
Officer
SPARK Advisory Partners T: +44 (0) 2033
- Nominated Adviser 683 555
Sean Wyndham-Quin
Neil Baldwin www.sparkadvisorypartners.com
SI Capital Limited - Joint T: +44 (0) 1483
Broker 413 500
Nick Emerson
Andy Thacker
Beaufort Securities Limited T: +44 (0) 207
- Joint Broker 382 8300
Elliot Hance
Blytheweigh - Financial T: +44 (0) 207
PR 138 3204
Tim Blythe, Camilla Horsfall,
Nick Elwes
China Africa Resources Investing Policy:
Under the AIM Rules for Companies, CAF is required to complete
an acquisition or acquisitions that constitutes a reverse takeover
within six months of becoming an AIM Rule 15 Cash Shell or it will
face suspension from trading on AIM. The Directors intend to apply
the investing policy set out below in seeking an acquisition or
acquisitions that will constitute a reverse takeover but there can
be no certainty that they will be able to do this in the specified
time frame.
The Board proposes to invest in and/or acquire companies and/or
projects within the natural resource sector but with a particular
interest in opportunities in the precious and base metals
sectors.
The Board will not be limited to a specific geographic focus. In
selecting investment opportunities, the Board will focus on
businesses, assets and/or projects that are available at attractive
valuations and hold opportunities to unlock embedded value or
where, through efficient and focused work, there is the prospect of
adding considerable value to each project, for the benefit of
shareholders.
Where appropriate, the Board may seek to invest in businesses
where it may influence the business at a board level, add their
expertise to the management of the business, and utilise their
industry relationships and access to finance.
The Company's interests in a proposed investment and/or
acquisition may range from a minority position to full ownership
and may comprise one investment or multiple investments. The
proposed investments may be in quoted or unquoted companies; be
made by direct acquisitions or farm-ins; and may be in companies,
partnerships, earn-in joint ventures, debt or other loan
structures, joint ventures or direct or indirect interests in
assets or projects. The new Board may focus on investments where
intrinsic value can be achieved from the restructuring of
investments or merger of complementary businesses.
The Board expects that investments will typically be held for
the medium to long term, although short term disposal of assets
cannot be ruled out if there is an opportunity to generate an
attractive return for Shareholders. The Board will place no minimum
or maximum limit on the length of time that any investment may be
held.
The Board will conduct initial due diligence appraisals of
potential businesses or projects and, where they believe further
investigation is warranted, intend to appoint appropriately
qualified persons to assist.
The Board believes it has a broad range of contacts through
which it is likely to identify various opportunities which may
prove suitable. The Board believes its expertise will enable it to
determine quickly which opportunities could be viable and so
progress quickly to formal due diligence.
The Company will not have a separate investment manager. The
Board proposes to carry out a comprehensive and thorough project
review process in which all material aspects of a potential project
or business will be subject to rigorous due diligence, as
appropriate. Due to the nature of the sector in which the Company
is focused the Company expects a focus on capital returns over the
medium to long term. Should opportunities arise for an early cash
return to investors, this will be considered by the Board.
It is emphasised that there is no certainty that the Company
will be able to secure an acquisition or Reverse Takeover as set
out above.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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