Interim Chief Executive Officer Appointment
04/07/2024 07:00
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RNS Number : 0618V Katoro Gold PLC 04 July 2024
Katoro Gold plc (Incorporated in England and Wales)
(Registration Number: 9306219)
Share code on AIM: KAT
ISIN: GB00BSNBL022
('Katoro' or 'the Company')
Dated: 4 July 2024
Katoro Gold PLC ('Katoro' or the 'Company')
Interim Chief Executive Officer Appointment Confirmed
Katoro Gold plc (AIM:KAT), the strategic and precious minerals exploration
and development company, announces, following completion of due diligence, the
confirmation of Mr Patrick Cullen as Interim Chief Executive Officer on the
Company's Board.
Mr Cullen is charged with guiding and managing the Company through the next
phase in its development including:
§ To drive forward the technical review as announced of the Haneti Project in
Tanzania and advancement of that project, held in joint venture with Power
Metal Resources plc (AIM:POW)
§ To extract value from the Company's business interests and AIM listing for
the benefit of all shareholders
§ To rapidly advance the review and potential acquisition, subject to AIM
rules and requirements, of new opportunities deemed potentially
transformational in the critical and precious metals exploration and/or
project development environment.
As outlined in the Company's announcement on 28 June 2024, Mr Cullen has
extensive geological, geophysical and mining experience gained while working
in the junior resource exploration and major mining sectors. This includes
board and senior managerial experience at AIM, TSX and ASX listed junior
explorers.
Since the Company's financing announced in February 2024, work has been
undertaken to advance existing interests including principally the Haneti
project in Tanzania, where a detailed technical review is underway. In
addition the Company has been working actively on a review of additional new
project opportunities. Mr Cullen will continue to progress this work.
Sean Wade, Non-executive Chairman of Katoro Gold plc commented:
"I am pleased to confirm Patrick's appointment to the role of Interim Chief
Executive Officer. With this appointment we are now able to push ahead at
some pace with our plans for the business and we are excited by the potential
opportunities available at this time."
Patrick Cullen, Interim Chief Executive Officer of Katoro Gold plc commented:
"I am excited to come on board at Katoro as part of the strategy to revitalise
the Company and I'm looking forward to working together with Sean and the
Board to accelerate the initiatives already underway.
I will be driving the Haneti technical review and optimising next steps as
well as advancing activities around new project opportunities. I look forward
to communicating updates to the market at the earliest opportunity."
REGULATORY DISCLOSURES
The following information is disclosed pursuant to Rule 17 and Schedule Two
paragraph (g) of the AIM Rules for Companies in relation to Patrick Brendan
Cullen, aged 53:
Current directorships and/or partnerships: Former directorships and/or partnerships (within the last five years):
None Tertiary Minerals plc
Tertiary Gold Limited
Tertiary Minerals US Inc
Arkle Resources plc (prev. Connemara Mining Company plc)
Oldcastle Zinc Limited
Arke Resources Ltd
Mr Cullen does not hold any shares in Katoro Gold plc.
Mr Cullen has confirmed there is no further information to be disclosed
pursuant to paragraph (g) of Schedule 2 of the AIM rules.
As part of Mr Cullen's employment contract as Interim Chief Executive Officer
he has been issued with Katoro Gold share options, namely, 25 million options
to subscribe for new Katoro Gold ordinary shares of 0.1p each at an exercise
price of 0.2p pence with a life to expiry of 3 years from today's date (the
"Director Options").
The Director Options are subject to a minimum service period of six months.
PDMR Disclosure
The notifications below, made in accordance with the requirements of the EU
Market Abuse Regulation, provide further detail on the director's share
dealing.
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name
Patrick Cullen
2 Reason for the notification
a) Position/status
Interim Chief Executive Officer
b) Initial notification /Amendment
Initial Notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name
Katoro Gold Plc
b) LEI
213800Q9L29ZXI53T558
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
a) Description of the financial instrument, type of instrument ordinary shares of 0.1p each
Identification code ISIN: GB00BSNBL022
b) Nature of the transaction
Issue of Share Options
c) Price(s) and volume(s)
Price(s) Volume(s)
0.2p 25,000,000
d) Aggregated information
- Aggregated volume 25,000,000
- Price 0.2 pence
e) Date of the transaction 2 July 2024
f) Place of the transaction Off Market
This announcement contains inside information as stipulated under the Market
Abuse Regulations (EU) no. 596/2014.
**ENDS**
For further information please visit www.katorogold.com
(http://www.katorogold.com) or contact:
Patrick Cullen Info@katorogold.com (mailto:Info@katorogold.com) Katoro Gold PLC Interim Chief Executive Officer
James Biddle +44 207 628 3396 Beaumont Cornish Limited Nominated Adviser
Roland Cornish
Nick Emmerson +44 148 341 3500 SI Capital Ltd Broker
Sam Lomanto
Beaumont Cornish Limited ('Beaumont Cornish') is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.
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