20 March, 2012
SYNDICATED METALS LIMITED ANNOUNCES BOARD AND MANAGEMENT CHANGES, $1M SHARE PLACEMENT AND REFRESHED CORPORATE STRATEGY Key Points:• Experienced mining executives Peter Langworthy (Non-executive Chairman), Andrew Munckton (Managing Director) and David Morgan (Operations Director) to join the Syndicated Board. Mr Russell Davis to retire as Managing Director.
• Mr Langworthy (ex-Jubilee Mines/Talisman Mining), Mr Munckton (ex-Gindalbie Metals, Avalon Minerals) and Mr Morgan (ex-Rio Tinto, WMC, Equigold, Sundance Resources) and are highly regarded mining executives who bring a broad range of skills and experience to Syndicated.
• Proposed $1M share placement to be undertaken at 7.4c per share to strategic resource investors, including the incoming Directors, subject to shareholder approval.
• Restructured Board and Management team to implement a re-energised strategy for exploration, resource assessment and resource development within Syndicated's high-quality portfolio of copper-gold projects in North Queensland.
Changes to the Board
Following completion of a strategic review, Syndicated Metals
Limited (ASX: SMD) is pleased to announce the appointment of
three highly regarded mining executives to its Board to
spearhead the Company's next stage of growth and
development.
The new appointments include experienced geologist and former
Jubilee Mines NL Executive General Manager - Exploration,
Peter Langworthy, as Non-executive Chairman, former Gindalbie
Metals Ltd and Avalon Minerals Ltd executive, Andrew
Munckton, as Managing Director and former Gindalbie Metals
Ltd, Rio Tinto Ltd, Equigold NL and Sundance Resources Ltd
executive, David Morgan, as Operations Director.
At Jubilee Mines NL, Mr Langworthy played a key role in the
discovery of several significant nickel sulphide orebodies at
the Cosmos Nickel Project in Western Australia and was part
of the Executive Management Team which led the company until
its takeover by Xstrata plc for more than $3 billion,
crystallising significant value for shareholders.
He was most recently Technical Director at Talisman Mining
Ltd and has also been a Non- Executive Director at Northern
Star Resources Ltd.
Mr Munckton was most recently Managing Director of Avalon
Minerals Ltd, where he played a key role in securing the
Viscaria Copper Project in Sweden, and led the exploration
and project teams which progressed the project through to a
Bankable Feasibility Study.
Mr Morgan most recently managed the Pre-Feasibility Study for
Sundance Resource Ltd's world- class Mbalam Iron Ore Project
in Cameroon and, prior to that, was General Manager -
Operations at Equigold NL's highly successful Mt Rawdon Gold
Mine in Queensland.
SYNDICATED METALS ASX Release 16 March 2012
In conjunction with these appointments, Syndicated's founding
Managing Director, Mr Russell Davis, will retire from the
Syndicated Board, effective immediately, to enable the
installation of a team with the project development skills to
take the company to its next level of growth.
Mr Davis has played a key role in the establishment, listing
and development of Syndicated and is responsible for
assembling the Company's strategic land package in one of the
world's premium base metal provinces. The Syndicated Board
would like to express its appreciation to him for his
substantial contribution to the Company over this period.
Jan Hope and KD Park will remain on the Board as
Non-Executive Directors. Mr Bruce McCullagh will remain as
Syndicated's Company Secretary but will retire as a Director
after a suitable hand-over period.
In conjunction with the Board and Management changes,
Syndicated will, subject to shareholder approval, undertake a
share placement to a group of strategic resource investors to
support the
Company's ongoing exploration activities in North Queensland
(Placement).
Under the Placement, Syndicated will issue 13,485,881 Shares
to sophisticated and professional investors (New Shares) at
an issue price of 7.4 cents per New Share to raise $997,955.
The New Shares will be fully paid ordinary shares in the
capital of the Company and rank pari passu with existing
ordinary shares.
Subject to shareholder approval, Mr Langworthy, Mr Munckton
and Mr Morgan will participate in the Placement.
For every 2 New Shares subscribed for, the subscribers will
receive 1 free attaching option (equally apportioned from
each of the series below) to subscribe for fully paid
ordinary shares (New Options) as follows1:
Series | Exercise Price | Vesting Date | Expiry Date |
A | $0.164 | 12 months from the date of issue | 4 years from the date of issue |
B | $0.205 | 18 months from the date of issue | 4 years from the date of issue |
C | $0.246 | 24 months from the date of issue | 4 years from the date of issue |
The employment terms for Peter Langworthy, Andrew Munckton and David Morgan will be detailed in a subsequent ASX announcement.
SummaryThe new directors bring a significant depth of experience in all facets of the exploration and mining sectors, from project evaluation and acquisition, exploration and discovery through to resource evaluation, feasibility, project financing, development and mining operations.
1 New Options will be issued in three equal tranches against the subscriber's total entitlement for New Options. For example if a subscriber has subscribed for 1,200,000 New Shares, the New Option entitlement will be
600,000 New Options, the subscriber will be issued 200,000 New Options from each of Series A, B and C.
2SYNDICATED METALS ASX Release 16 March 2012
The Board of Syndicated is pleased to welcome its new members
and is confident that the new
Board and Management team has the capability to progress the
Company's high quality portfolio
of copper-gold assets in North Queensland towards
development, and to reposition Syndicated as a successful
mid-tier mining company.
The first task to be undertaken by the new Board and
Management team will be to review the outcomes of the
recently concluded strategic review of the Company and to
develop a program for progressing and adding value to the
Company's mineral assets in the Mt Isa District of North
Queensland.
For further information, please contact: Peter Langworthy -
Chairman
on +61 418 958 660
For media inquires, please contact: Nicholas Read - Read
Corporate on +61 419 929 046
SYNDICATED METALS ASX Release 16 March 2012
2distributed by | This press release was issued by Syndicated Metals Limited and was initially posted at http://www.syndicatedmetals.com/reports/ComanyRestructure.pdf . It was distributed, unedited and unaltered, by noodls on 2012-03-20 09:01:38 AM. The issuer is solely responsible for the accuracy of the information contained therein. |