Georgian Mining Corporation Board Changes (2894Y)
02 March 2017 - 6:00PM
UK Regulatory
TIDMGEO
RNS Number : 2894Y
Georgian Mining Corporation
02 March 2017
2 March 2017
Georgian Mining Corporation
Board Changes and Grant of Options
Georgian Mining Corporation ("GEO") is pleased to announce the
appointment of Mr. Anthony (Tony) Frizelle as Non-Executive
Chairman and Mr. Laurence (Laurie) Mutch as Non-Executive Director.
Tony Frizelle has over 40 years' of experience in natural
resources, investment banking, merchant banking and commodity
trading, and Laurie Mutch has over 40 years' experience in the
natural resources and energy sectors.
These appointments endorse the opportunity that the Kvemo
Bolnisi Copper-Gold Project, and the Company's broader Georgian
asset base presents the Company, both in terms of the delivery of
near term, low cost copper and gold production and to provide
considerable exploration and development prospects. Non-Executive
Director Roderick McIllree will be stepping down from the board to
focus on his other business interests while Non-Executive Chairman
Michael Hutchinson is retiring.
Tony Frizelle has previously held senior positions at Anglo
American Corporation, Phillip Brothers Inc/Salomon Inc - a
commodity merchant company focused on physical trading, asset
acquisition and development where he was Managing Director, and at
Brascan Group and Rand Mines. Tony was the Founder and is Managing
Director of Resource Management & Finance Co Ltd ("RMF"), a
boutique resource advisory and management group providing strategic
support for junior companies in the acquisition of quality resource
projects in emerging markets. Companies supported or co-founded by
RMF include Mutual Resources, Golden Knight, Pan African Resources,
NiCo, Nautical Petroleum, Jubilee Platinum and Coal Resources Corp.
Tony served as Chairman or Managing Director of several of these
companies.
RMF has also acted as strategic advisor to major international
resource groups on acquisitions and strategies to enter emerging
markets. RMF initiated and advised on the acquisition of the Tarkwa
Gold Mine by Goldfields SA from the Government of Ghana and secured
a participating interest for Mutual Resources. This interest was
subsequently acquired by Iamgold and sold to Goldfields for US$667
million. Tarkwa produced approximately 700,000 oz/au in 2014.
Laurie Mutch is an international management consultant with over
40 years' experience in the resources and energy sectors. He was
formerly with the Royal Dutch/Shell Group and on the Board of Shell
International Gas & Power, as Executive Director for Business
Development. Laurie was previously Finance and Planning Director of
Shell International Gas and Shell Coal International, and was
principal adviser on the coal industry to the International Energy
Agency in Paris. Prior to his retirement from Shell he was Group
Chief Information Officer and on the Microsoft and Dell Enterprise
Advisory Boards. He is currently a Non-Executive director of
Quadrise Fuels International and Chairs the audit committee.
GEO's Managing Director Greg Kuenzel, said, "Both Tony and
Laurie bring great industry knowledge and banking experience to GEO
which will prove invaluable as we expand our resources at the Kvemo
Bolnisi Project, deliver initial production and evaluate new
opportunities. We thank Rod and Michael for all their efforts on
behalf of GEO over the years and we wish them well for their future
endeavours. Kvemo Bolnisi is shaping up as a significant
copper-gold project and we look forward to working with such
eminent resource sector figures at GEO to build shareholder
value."
Further information in relation to Anthony David Frizelle and
Laurence Ian Mutch is provided below.
Mr Anthony David Frizelle, aged 73, currently holds or has held
the following directorships and partnerships in the last five
years:
Current Directorships Past Directorship
------------------------- ------------------
Agritech Investments Plc None
------------------------- ------------------
RMF (UK) Limited
------------------------- ------------------
Mr Frizelle currently has an existing interest in 1,050,000
ordinary shares ("Ordinary Shares") of no par value in the Company,
which represents 1.31% of the issued share capital. On 30 January
the board agreed to issue Mr Frizelle options over 1,000,000 new
Ordinary Shares in GEO, exercisable at a price of 12p per share and
which expire on 3 March 2022. The exercise price of these options
represents a 35% premium to the closing share price of 8.88 pence
at the time the issue of these options was agreed.
Mr Laurence Ian Mutch, aged 69, currently holds or has held the
following directorships and partnerships in the last five
years:
Current Directorships Past Directorships
----------------------------- -------------------------
Quadrise Fuels International Quadrise International
Plc Limited
----------------------------- -------------------------
Laurie Mutch & Associates Agritech Investments Plc
Limited
----------------------------- -------------------------
Mr Mutch currently holds no Ordinary Shares in the Company. On
30 January the board agreed to issue Mr Mutch options over 900, 000
new Ordinary Shares in GEO, exercisable at a price of 12p per share
and which expire on 3 March 2022. The exercise price of these
options represents a 35% premium to the closing share price of 8.88
pence at the time the issue of these options was agreed.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
**ENDS**
For further information please visit www.georgianmining.com or
contact:
Greg Kuenzel Georgian Mining Company Tel: 020 7907
Corporation 9327
Ewan Leggat S. P. Angel Corporate Nomad & Tel: 020 3470
Finance LLP Broker 0470
Laura Harrison S. P. Angel Corporate Nomad & Tel: 020 3470
Finance LLP Broker 0470
Damon Heath Shard Capital Partners Joint Broker Tel: 0207
LLP 186 9950
Elisabeth St Brides Partners PR Tel: 020 7236
Cowell Ltd 1177
About Georgian Mining Corporation
Georgian Mining Corporation has 50% ownership and operational
control of the Bolnisi Copper and Gold Project in Georgia, situated
on the prolific Tethyan Belt, a well-known geological region and
host to many high grade copper-gold deposits and producing mines.
The Bolnisi licence covers an area of over 860 sq km and has a 30
year mining licence with two advanced exploration projects; Kvemo
Bolnisi and Tsitsel Sopeli. These projects are proximal to existing
mining operations which are owned by the Company's supportive joint
venture partner. Georgia has an established mining code and is a
jurisdiction open to direct foreign investment.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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