Specialist drilling company Coretrack has appointed former Liberal Opposition Leader Matt Birney as independent non-executive chairman.
Specialist drilling company Coretrack has appointed former Liberal Opposition Leader Matt Birney as independent non-executive chairman.
Mr Birney was the founding non-executive chairman of publicly listed carbon credit supplier Carbon Conscious.
Coretrack's managing director and CEO Mr Nanne van 't Riet said, "Given Matt Birney's extensive background in both politics and business, Matt is ideally suited to Chair the Board and help guide the Company through its commercialization."
"The Directors are looking forward to working with Matt to deliver tangible outcomes for shareholders," he said.
Meanwhile Coretrack has also announced it will increase its proposed Convertible Note issue to raise a total of $3.8 million.
The $3.8 million raised will be applied towards the auxiliary support equipment for the GT3000 drill rig, required to commence commercial operations, and general working capital.
See company statements on Mr Birney's appointment and convertible note below:
Coretrack Limited ("Coretrack" or "the Company") is pleased to confirm the appointment of Mr Matt Birney as independent Non-Executive Chairman, effective immediately.
Mr Birney was a Member of the West Australian Parliament for nearly eight years before voluntarily retiring at the 2008 election to pursue other interests, during which time he held the positions of Leader of the Opposition, Shadow State Treasurer for Western Australia, Shadow Minister for Commerce and International Trade and Shadow Minister for Police.
Mr Birney remains the only Liberal member in history to win the mining based state seat of Kalgoorlie and he is also the former Deputy Chairman of the body that has oversight responsibility for the Government's Corruption and Crime Commission (CCC).
Prior to entering Parliament, Mr Birney commenced, owned and operated a string of successful businesses in various fields. During this time he was the recipient of a number of well recognised business awards and he continues to maintain an interest in private businesses in Western Australia.
Mr Birney was also the founding Non-Executive Chairman of publicly listed carbon credit supplier, Carbon Conscious Ltd at the time of its listing. Carbon Conscious raised nearly $8 million before floating on the Australian Stock Exchange in May 2008 and approximately one year later announced a carbon credit supply deal with Origin Energy worth $169 million when fully executed.
Coretrack's Managing Director and CEO, Mr Nanne van 't Riet, today commented: "Given Matt Birney's extensive background in both politics and business, Matt is ideally suited to Chair the Board and help guide the Company through its commercialisation. The Directors are looking forward to working with Matt to deliver tangible outcomes for shareholders."
As part of his package, and subject to shareholder approval, Mr Birney will be entitled to receive:
o 100,000 unlisted options for no consideration, exercisable on or before 27 August 2013 at an exercise price of $0.30 each, to vest on 27 August 2011, provided Mr Birney is a Director of Coretrack on that vesting date;
o 100,000 unlisted options for no consideration, exercisable on or before 27 August 2013 at an exercise price of $0.40 each, to vest on 27 August 2012, provided Mr Birney is a Director of Coretrack on that vesting date.
Further to its announcement on 11 August 2010, Coretrack Limited ("Coretrack" or "the Company") is pleased to confirm that, following strong investor interest, it has today resolved to increase its proposed Convertible Note issue to raise a total of $3.8 million.
The Company has received firm commitments for the issue of 76 Convertible Notes ("Notes"), each with a face value of $50,000, on the terms and conditions noted in the Company's announcement on 11 August 2010. The Notes will be issued pursuant to the Company's 15% placement capacity.
The $3.8 million raised will be applied towards the auxiliary support equipment for the GT3000 drill rig, required to commence commercial operations, and general working capital.
Coretrack's Managing Director, Mr Nanne van 't Riet, today commented: "We are very pleased with the level of interest shown by investors. The convertible notes will protect existing shareholders while allowing note holders the opportunity to partake in the future success of the Company".
An Appendix 3B in relation to the Notes, together with a copy of the terms and conditions of the Notes, will follow in due course.