Papillon adds Middlemas as chairman

Mali-focused gold explorer Papillon Resources has added resources industry stalwart Ian Middlemas to its board of directors as company chairman, while at the same time announcing a $4.75 million capital raising.

Mr Middlemas recently oversaw the takeover of uranium explorer Mantra Resources by Russian state-owned ARMZ Uranium Holding Co in a deal worth around $1.02 billion.

He also served as a senior executive at Normandy Group for ten years.

Papillon also announced today P)eter Woodman would join the board as a non-executive director.

Mr Woodman is a geologist with 20 years industry experience.

Alan Campbell will remain as managing director.

In addition to the appointments, Papillon said it would undertake concurrent share placements tiotalling 10.5 million shares at $0.45 per share to raise around $4.7 million.

The placement has been arranged by Azure Capital, with the largest participant being Mr Middlemas' private firm, Arredo.

At 2:10PM (WST) Papillon shares had gained 2.8 per cent to trade at 58 cents.