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CHL - Churchill Mining News Story

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Completion of Placing & Director Appointments

Mon 6th June, 2011 7:00am
RNS Number : 8862H
Churchill Mining plc
06 June 2011

6 June 2011                                                                                                                   AIM:  CHL



("Churchill" or "the Company")

Completion of Placing and Board Appointments


Churchill Mining Plc (AIM: CHL) is pleased to announce the completion of the placing announced on 3 May 2011.  The private placement of 19,345,000 ordinary shares was made at 40 pence per share to Mr. Rachmat Gobel and Ms. Fara Luwia, through a jointly-held company majority-owned by Mr. Gobel raising £7,738,000.  The price of 40 pence per share represented a 60% premium to the 20-day volume weighted average share price as of 28 April 2011, the day prior to the execution of the subscription agreement.  The shares represent approximately 16.0% of the enlarged issued ordinary share capital of Churchill. The new ordinary shares will rank pari passu with the Company's existing ordinary shares and trading is expected to commence on 9 June 2011.


The Company is also pleased to announce that, in conjunction with this strategic investment, the Board is being strengthened by the appointment of Mr. Rachmat Gobel, Ms. Fara Luwia and Mr. Gregory Radke to the Board, each in the capacity of a Non-Executive Director.


David Quinlivan, Executive Chairman of the Company, commented, "We remain delighted to gain the reach and experience of Mr. Gobel and Ms. Luwia as they join us, both as investors and Board Members.  Although Churchill is already well funded, the constructive injection of capital, and the associated premium paid, demonstrates their support for the project.  In addition, we are excited that Mr. Radke is joining the Board and bringing to Churchill the depth and breadth of his corporate, legal and market expertise."


Churchill will use the proceeds of the placement for the further development of the East Kutai Coal Project.


Board Appointments


The Board will be strengthened by a number of key appointments, which reflect the need for a strengthened and experienced regional presence and also reflects the revised shareholder base. 


The following appointments have been made with immediate effect:


Mr. Rachmat Gobel (aged 48) - Non-Executive Director


Mr. Gobel is the President Director and majority owner of PT Gobel International "PT Gobel".  PT Gobel is a well-known and highly respected company with an impressive track record of partnering with international companies in Indonesia.  PT Gobel recently celebrated the 50th anniversary of its successful partnership with the Matsushita Corporation (now Panasonic Corporation), and is the local representative of Qatar Telecom in PT Indosat Tbk, one of the largest mobile telecommunications providers in Indonesia. 


Mr. Gobel serves as the director for numerous corporations within PT Gobel International, as well as Commissioner of PT Indosat Tbk and PT SMART, Tbk.  He is the Vice Chairman of the Advisory Board of the Indonesian Chamber of Commerce and Industry, the Vice Chairman of the Employers' Association of Indonesia, and the Chairman of the Patronage Council of the Indonesian-Japan Economic Committee.


In addition to his business activities, Mr. Gobel is the Vice Chairman of the Indonesian Red Cross and the Vice Chairman of the Indonesian Olympic Committee, as well as Executive Chairman of the Organizing Committee of the SEA Games for 2011.


Ms. Fara Luwia (aged 42) - Non-Executive Director


Ms. Luwia is a successful Indonesian businesswoman, as President Director of PT Goldkey Property she leads large commercial property/land deals in Indonesia.  Currently Ms. Luwia is developing one of the largest modern rice mills in Indonesia in partnership with a large global commodities trader based in Switzerland. 


Ms. Luwia was previously involved in the franchise business of major European brands in clothing and furniture, and was also active in real estate for more than 12 years.


Mr. Gregory Radke (aged 45) - Non-Executive Director


Mr. Radke is a key member of the senior management team of Pala Investments AG, serving as General Counsel.  Pala Investments AG is the exclusive advisor to Pala Investments Holdings Limited, a long-term private equity investment group and the largest shareholder in Churchill Mining.  Pala has a wealth of experience in supporting and advising natural resource companies in various stages of development.


Prior to joining Pala, Greg was a Vice President and Corporate Counsel at Prudential Financial, Inc., responsible for all aspects of legal and transactional oversight of the pan-Asian and Mexican/Latin American asset management businesses of its Pramerica Real Estate Investors division.  He specialised in the foreign investment regimes of various developing countries across Asia, Africa and the Americas, as well as the formation and management of investment funds for institutional investors from Asia, Australia, Europe, the Middle East and North America.  In the late 80's and through the 90's, Greg split his time between Asia and New York, holding various positions in the legal sector in cities such as Hong Kong, Shanghai, Taipei and Tokyo and, in particular, as a senior associate with Clifford Chance Rogers & Wells LLP's New York office, where he advised clients on public and private offerings of equity and debt, as well as on mergers and acquisitions involving both publicly and privately traded companies.


Mr. Radke received a J.D. from Columbia University and a B.A., magna cum laude, from Harvard University.










AIM Disclosures for Directors: 



Current Directorships

Directorships held in the last

5 years

Mr. Rachmat Gobel

PT Gobel International

PT Gobel Dharma Nusantara

PT Panasonic Manufacturing Indonesia


PT Panasonic Gobel Indonesia

(President Commissioner)

PT Panasonic Gobel Energy Indonesia

(President Commissioner)

PT Panasonic Electric Works Gobel Manufacturing Indonesia

(President Commissioner)

PT Panasonic Healthcare Indonesia

(President Commissioner)

PT Panasonic Electric Works Gobel Sales Indonesia

(President Commissioner)

PT Nusantara Parkerizing

(President Commissioner)

PT Parker Metal Treatment Indonesia

(Vice President Commissioner)

PT Smart, Tbk


PT Indosat, Tbk


Ms. Fara Luwia

PT Lumbung Padi Indonesia

PT Goldkey Property

Mr. Gregory Radke

Coalcorp Mining Inc

Rockwell Diamonds

New Birmingham Inc

Crowflight Minerals

Norcast Wear Solutions

Melior AG

Alacer AG



Greg Radke was a Director of Melior AG which was put into voluntary liquidation in April 2010, and a Director of Alacer AG which was put into voluntary liquidation in November 2009.


This announcement includes all information required to be disclosed under Rule 17 and Schedule 2 (g) of the AIM Rules for Companies.





For further information, please contact:

Churchill Mining Plc

David Quinlivan

+ 61 8 6382 3737





Northland Capital

Partners Limited

Shane Gallwey / Luke Cairns

+44(0)20 7796 8800

Tavistock Communications

Paul Youens / Jos Simson

+44(0)20 7920 3150



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