Directorate Change
27 May 2010 - 8:28PM
UK Regulatory
TIDMQRES
RNS Number : 6448M
Q Resources Plc
27 May 2010
Q Resources Plc ("Q Resources" or the "Company")
Board Appointment and Share Option Plan
27 May 2010
Bernie Pryor appointed Chief Executive Officer and Dr Michael Price appointed
Senior Independent Non-Executive Director of Q Resources
·Senior management appointments with significant expertise
·Company progressing strategy to take advantage of opportunities
The Board of Q Resources is pleased to announce the appointment of Mr Bernard
Robert Pryor, aged 52, as Chief Executive Officer and Dr Michael Allan Price,
aged 54, as Senior Independent Non-Executive Director. Michael Price has been
appointed to the Board with immediate effect. Bernard Pryor will be appointed
with effect from 1 July 2010 initially as an employee of the Company and will be
appointed to the Board when the Company completes its first major transaction.
Bernie Pryor and Michael Price will bring significant additional expertise to Q
Resources and they will work with the Board in sourcing, evaluating, structuring
and funding resource projects consistent with the Company's strategy to acquire
and make investments in resource assets with an initial focus on Africa and
South America. They will also work closely with Gazprombank Invest MENA, a
consultant to the Company, on potential projects.
Bernie Pryor has worked in the international mining industry in senior executive
roles in company management, project acquisition and development, and
construction and mine operations for the last 30 years. Mr Pryor has worked in
Australia, Russia, Brazil, the Middle East and West and Southern Africa and has
held a number of significant operational and management roles. These include
Head of Business Development at Anglo American Plc where he led the negotiation
teams for the $1.7bn acquisition of 49% of the Minas Rio project in Brazil and
subsequently, the acquisition of the other 51% of Minas Rio and 70% of the Amapa
project in Brazil for $5.5bn. Mr Pryor subsequently became Chief Executive
Officer of Anglo Ferrous Brazil where he managed the newly commissioned $600m
Amapa iron ore project, and the project design and construction of the $3.6bn
Minas Rio project. His previous positions include senior management positions
with Adastra Minerals Inc, Minproc Engineers Ltd and Western Pinnacle Mining
Ltd.
Michael Price has arranged, structured and advised on mining related projects
around the world having spent 13 years at NM Rothschild & Sons Ltd in various
positions including Head of Mining Finance and Metals Trading, two years as
Global Head of Mining and Metals at Societe Generale in London, and between 2003
and 2006 as Joint Global Head of Mining and Metals at Barclays Capital. Michael
has more than 30 years experience in mining and mining finance and extensive
board experience, having been a Non-Executive Director of AIM quoted EMED
Mining, Monterrico Metals Ltd, Crew Gold Corporation (Canada) and Tertiary
Minerals.
Ivan Murphy, Non-Executive Chairman commented:
"I am delighted to welcome Bernie Pryor and Michael Price as CEO and Senior
Independent Non-Executive Director respectively. Q Resources has a clear
strategy of bringing and working with some of the best possible talent from
across the industry and these appointments demonstrate our commitment to
delivering on this.
Bernie and Michael bring with them a wealth of experience and contacts from both
the mining, finance and operational sides of the business. They have both held
positions at the most senior levels and will be invaluable to Q Resources in
executing its strategy of securing quality mining assets that will create value
for our shareholders. I look forward to updating the market on projects we are
considering in due course."
Michael Price is or has been a director in the following companies during the
past five years:
+---------------+-------------------------+-------------------------+
| | Current directorships | Past directorships |
+---------------+-------------------------+-------------------------+
| Michael Price | Canisp Consultants | Crew Gold Corporation |
| | Limited | EMED Mining Public Ltd |
| | Central Asia Metals | Monterrico Metals Ltd |
| | Limited | |
| | GV Gold Ltd | |
| | Lincoln Mining | |
| | Corporation | |
| | Ridgway Mining Limited | |
| | Sumatra Copper & Gold | |
| | Ltd | |
+---------------+-------------------------+-------------------------+
Michael Price holds no other directorships and does not have an interest in
ordinary shares.
No further information falls to be disclosed under Schedule Two, paragraph (g)
of the AIM Rules for Companiesin relation to Michael Price. Mr. Pryor will not
be appointed as a director of the Company at this time.
In addition, Michael Price has today been granted options over 1,800,000
ordinary shares in the Company under the Q Resources Plc No. 2 Share Option
Plan, adopted by the Board today, exercisable at a price of 20p per ordinary
share in three tranches of 600,000 options during the periods of three years
commencing respectively on the date of completion of the Company's first reverse
takeover, the first anniversary of such date and the second anniversary of such
date. Exercise is subject to the satisfaction of performance conditions relating
to the Company's share price.
Under the same option plan, Mr Pryor has today been granted options over
5,000,000 ordinary shares in the Company, exercisable at a price of 20p per
ordinary share in three tranches of 2,000,000, 1,500,000 and 1,500,000 options
during the periods of three years commencing respectively on the date of
completion of the Company's first reverse takeover, the first anniversary of
such date and the second anniversary of such date. Exercise is subject to the
satisfaction of performance conditions relating to the Company's share price.
Bernie Pryor commented:
"I am delighted to take up the position of CEO. Q Resources has a genuinely
exciting outlook and its knowledge and experience of emerging markets puts us in
an excellent position to capitalise on the minerals and metals market as the
Company continues to deliver its strategy."
Michael Price commented:
"Q Resources has brought together a team that is well positioned to take
advantage of the opportunities available in the resource sector at this time. I
am delighted to have the opportunity to work with the team and help them execute
their strategy."
Notes to Editors
For further information contact:
+--------------------------------+---------------------------------+
| Smithfield Consultants Limited | +44 (0)20 7360 4900 |
| Financial PR | |
| Alex Simmons / John Kiely | |
+--------------------------------+---------------------------------+
| Fairfax I.S. PLC | +44 (0)20 7598 5368 |
| Nomad and Broker | |
| Ewan Leggat/Katy Birkin | |
+--------------------------------+---------------------------------+
About Q Resources
Q Resources is a newly incorporated Jersey public limited company which has been
established for the purpose of identifying and acquiring, or making investments
in Resources assets. Q Resources is seeking to make a sizeable acquisition
within a year of Admission, which will require Shareholder approval. The Company
may acquire either operating, or close to operating, assets or licences. The
Company's strategy is to take advantage of opportunities to acquire assets that
need capital and possess potentially valuable resources and operations with an
initial focus on the African region.
For further information please visit www.qresourcesplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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