West Perth-based base metals miner Vulcan Resources Ltd has appointed Alinta director and Australian Institute of Company Directors WA President Fiona Harris to its board.
The full text of a company announcement is pasted below
Vulcan Resources Limited ("Vulcan") (ASX: VCN) today announced the appointment of Ms Fiona Harris as a Non-Executive Director of Vulcan.
Fiona is a Chartered Accountant who was a partner with KPMG and worked in Sydney, Perth and San Francisco. She has served on numerous boards including Alinta Limited and Portman Mining and is the Western Australian State President of the Australian Institute of Company Directors.
Vulcan's Chairman, Mr Barry Eldridge, said "Fiona brings a wealth of financial and corporate experience to the Vulcan Board and strengthens the Board prior to embarking on the process of constructing and financing the Kylylahti Project in Finland".
The increase in the size of the Board will require Vulcan to seek at its Annual General Meeting an increase in the remuneration pool for Non-Executive Directors from its current cap of $150,000.
In order to attract and retain quality board members and to align their interests with those of our shareholders it has been agreed to issue Mr Michael Blakiston and Ms Fiona Harris, who currently have no options, 500,000 options each with the following performance hurdles:
- Exercise price of $0.55, approximately 22% above the current Rights Issue price;
- Options do not vest until one years service has been completed; and
- Share price must trade above $0.65 for at least five consecutive trading days for options to vest.
Approval from shareholders for these matters will be sought at the Company's Annual General Meeting.
