TORONTO, June 30, 2020 (GLOBE NEWSWIRE) -- Xanadu Mines Ltd (ASX: XAM | TSX:XAM) ( (Xanadu or the Company) advises that Stephen Motteram, being the nominee of Noble Resources International Pte. Ltd.’s (Noble) to the Xanadu Board, has resigned as a director of the Company.
Mr Motteram was appointed as a Director of Xanadu on 1 November 2019 in accordance with the First Variation Agreement US$4,000,000 Facility Agreement between Noble and the Company, where Noble retained the right to nominate a director to the Xanadu Board until the earlier of (a) 30 June 2020; or (b) the date upon which Noble's shareholding falls below 20,017,114 shares. As Noble's shareholding has not fallen below 20,017,114 shares, Mr Motteram will resign from the Board on 30 June 2020.
Xanadu’s Chairman Mr Colin Moorhead said, “On behalf of the Board, I would like to thank Stephen for his contribution to the Xanadu Board and wish him well for the future.”
| For further information, please contact: | |
| Andrew Stewart | Spencer Cole |
| Chief Executive Officer | Chief Financial Officer |
| M: +61 409 819 922 | M: +61 434 047 987 |
| E: Andrew.stewart@xanadumines.com | E: spencer.cole@xanadumines.com |
| W: www.xanadumines.com |
This Announcement was authorised for release by Xanadu’s Board of Directors.