Directorate Change

RNS Number : 1521E
Xtract Resources plc
03 November 2020
 

Xtract Resources Plc

(“Xtract” or the “Company”)

 

Board appointment

 

As announced on 27 October 2020, Xtract had received all necessary approvals and satisfied all conditions precedent for the acquisition of the Bushranger copper-gold exploration project located in the Lachlan Fold Belt (“LFB”), New South Wales, Australia’s world-class copper-gold province.  Under the Acquisition Agreement, Xtract had agreed to appoint a person nominated by ProspectOre as a director of Xtract with effect from completion and the Board of Xtract is pleased to announce the appointment of Mr Jeremy Read as a Non-executive Director with immediate effect.

Colin Bird, Executive Chairman said “We welcome Jeremy to the board and look forward to his technical contribution to our various projects. Jeremy has operated in big companies as well as in the small cap sector gaining senior operational and admin experience. With his detailed knowledge of the Lachlan Fold Belt area we expect his contribution on the Bushranger Project to be invaluable as well his contribution to the remaining projects of our diverse portfolio.”

Jeremy Read is an experienced minerals resource industry executive, having worked on a broad range of precious and base metals projects in Australia, Africa, North America, India, and Scandinavia. Mr Read has wide ranging experience from project generation, greenfields, brownfields and project development. He has extensive exploration experience for gold, copper, and nickel sulphides. Mr Read spent 11 years working for BHP in Africa and Australia, including several years as the Manager of BHP’s Australian Exploration Team. Mr Read played key roles at BHP in the discovery of the Kabanga North nickel deposit, in Tanzania, and the Cairn Hill magnetite‐copper deposit in South Australia,  and subsequently at Discovery Metals Limited, in the discovery of the Boseto Copper deposit in Botswana.

Since 2003, Mr Read has concentrated on developing junior mineral resource companies. He has been the Managing Director of a number of ASX‐listed resource companies: Discovery Metals Limited, Meridian Minerals Limited, Avalon Minerals Limited, MinQuest Limited, and Pursuit Minerals Limited. Mr Read is a Member of the Australasian Institute of Mining and Metallurgy (“AusIMM'”).

As required under Schedule Two, paragraph (g) (i)-(viii) of the AIM Rules for Companies further disclosures on Mr. Read are as follows.

Mr Jeremy James Read, aged 56, has held the following directorships and/or partnerships in the past five years:

 

Current directorships and/or partnerships Past directorships and/or partnerships
Godolphin Resources Limited Metalsearch Limited
Pursuit Minerals Ltd E3 Metals Corp
Godolphin Tenements Pty Ltd Painchek Ltd (f.k.a. Minquest Limited)
ProspectOre Limited KFPL (UK) Pty Ltd
Read Family Super Pty Ltd Kraaipan Founders (UK) Pty Ltd
Triausmin Pty Ltd Australia China Minerals and Energy Resources Group Pty Ltd
Northern X Scandinavian AB Oresearch Pty Ltd
Northern X Finland OY Avalon Minerals Viscaria AB
Avalon Minerals Limited
Kraaipan Founders Pty Ltd
South East Metals Proprietary

 

Mr Read was a shareholder in ProspectOre Limited. On completion of the Acquisition, Mr Read received 10,545,906 new Xtract Shares representing 1.7 per cent of Xtract’s issued share capital. Mr Read has no other interest in ordinary shares in the Company.

Mr Read was non-executive chairman of Discovery Metals Limited (“DML”) when it appointed voluntary administrators on 27 February 2015. He ceased being a director of DML on 2 March 2015. DML was guarantor to debt owned by a wholly owned subsidiary, Botswana Copper Corporation, the operator of the Boseto copper mine. In January 2013, DML commenced a process to recapitalise the company and re-arrange its debt. A number of proposals were put to the lending syndicate but none were accepted. In the last quarter of 2014, during the process to refinance DML and its group companies, the copper price hit a five-year low, which had a material impact on the revenues of the group’s Boseto copper mine. Ultimately, DML was not able to meet its repayment schedule to the lenders and received a demand in February 2015 from the lenders for immediate repayment of all moneys owing in relation to that guarantee. The administrators did not lodge a report to ASIC pursuant to section 438D of the Corporations Act in relation to this matter. The deficit to creditors amounted to approximately AU$149 million.

 

There is no further information on Mr Read required to be disclosed under Schedule Two, paragraph (g) of the AIM Rules for Companies.

Further details are available from the Company’s website which details the company’s project portfolio as well as a copy of this announcement: www.xtractresources.com This announcement contains inside information for the purposes of Article 7 of EU Regulation No. 596/2014 on market abuse. The person who arranged for the release of this announcement on behalf of the Company was Joel Silberstein, Director.

 

Enquiries:

Xtract Resources Plc Colin Bird,

Executive Chairman

 

+44 (0)20 3416 6471

www.xtractresources.com

Beaumont Cornish Limited

Nominated Adviser and Joint Broker

Roland Cornish

Michael Cornish

Felicity Geidt

+44 (0)207628 3369

www.beaumontcornish.co.uk

 

Novum Securities Limited

Joint Broker

 

Colin Rowbury

 

+44 (0)207 399 9427

www.novumsecurities.com

ENDS