REG - Katoro Gold PLC - Proposed New Chairman Appointment

Katoro GoldAnnouncement

15/02/2024 07:00

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RNS Number : 1970D  Katoro Gold PLC  15 February 2024

 

 

Katoro Gold plc (Incorporated in England and Wales)

(Registration Number: 9306219)

Share code on AIM: KAT

ISIN: GB00BSNBL022

('Katoro' or 'the Company')

 

Dated: 15 February 2024

 

 

Katoro Gold PLC ("Katoro'"or "the Company")

 

Proposed New Chairman Appointment

 

Katoro Gold PLC (AIM:KAT), the strategic and precious minerals exploration
and development company, announces the proposed appointment of Sean Wade as
Non-executive Chairman of the Company.

Mr Wade has extensive professional experience in the junior resource
exploration sector, with board experience across multiples entities
encompassing a wide variety of commodities and geographies.  He is the Chief
Executive Officer of Power Metal Resources PLC (AIM:POW), Katoro's joint
venture partner at the Haneti Project in Tanzania, targeting a major metal
discovery (KAT 65%:POW 35%).

Prior to that Mr Wade served in senior roles in mining companies including
Berkeley Energia PLC, Pensana PLC and Asia Resource Minerals PLC. He has
worked on numerous transactions in the capital markets, including IPO's,
secondary capital raising and M&A in a wide variety of different
jurisdictions and exchanges. His extensive network covers numerous capital
providers, including institutional funds, family offices and private wealth.

 

Mr Wade's appointment is conditional only on the satisfactory completion of
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.

A further announcement will be made shortly following completion of the
aforementioned due diligence process.

FURTHER INFORMATION

As outlined in the Company's announcement of 12 February 2024 two new
directors are to be appointed to the Board of the Company.  Mr Wade, subject
to due diligence as outlined, will be the first and a second director is
expected to be appointed shortly thereafter.

Following the appointment of Mr Wade as Non-executive Chairman, Louis Coetzee,
former Chairman, will remain as Executive Director and will then step down
from the Board and employment with the Company simultaneously with the
appointment of the second director.  Mr Coetzee will then become a consultant
to Katoro until 31 July 2024 to assist with the transition of
responsibilities.

Sean Wade, proposed new Non-executive Chairman of Katoro Gold plc commented:

"Subject to new director due diligence completion I will be pleased to assume
the role of Non-executive Chairman of Katoro Gold and look forward to helping
bring new life and opportunity to the Company and its shareholders.

"The first task is to complete the planned Board changes and establish the
Katoro business model firmly in the eyes of the market.

"The Company will communicate material developments at the earliest
opportunity."

 

As part of Mr Wade's employment contract Mr Wade will, on his appointment as
Non-executive Chairman, be 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 6 months.

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:

 

 Louis Coetzee    Info@katorogold.com (mailto:Info@katorogold.com)  Katoro Gold PLC           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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