LONDON, July 20, 2020 /CNW/ - Meridian Mining SE
(TSXV: MNO) ("Meridian" or the "Company") is pleased to announce
that with the successful closure of the recent C$3.5M capital raise 1 Dr.
Adrian McArthur will now assume the
previously announced 2 roles of Chief Executive Officer
& President and will joined the Board of Directors of Meridian.
At the same time, Mr Gilbert Clark
will step down from the Interim CEO role but remain a Director of
the Company. Also, as Sentient Global Resource Fund IV L.P.
("Sentient") ownership has been lowered to below ten percent
("10.0%") 3, Mr Peter
Weidmann, Sentient's nominee has retired from the Company's
Board of Directors.
Highlights of the corporate changes are:
- Dr Adrian McArthur joins the
Board of Meridian and assumes the CEO & President roles
- Mr Gilbert Clark steps down as
Interim CEO & President but remains a Company Director
- Mr Peter Weidmann, Sentient's
nominee retires from the Board
Additionally, as part of Meridian's long-term focus on reducing
costs and to becoming a streamlined exploration and resource
development company, it has also restructured its Directors
remuneration package. Board fees have been reduced by 49% to
C$3,000 per month for the Chairman
and by 45% to C$2,500 for a
Non-Executive Director. During his time as a Director of the
Company, Mr Peter Weidmann did
voluntarily forgo all Director remuneration and entitlements.
Mr Gilbert Clark, Director,
states, "firstly I have to congratulate Adrian on assuming the CEO
& President roles for the benefit of Meridian's shareholders.
Adrian and I have worked closely together since June 18, 2018 on turning around the Company's:
Espigão operations, new projects pipeline, corporate restructuring,
and the recent capital raise. As an integral team member of the
Company over the last 6 years, Adrian, a fluent Portuguese speaker
is the perfect succession plan to minimize team disruption and
focus on long term growth in Brazil. With Sentient's structured departure
from its previous control position of Meridian, Peter who was
integral to the success of the Company's turn around will retire
from the Board. Peter has been a key advocate of all shareholders
rights, long term planning and budgetary restraint. The Board
greatly appreciates his immense efforts for the Company and wishes
him the very best for the future. Lastly thank you to all
shareholders for your support."
1 See
Meridian news releases: July 15, 2020
2 See Meridian news releases: May 11, 2020
3 See SEDAR Early Warning Report: July 16,
2020
|
On behalf of the Board of Directors of Meridian Mining S.E.
Mr. Gilbert Clark
Director
Meridian Mining S.E.
Ph: +1 778-715-6410 (PST)
ABOUT MERIDIAN
Meridian Mining SE is focused on the acquisition, exploration,
development and mining activities in Brazil. The Company is currently focused on
exploring and developing the Espigão copper gold polymetallic
project, the Mirante da Serra manganese project and maintaining the
Ariquemes tin exploration portfolio in the state of Rondônia,
Brazil.
Further information can be found at www.meridianmining.co.
FORWARD-LOOKING STATEMENTS
Some statements in this presentation contain forward-looking
information or forward-looking statements for the purposes of
applicable securities laws. These statements include, among
others, statements with respect to the Company's plans for
exploration, development and exploitation of its properties and
potential mineralisation. These statements address future
events and conditions and, as such, involve known and unknown
risks, uncertainties and other factors, which may cause the actual
results, performance or achievements to be materially different
from any future results, performance or achievements expressed or
implied by the statements. Such risk factors include, among others,
failure to obtain regulatory approvals, failure to complete
anticipated transactions, the timing and success of future
exploration and development activities, exploration and development
risks, title matters, inability to obtain any required third party
consents, operating risks and hazards, metal prices, political and
economic factors, competitive factors, general economic conditions,
relationships with strategic partners, governmental regulation and
supervision, seasonality, technological change, industry practices
and one-time events. In making the forward-looking
statements, the Company has applied several material assumptions
including, but not limited to, the assumptions that: (1) the
proposed exploration, development and exploitation of mineral
projects will proceed as planned; (2) market fundamentals will
result in sustained metals and minerals prices and (3) any
additional financing needed will be available on reasonable
terms. The Company expressly disclaims any intention or
obligation to update or revise any forward-looking statements
whether as a result of new information, future events or otherwise
except as otherwise required by applicable securities
legislation.
The Company cautions that it has not completed any feasibility
studies on any of its mineral properties, and no mineral reserve
estimate or mineral resource estimate has been established.
In particular, because the Company's production decision relating
to Meridian Mineração Jaburi S.A, manganese project is not based
upon a feasibility study of mineral reserves, the economic and
technical viability of the Espigão manganese project has not been
established
The TSX Venture Exchange has neither approved nor disapproved
the contents of this news release. Neither TSX Venture Exchange nor
its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
SOURCE Meridian Mining S.E.