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Anglo-African Minerals announces New Funding and Directorate changes
Edited by : AL CIRCLE
2 min read
Anglo African Minerals plc, the dedicated bauxite exploration and development company is pleased to announce the terms of a private share placement of 7,590,000 ordinary shares of EUR0.001 for total subscription funds of EUR759, 000.
As a consequence of this funding a number of loans associated with shareholders have been converted into ordinary shares on the same terms as the placement. A total amount of EUR1.2 million has been agreed to be converted into ordinary shares. There are now 83,487,899 ordinary shares in issue.
In addition, an extensive re-structure of the board and management of the Company has taken place, as follows.
With immediate effect, the following directors have been appointed to the board:
Roy Pitchford
Mr. Pitchford has been appointed chairman of the board. He is South Africa-born, and now lives in England where, in 2011, he and associates listed Ferrex plc on London's AIM, intent on advancing iron ore and manganese exploitation in South Africa and other African countries.
Simon Farrell
Mr. Farrell has a Bachelor of Commerce degree from the University of Western Australia and an MBA from the Wharton School of the University of Pennsylvania. He has held a number of senior management and board positions in the resources sector over the past 20 years.
Willie West
Mr. West was a partner of Potts West Trumbull, Members of the Australian Stock Exchange when it was sold to Prudential Bache 1990.
David Mann
Mr. Mann is a South African with past experience in the securities markets with a leading Johannesburg broker, Irish & Company. Over the past decade David has been a founder investor in a number of private companies across a range of industry sectors.
Messrs. Levy, Makamba, and Copsey have resigned from the board.
Commenting on today's announcement, Roy Pitchford, Chairman, said: 'We can look forward to an aggressive and dynamic future under the strength of the new board. There is a strong and positive belief that the Company's bauxite deposit in Guinea can be brought to economic fruition. On behalf of the Board I would like to thank each of the resigning directors for their contribution and efforts towards the Company.'
As a consequence of this funding a number of loans associated with shareholders have been converted into ordinary shares on the same terms as the placement. A total amount of EUR1.2 million has been agreed to be converted into ordinary shares. There are now 83,487,899 ordinary shares in issue.
In addition, an extensive re-structure of the board and management of the Company has taken place, as follows.
With immediate effect, the following directors have been appointed to the board:
Roy Pitchford
Mr. Pitchford has been appointed chairman of the board. He is South Africa-born, and now lives in England where, in 2011, he and associates listed Ferrex plc on London's AIM, intent on advancing iron ore and manganese exploitation in South Africa and other African countries.
Simon Farrell
Mr. Farrell has a Bachelor of Commerce degree from the University of Western Australia and an MBA from the Wharton School of the University of Pennsylvania. He has held a number of senior management and board positions in the resources sector over the past 20 years.
Willie West
Mr. West was a partner of Potts West Trumbull, Members of the Australian Stock Exchange when it was sold to Prudential Bache 1990.
David Mann
Mr. Mann is a South African with past experience in the securities markets with a leading Johannesburg broker, Irish & Company. Over the past decade David has been a founder investor in a number of private companies across a range of industry sectors.
Messrs. Levy, Makamba, and Copsey have resigned from the board.
Commenting on today's announcement, Roy Pitchford, Chairman, said: 'We can look forward to an aggressive and dynamic future under the strength of the new board. There is a strong and positive belief that the Company's bauxite deposit in Guinea can be brought to economic fruition. On behalf of the Board I would like to thank each of the resigning directors for their contribution and efforts towards the Company.'
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