22/04/2016 - 15:21

Rezos moves into gold

22/04/2016 - 15:21

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Technology investor and company director Gavin Rezos has been appointed chairman of Sydney company Resources & Energy Group, which has just bought a small gold project near Southern Cross.

Rezos moves into gold
Technology investor and company director Gavin Rezos.

Technology investor and company director Gavin Rezos has been appointed chairman of Sydney company Resources & Energy Group, which has just bought a small gold project near Southern Cross.

R&E announced today that it has received commitments for $2.3 million in new capital, to help fund the purchase and development of the privately-owned Radio gold project.

This included $500,000 from investors introduced by Mr Rezos, whose many hats include running corporate advisory group Viaticus Capital.

As part of the deal, R&E’s board has agreed to issue Mr Rezos with 7.5 million options exercisable at 12 cents per share.

The options and the appointment as chairman are both subject to ratification of shareholders.

R&E announced the acquisition of the Radio project from private company Brightsun Enterprises in January.

Its payment comprised $250,000 in cash plus 7.5 million shares (at 12 cents per share) and 7.5 million performance shares.

R&E also owns the Mt Mackenzie gold project in Queensland.

Mr Rezos is a non-executive director of mineral sands miner Iluka Resources and Department 13 International, and executive chairman of Alexium International Group.

D13 and Alexium are ASX-listed but US-focused tech plays.

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