27/02/2013 - 13:37

PMI loses chairman in failed merger fallout

27/02/2013 - 13:37

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PMI loses chairman in failed merger fallout

PMI Gold Corporation is on the hunt for a new chairman, after Peter Buck announced his resignation following the company's collapsed merger deal with Canada's Keegan Resources.

Current non-executive director Ross Ashton will assume the chairman's role on an interim basis.

Mr Buck's decision to step down comes after PMI last week decided to back out of a proposed merger with Keegan Resources when it became evident the proposal would not gain the support of major shareholders.

“My focus will be on the recruitment of a non-executive independent chairman and advancing Obotan to an investment decision,” Mr Ashton said in a statement.

At 1:15PM, WST, PMI shares were down 4.1 per cent, trading at 58.5 cents.

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