DGAP-News: Anglo-African Minerals plc / Key word(s): Change of
Personnel/Capital Increase
Anglo-African Minerals plc: New funding and board changes
17.07.2012 / 19:02
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Press Release
Company: Anglo-African Minerals plc
Symbol: FSE: AMQ
ISIN: IE00B66ML191
WKN A0N9YH
Release Date: 17 July 2012
Anglo-African Minerals plc - New Funding and Directorate changes
Anglo African Minerals plc ('Company'), 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 Africaand other African countries. His
involvement in mining projects in Africa has dominated his business career,
with his founding of operations in Zimbabwe and South Africa. He has held
senior positions with companies that include Cluff Resources, Zimplats,
Afplats, African Minerals and Central African Gold. Currently he is
chairman of Village Main Reef Limited, Lesego Platinum Mining Limited and
Unity Power plc, and non-executive director of Ferrex plc.
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. He is currently Deputy
Chairman of Coal of Africa and he is a director of LSE-listed Kenmare
Resources plc.
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. He became a
venture capital investor in Eastern European start-ups, including $100
million raise for Hungarian Investment Co. Ltd., in conjunction with John
Govett in 1990; the provision of $500 million of 'seed capital' for the
development of early stage resources in Eastern Europe and the former
Soviet Union. Latterly a founder of Resources Investment Trust plc and
thereafter the development of a private equity capital portfolio in the
resource sector.
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. He founded the Company in 2008 and has been a
supportive investor and shareholder since that time. David has numerous
mining connections throughout Africa and China.
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.'
ENDS
End of Corporate News
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178226 17.07.2012
DGAP-News: Anglo-African Minerals plc: New funding and board changes
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