Weatherly International PLC Board change (0782E)
February 06 2018 - 7:51AM
UK Regulatory
TIDMWTI
RNS Number : 0782E
Weatherly International PLC
06 February 2018
6 February 2018
This Announcement includes release of insider information
Weatherly International plc
("Weatherly" or "the Company")
Board change
The Board has today been informed that Edwin Bennet, a director
of the Company and appointee of Orion Mine Finance ("Orion"), a
significant shareholder, has tendered his resignation as a
director. The Company is involved in negotiations with Orion to
agree a long term restructuring of its secured debt facilities with
Orion and to avoid the formal, quarterly amendments to its debt
facilities. Mr Bennet is mindful that his ability to play a
meaningful role as director is inevitably compromised by his also
being the representative of the Company's largest shareholder and
creditor. We thank Mr Bennet for his contribution to the Company's
leadership over the past two years.
For further information please contact:
Weatherly International plc
+44 (0) 1707 800 774
Craig Thomas, Chief Executive Officer
Kevin Ellis, CFO and Company Secretary
RFC Ambrian Limited
+44 (0) 20 3440 6800
(Nominated Adviser & Broker)
Nominated adviser contact: Stephen Allen / Bhavesh Patel
Broker contact: Charlie Cryer
About Weatherly
Weatherly is an AIM listed copper mining company operating in
Namibia in southern Africa. Its principal assets are the Tschudi
Mine and the Otjihase Project. The Tschudi Mine is an operating
open pit mine producing refined copper cathode on site. The key
assets of the Otjihase Project are the Otjihase underground copper
mine and concentrator and the Matchless West underground copper
mine. The Otjihase Project assets are currently under care &
maintenance while in the Project Development stage. Weatherly also
owns 25% of China Africa Resources Namibia (CARN), a private
Namibian company which owns the high-grade Berg Aukas underground
zinc-lead-vanadium project. On 5 February 2018 it announced that it
had signed an agreement to purchase a further 65% of the company
subject to regulatory approval. On 12 December 2017, Weatherly
announced that it had entered into an agreement to purchase the
Kitumba copper development project in Zambia. The transaction has
subsequently been approved by the vendors shareholders and is only
subject to regulatory approval.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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