Kore Potash PLC Appointment of CEO (5754P)

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RNS Number : 5754P

Kore Potash PLC

30 May 2018

30 May 2018

Kore Potash plc

("Kore Potash" or the "Company")

Appointment of CEO

Kore Potash plc, the potash development company whose flagship asset is the 97%-owned Sintoukola Potash Project ("Kola" or the "Project"), is pleased to announce the appointment of Mr Stuart Bradley ("Brad") Sampson, aged 52, as Chief Executive Officer ("CEO") and director, effective from 4 June 2018.

Brad, a mining engineer, has more than 25 years' resources industry experience across numerous locations including West and Southern Africa. In addition to significant mine development and operating experience, Brad has held leadership positions at several publicly listed companies.

Brad was most recently CEO of Australian Securities Exchange ("ASX") listed Tiger Resources Limited, a copper producer in the Democratic Republic of the Congo which in January 2018 entered into a binding agreement to sell its assets to a Chinese group for US$250m. Prior to this, Brad held senior positions at Newcrest Mining Ltd, one of the world's largest gold mining companies, including General Manager of Newcrest's West African operations. From 2008 to 2013, Brad was the CEO of AIM/ASX listed Discovery Metals Ltd, where he was hired to lead the project financing, construction and subsequent production of the Company's flagship copper asset in Botswana. Other notable positions include General Manager at Goldfields' operations in South Africa and Australia.

The outgoing CEO, Sean Bennett, will step down on 4 June 2018. As disclosed in the Company's recent AIM admission document, Sean will remain available to the Company to support the financing developments.

David Hathorn, Non-executive Chairman, said: "I am very pleased to announce the appointment of Brad Sampson as the new CEO. He is a highly experienced mining engineer and CEO who has spent over a decade of his career building and managing projects on the African continent. His appointment reflects the next chapter for Kore Potash as we approach the financing and project construction stages.

On behalf of the board, I would like to thank Sean for his significant contribution and, in particular, for his role in raising the capital required for the Definitive Feasibility Study, and in leading the Company in its redomicile and listings on AIM and the JSE. Sean joined in 2015 and leaves the business in a very strong position to deliver the Sintoukola Potash Project."

There is no other information that is required to be disclosed pursuant to paragraph (g) of Schedule Two to the AIM Rules for Companies.

Stuart Bradley Sampson

Current Directorships Previous Directorships

Chairman - Agrimin Ltd (AMN:ASX) Managing Director - Tiger Resources (TGS:ASX)

Managing Director - Discovery Metals (DML: AIM/ASX)

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").

ENDS

For further information, please visit www.korepotash.com or contact:

 
 Kore Potash                   Tel: [phone] 
  David Hathorn                 9140 
 Tavistock Communications      Tel: +44 (0) 20 
  Jos Simson                    7920 3150 
  Edward Lee 
 Canaccord Genuity - Nomad     Tel: +44 (0) 20 
  and Broker                    7523 4600 
  Martin Davison 
  James Asensio 
 
 

Mr Bradley Sampson

Key Terms and Conditions of Employment

 
 Commencement Date              Effective from 4 June 
                                 2018 
 Term                           Appointment on an on-going 
                                 basis subject to termination 
                                 by either party (see termination 
                                 and notice below) 
 Fixed remuneration             US$550,000 inclusive of 
                                 any director fees and 
                                 compulsory contributions, 
                                 subject to annual review 
                                 by the Remuneration Committee, 
                                 the first such review 
                                 to take place in the first 
                                 calendar quarter of each 
                                 year 
 Incentive Arrangements 
 Project Financing Completion   Eligible to receive a 
  bonus                          cash bonus of US$550,000 
                                 upon securing project 
                                 financing for the Kola 
                                 Project ("Project Financing 
                                 Completion") 
 Annual Bonus                   Following Project Financing 
                                 Completion, eligible to 
                                 receive an annual bonus 
                                 of up to 100% of salary 
                                 as determined by the Board 
 Long Term Bonus                Eligible to receive 17,200,000 
                                 Options under the Directors 
                                 and Executives 2018 Share 
                                 Option Plan which will 
                                 vest upon certain milestones 
                                 being achieved in relation 
                                 to the Kola Project 
 Termination and Notice         Termination by either 
                                 party can be made with 
                                 6 months' notice (or payment 
                                 in lieu), other than where 
                                 employment is terminated 
                                 for gross misconduct or 
                                 other material breach, 
                                 in which case the Company 
                                 may terminate with no 
                                 notice period. 
 Post-employment Restrictions   Restricted from competing 
                                 with the business for 
                                 a period of six months 
                                 and soliciting personnel, 
                                 customers, prospective 
                                 customers and suppliers 
                                 for a period of 12 months 
                                 post-termination (less 
                                 any period of garden leave) 
=============================  ================================== 
 

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END

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May 30, 2018 02:01 ET (06:01 GMT)