13/03/2008 - 15:36

Neale Fong to chair aspiring miner

13/03/2008 - 15:36

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Controversial former health department boss Dr Neale Fong has emerged with a new role as executive chairman of a small exploration company that is planning to list on the Australian stock exchange next month.

Controversial former health department boss Dr Neale Fong has emerged with a new role as executive chairman of a small exploration company that is planning to list on the Australian stock exchange next month.

Subiaco-based Chrysalis Resources Ltd has lodged a prospectus to raise up to $4 million in its inital public offering, to fund drilling for gold, iron ore, uranium and nickel prospects accross Western Australia.

Australian Securities and Investments Commission records show he was appointed to the board on February 28, shortly after resigning as director general of the Health Department.

Dr Fong's resignation saw him join a long list of people who have become casualties of Corruption and Crime Commission inquiries into the activities of lobbyists and former premier Brian Burke and former minister Julian Grill.

Dr Fong's only other known role in a public listed company was as a non-executive director until 2004 of Australian Healthcare Technology Ltd, now called Medtech Global Ltd. The company was understood to have been promoted by Mr Burke.

His other roles include being chairman of the WA Football Commission, a non-executive director of Churches of Christ Homes and founding partner of the Bali International Medical Centre.

Chrysalis, incorporated in June last year, is offering 15 million shares at an issue price of 20 cents each to raise a minimum of $3 million, and is accepting oversubscriptions of up to a further 5 million shares at an issue price of 20 cents each to raise a further $1 million.

The offer is not underwritten.

Chrysalis will apply to list on the Australian Securities Exchange on April 18, after which it aims to start exploration drilling at its six prospects and begin mining in the "medium term".

The two initial key projects are the Pioneer Gold and Sheeza Gold projects in the Norseman and Kalgoorlie areas.

Dr Fong is joined on the board by former DJ Carmichael & Co partner Adrian Paul and company director Michael Fry, as non-executive directors.

Mr Paul is a former non-executive director of Sylvania Resources Ltd, while Mr Fry is currently a director of Liberty Resources Ltd, Red Fork Energy and Sunset Energy Ltd.

According to the Chrysalis prospectus, Dr Fong currently holds no shares in the company and will be paid a renumeration of $100,000 per annum.

 

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