TIDMHER
RNS Number : 1988B
Herencia Resources PLC
31 March 2017
Herencia Resources plc
("Herencia" or the "Company")
Board Changes
Working Capital Update
Highlights
-- Further to the announcement of 1 September 2016, the Company
is pleased to advise Mr Peter Reeve and Mr Jeffrey Williams have
been appointed as Non-Executive Director and Executive Director of
the Company with immediate effect.
-- Herencia is discussing potential funding in the near term to
support the Company's activities.
-- New Board members intend to reinvigorate the Chilean
exploration program with its focus on the Picachos /Pastizal
tenements and manage the immediate creditors.
-- As part of the Board structure, John Russell and Managing
Director, Mr Graeme Sloan will retire from the Board with immediate
effect.
-- It is intended that Mr Peter Reeve will assume the role of Chairman shortly.
-- Performance based incentive plan for Mr Peter Reeve and Mr
Jeffrey Williams will be proposed shortly.
_________________________________________________________________________________
New Board members with mining experience
Mr Reeve and Mr Williams bring a wide range of skills and
experience to the Board with the appointments part of the
restructure process to re-establish Herencia as a viable junior
exploration and development company.
Peter Reeve
Peter Desmond Reeve (aged 55) has been involved in the resources
industry for over 30 years and, as a professional metallurgist, has
held positions with Rio Tinto, Shell-Billiton, Newcrest Mining and
Ivanhoe Australia which he co-founded.
Further details of his experience is contained in the Company's
announcement dated 1 September 2016.
In addition to the current and past directorships disclosed in
the announcement dated 1 September 2016, Peter is also currently a
director of Eliza Creek Mines Limited, Exco Operations (SA) Limited
and GTM Africa Uranium Limited (as subsidiaries of Copperchem
Limited).
There is no further information required to be disclosed in
respect of Mr Reeve pursuant to Rule 17 or Schedule 1, paragraph
(g) of the AIM Rules for Companies.
Jeff Williams
Jeffrey Wayne Williams has spent over 40 years in the industry,
has worked as a professional mining engineer and has experience in
the equity markets. Mr Williams has extensive experience in
strategic development including, mine planning, feasibility studies
and mine development. From 1972 to 1984, he held various positions
with CRA Limited at Broken Hill in Australia and in 1987 completed
a Masters of Business Administration (MBA) following which he and
played a major role as a Senior Project Engineer with North
Limited.
Mr Williams was the Managing Director of Mineral Deposits Ltd
for 15 years, resigning in late 2011. While at Mineral Deposits Ltd
he secured the Sabodala gold and Grande Cote zircon projects in
Senegal, west Africa, and commenced gold production at Sabodala, in
March 2009. The market capitalisation of Mineral Deposits Limited
increased from AUD$6 million in 2003 to over AUD$1,000 million in
2011.
Mr Williams has since been involved in several smaller mining
companies on the ASX to develop exploration plans mostly in
Australia and is currently Managing Director of MacPhersons
Resources Ltd. Mr Williams is a Fellow of the Australasian
Institute of Mining and Metallurgy.
A list of companies, Mr Williams (aged 63) has been a director
or partner in the last 5 years is set out at the end of this
announcement:
There is no further information required to be disclosed in
respect of Mr Williams pursuant to Rule 17 or Schedule 1, paragraph
(g) of the AIM Rules for Companies.
The Honourable John Moore AO said:
"On behalf of the Board and shareholders, I would like to
sincerely welcome Peter and Jeff to the board of Herencia Resources
plc. They bring a wide range of skills to the Board including a
strong background in corporate affairs, a network of private and
institutional investors and importantly, experience in taking
projects from early stage through to production, all of which will
be invaluable in contributing to the successful restructure of the
Company. This is an important time for Herencia and, with the
industry as a whole showing signs of improvement, the appointment
of Peter and Jeff will provide Herencia further impetus in helping
reshape the Company and progress the company's key assets"
Possible Fundraising and Working Capital Position
The new Directors are working with existing and new shareholders
to secure additional capital for the Company. It is intended that
the longer term major shareholders, Lind Partners and Oriental
Darius will provide additional funding, demonstrating their belief
in the Herencia asset base in Chile. This funding is expected to be
concluded in the coming weeks.
The Company confirms that due to conservative cash conservation,
its working capital position remains satisfactory until
approximately mid-April 2017 however, if the larger funding package
referenced above is not advanced, and if no further source of funds
can be found, it is unlikely that the Company will be able to
continue to trade after this time.
Resignation of Directors
The Company confirms that Graeme Sloan and John Russell have
tendered their resignation as directors of the Company with
immediate effect. The Company acknowledges the efforts of Mr
Russell as a founding Director of the company and Mr Sloan for
their efforts over a long period of time for Herencia
Jeff Williams Directorships
Company Status
----------------------------- ---------
Monash Exploration Pty Current
Limited
----------------------------- ---------
Parkview Super Nominees Current
Pty Limited
----------------------------- ---------
WTR Holdings Pty Ltd Current
----------------------------- ---------
Kalgoorlie Ore Treatment Current
Company Pty Limited
----------------------------- ---------
Macphersons Resources Current
Limited
----------------------------- ---------
World Titanium Resources Previous
Limited
----------------------------- ---------
Alice Queen Limited Previous
----------------------------- ---------
Arunta Uranium Pty Limited Previous
----------------------------- ---------
Beetaloo Uranium Pty Limited Previous
----------------------------- ---------
Callabonna Energy Pty Previous
Limited
----------------------------- ---------
Consolidated Exploration Previous
NQ Pty Ltd
----------------------------- ---------
Curnamona Uranium Pty Previous
Limited
----------------------------- ---------
Frome Uranium Pty Limited Previous
----------------------------- ---------
Queensland Uranium Pty Previous
Ltd
----------------------------- ---------
West Cape Resources Pty Previous
Ltd
----------------------------- ---------
Image Resources NL Previous
----------------------------- ---------
Tasgold Limited Previous
----------------------------- ---------
A1 Consolidated Gold Ltd Previous
----------------------------- ---------
Transatlantic Mining Corp Previous
----------------------------- ---------
About Herencia
Herencia Resources plc is an AIM quoted exploration and
development company operating in Chile. In addition to the Picachos
Copper Project, the Company also has the Guamanga Copper Project
and the La Serena Project. As part of an ongoing cost reduction
program, the Company's office located in Perth has been closed and
its Chilean office and workforce restructured. The Company still
maintains a strong albeit much smaller technical and management
team in Santiago, Chile where it has been operating for over eight
years.
For further information please contact:
Peter Reeve, Herencia Resources plc +61 3 516 6500
Jeff Williams, Herencia Resources plc +61 3 516 6500
Katy Mitchell, WH Ireland Limited (NOMAD) +44 161 832 2174
Further background details on the Company can be found at
www.herenciaresources.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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