Chesterfield Resources PLC Corporate Update and Appointment of Interim CEO (3944V)
09 Agosto 2022 - 3:03AM
UK Regulatory
TIDMCHF
RNS Number : 3944V
Chesterfield Resources PLC
09 August 2022
Chesterfield Resources / EPIC: CHF / Market: LSE / Sector:
Mining
9 August 2022
Corporate Update and Appointment of Interim Chief Executive
Officer
Further to the announcement on August 4(th) Chesterfield
Resources provides shareholders with an update.
Mr Ajay Kejriwal is appointed as Interim Chief Executive Officer
and will continue in his duties as Chief Financial Officer. As the
Company seeks to enter into third party transactions involving its
assets the focus for the interim period will be identifying and
executing transactions. Subsequent to this period of transition it
is intended that a new CEO will be recruited with the appropriate
technical and commercial skills to lead a junior exploration
company. Mr Kejriwal has agreed to a reduction in his renumeration
as he increases his responsibilities to the Company.
Mr Kejriwal has been involved in the junior resource sector for
over 20 years. He has led a number of transactions, raised capital
for several juniors and advised as a consultant or Director to many
mining and resource companies. He currently serves as a Non
Executive Director for Apollo Minerals (ASX: AON) and several
private entities. He has worked at Morgan Stanley, Cazenove and co,
and Nomura International. He is a Chartered Accountant having
qualified from PwC in London.
Corporate Update
Canada :
The Company stated in its RNS dated 4(th) August that it hopes
to source the capital for the development of Adeline from
non-dilutive external sources.
Preliminary discussions with potential third parties have
commenced and are at a very early stage. Whilst a concluded
transaction with these parties may or may not happen, management is
encouraged by the positive reaction to its Adeline project when
presented to potential investors or partners.
Corporate :
The Company has completed the initial round of cost efficiencies
to minimise the need for dilutive capital raisings. The Board is
pleased to report that the ongoing monthly cash outgoings are
expected to reduce by over 50% in the months ahead.
The aggregate compensation of the Board has been reduced by 50%
as part of the efficiency drive.
As a result of these savings and in the absence of any
unforeseen events, the Board does not expect to undertake any
dilutive equity offerings for the remainder of 2022, and the
ambition is for that to extend well into 2023.
Paul Ensor, Executive Chairman said, "We have a strong team
driving the Company at this important time. Our initial goal is to
move as quickly as possible to realise value for our shareholders
through potential agreements with third parties with regard to our
Canadian assets, while at the same time rationalising and
consolidating our licences in Cyprus. Ajay Kejriwal is highly
experienced in the sort of transactions that we contemplate in
Canada and a skilled negotiator. Our overriding concern throughout
will be to enhance shareholder value and avoid unnecessary
dilution."
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by
the Company to constitute inside information. Upon the publication
of this announcement via a Regulatory Information Service, this
inside information is now considered to be in the public
domain.
**ENDS**
For further information, please visit www.chesterfieldresourcesplc.com or contact:
Chesterfield Resources plc:
Paul Ensor, Executive Chairman Tel: +44(0) 7595219011
First Equity Limited (Joint Broker) Tel: +44 (0)207 330 118
Jason Robertson
Panmure Gordon (UK) Limited (Joint Broker): Tel: +44 (0)207 886 2500
John Prior & Hugh Rich
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END
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August 09, 2022 04:03 ET (08:03 GMT)
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