Proposed Director and Interim CEO Appointment
28/06/2024 07:00
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RNS Number : 2238U Katoro Gold PLC 28 June 2024
Katoro Gold plc (Incorporated in England and Wales)
(Registration Number: 9306219)
Share code on AIM: KAT
ISIN: GB00BSNBL022
('Katoro' or 'the Company')
Dated: 28 June 2024
Katoro Gold PLC ('Katoro' or the 'Company')
Proposed Director and Interim Chief Executive Officer Appointment
Katoro Gold plc (AIM:KAT), the strategic and precious minerals exploration
and development company, announces an update in respect of the composition of
the Company's Board.
Louis Coetzee, has stepped down as Executive Director and from the Board of
the Company with immediate effect. This was in line with the agreed business
recovery plan and outlined in the financing announcement dated 12 February
2024. Mr Coetzee will provide transitional support as an external consultant
to assist the new Board from a general administrative perspective.
The Company also announces the proposed appointment of Patrick Cullen as a
Director and Interim Chief Executive Officer of the Company, to guide and
manage the Company through the next phase in its development including the
management and furtherance of existing interests and, as appropriate, the
completion of a potential project acquisition or acquisitions.
Mr Cullen has extensive geological, geophysical and mining experience gained
while working in the junior resource exploration and major mining sectors.
He has worked across a variety of commodities including gold, uranium, copper,
zinc, phosphate and platinum group metals. He has worked across a variety of
jurisdictions in North America and Europe and has particularly extensive
experience across Southern Africa where he was based for almost 20 years.
Mr Cullen has board experience at AIM listed junior explorers, as Managing
Director at Tertiary Minerals, where he successfully initiated that company's
copper exploration programs in Zambia. Prior to this he was Chief Executive
Officer at AIM traded Arkle Resources plc, exploring for gold and base metals
in Ireland.
Mr Cullen has also held senior positions at Kodal Norway (UK) Limited, TSX:V
listed Montero Mining & Exploration Ltd and ASX listed African Energy
Resources Limited (now named Alma Metals Limited). He held technical roles
with AngloGold Ashanti and Schlumberger. He holds a degree in Geology from
the University of Portsmouth and an MBA from the University of Southern
Queensland.
Mr Cullen's appointment is conditional only on the satisfactory completion of
the already underway stock market (including Nominated Adviser) due diligence
which is a standard procedure prior to the appointment of directors onto the
board of an AIM company.
It is intended that Mr Cullen will receive share options as part of his
appointment, at an exercise price of 0.2p with the amount and terms of the
options to be confirmed upon his formal appointment.
A further announcement will be made shortly following completion of the
aforementioned due diligence process including regulatory disclosures and
option award information.
Sean Wade, Non-executive Chairman of Katoro Gold plc commented:
"Subject to new director due diligence completion, I am looking forward to
welcoming Mr Cullen onto the Board of Katoro where he will accelerate existing
activities and help drive the development of new opportunities.
Patrick's technical background, his executive and management experience and
his knowledge gained working across a variety of commodities, particularly in
Southern Africa, are well-aligned with this Board's objective to revitalise
the Company and bring value to shareholders.
My thanks to Louis Coetzee for his work on behalf of the Company including his
support during recent months and willingness to continue as a consultant in
the upcoming transitional process.
The Company will communicate material developments at the earliest
opportunity."
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:
Sean Wade Info@katorogold.com (mailto:Info@katorogold.com) Katoro Gold PLC Non-executive Chairman
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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