Katoro Gold PLC Proposed Director and Interim CEO Appointment

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 or contact:

 

Sean Wade	[e-mail]	Katoro Gold PLC	Non-executive Chairman
James Biddle Roland Cornish	[phone]	Beaumont Cornish Limited	Nominated Adviser
Nick Emmerson Sam Lomanto	[phone]	SI Capital Ltd	Broker

 

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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END

 

 

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