07/07/2015 - 12:29

RNI loses managing director

07/07/2015 - 12:29

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Royce McAuslane has resigned as managing director of gold miner RNI, having only served in the position since November last year.

RNI's Grosvenor plant in the Bryah Basin

Royce McAuslane has resigned as managing director of gold miner RNI, having only served in the position since November last year.

Mr McAuslane is the second recent departure from the company’s board, following the May resignation of Thomas Mann.

RNI enacted cost-cutting measures in May, with salary cuts and redundancies, after announcing in April that the $60 million debt finance package signed with a London-based fixed interest fund had fallen through.

This year, RNI has received several extensions on the repayment date of its $17 million short-term debt facility, managed by Taurus Resources, which is currently due in August.

In May, the company announced a $26.5 million recapitalisation plan to pay off this debt, and to finance the development of the Grosvenor copper-gold project located in the Bryah Basin.

As part of that plan, RNI has been pursuing $25 million through an entitlements offer, the closing date of which was subsequently extended from June 19 to July 17.

Chairman Miles Kennedy has moved back into the role of executive chair, which he had occupied prior to Mr McAuslane’s appointment.

Former Southern Gold managing director Nanette Anderson has joined the RNI board as a non-executive director.

Ms Anderson left Southern Gold in February, after leading the Adelaide-based gold explorer for four years.

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