REG - Chesterfield Res Plc - Corporate Update and Appointment of Interim CEO

Chesterfield ResourcesAnnouncement

09/08/2022 09:15

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RNS Number : 3944V  Chesterfield Resources PLC  09 August 2022

Chesterfield Resources / EPIC: CHF / Market: LSE / Sector: Mining

 

9 August 2022

Corporate Update and Appointment of Interim Chief Executive Officer

Further to the announcement on August 4(th) Chesterfield Resources provides
shareholders with an update.

Mr Ajay Kejriwal is appointed as Interim Chief Executive Officer and will
continue in his duties as Chief Financial Officer. As the Company seeks to
enter into third party transactions involving its assets the focus for the
interim period will be identifying and executing transactions. Subsequent to
this period of transition it is intended that a new CEO will be recruited with
the appropriate technical and commercial skills to lead a junior exploration
company. Mr Kejriwal has agreed to a reduction in his renumeration as he
increases his responsibilities to the Company.

Mr Kejriwal has been involved in the junior resource sector for over 20
years. He has led a number of transactions, raised capital for several juniors
and advised as a consultant or Director to many mining and resource companies.
He currently serves as a Non Executive Director for Apollo Minerals (ASX: AON)
and several private entities. He has worked at Morgan Stanley, Cazenove and
co, and Nomura International. He is a Chartered Accountant having qualified
from PwC in London.

 

Corporate Update

Canada:

The Company stated in its RNS dated 4(th) August that it hopes to source the
capital for the development of Adeline from non-dilutive external sources.

Preliminary discussions with potential third parties have commenced and are at
a very early stage. Whilst a concluded transaction with these parties may or
may not happen, management is encouraged by the positive reaction to its
Adeline project when presented to potential investors or partners.

Corporate:

The Company has completed the initial round of cost efficiencies to minimise
the need for dilutive capital raisings. The Board is pleased to report that
the ongoing monthly cash outgoings are expected to reduce by over 50% in the
months ahead.

The aggregate compensation of the Board has been reduced by 50% as part of the
efficiency drive.

As a result of these savings and in the absence of any unforeseen events, the
Board does not expect to undertake any dilutive equity offerings for the
remainder of 2022, and the ambition is for that to extend well into 2023.

Paul Ensor, Executive Chairman said, "We have a strong team driving the
Company at this important time. Our initial goal is to move as quickly as
possible to realise value for our shareholders through potential agreements
with third parties with regard to our Canadian assets, while at the same time
rationalising and consolidating our licences in Cyprus. Ajay Kejriwal is
highly experienced in the sort of transactions that we contemplate in Canada
and a skilled negotiator. Our overriding concern throughout will be to enhance
shareholder value and avoid unnecessary dilution."

 

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to
constitute inside information. Upon the publication of this announcement via
a Regulatory Information Service, this inside information is now considered
to be in the public domain.

 

**ENDS**

 For further information, please visit www.chesterfieldresourcesplc.com
(http://www.chesterfieldresourcesplc.com/)  or contact:

 

Chesterfield Resources plc:

Paul Ensor, Executive Chairman
                   Tel: +44(0) 7595219011

 

First Equity Limited (Joint Broker)
            Tel: +44 (0)207 330 118

Jason Robertson

 

Panmure Gordon (UK) Limited (Joint Broker):           Tel: +44
(0)207 886 2500

John Prior & Hugh Rich

 

 

 

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