West Perth-based mineral explorer Indo Mines Ltd will appoint Ian Middlemass as deputy chairman, after his company takes the lion's share of a $1.7 million share placement, the company announced today.
The full text of a company announcement is pasted below
Indo Mines Limited ("Indo Mines" or "the Company") advises that it is raising additional working capital to progress the Company's Yogyakarta Ironsands Project by a share placement of 10 million shares at $0.17 per share to raise $1.7 million. For every 10 shares subscribed, 9 options will be granted for no further consideration. The options are exercisable at $0.20 on or 30 June 2010 ("the Placement").
The Placement has been arranged by Argonaut Securities Pty Ltd with the largest participant being Arredo Pty Ltd, a company associated with Mr. Ian Middlemas. The placement will increase the Company's shares on issue to 60.5 million shares.
Board and Management Changes
Following the Placement the board will appoint Mr. Ian Middlemas as Deputy Chairman and Mr. Mathew Rimes as an Executive Director of Indo Mines with effect from Friday 8 December 2006. Mark Pearce will replace Rowan Caren as Company Secretary.
Mr Rimes is a Mining Engineer with considerable iron ore expertise. He is a graduate of the Kalgoorlie School of Mines, has completed an Executive MBA and is a member of the Institute of Engineers Australia and of the Australian Institute of Mining and Metallurgy.
During his extensive career in the resources sector, Mr Rimes has primarily worked for major mining companies including Rio Tinto Group and North Limited. He held senior operational positions at both of Robe River Mining's operations at Pannawonica and West Angeles as well as the position of Executive Manager Resource Development for Robe River. He is currently the Managing Director of Echelon Resources Limited.
Following these changes Messrs Zlad Sas and Mark Stewart will resign from the Board. The Company extends its appreciation to these Directors and Rowan Caren who have been instrumental in the formative years of the Company.
The new Management will focus on the ongoing development of the Yogyakarta Project in Indonesia as well as creating value from the Company's other assets.
