06/11/2018 - 14:26

Streeter backs two Perth explorers

06/11/2018 - 14:26

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Terry Streeter-chaired Moho Resources is set to list on the ASX tomorrow, while the experienced mining executive has also been appointed to the board of Chile-focused explorer Emu.

Streeter backs two Perth explorers
Terry Streeter founded Western Areas in 1999.

Terry Streeter-chaired Moho Resources is set to list on the ASX tomorrow, while the experienced mining executive has also been appointed to the board of Chile-focused explorer Emu.

Moho raised $5.3 million via an initial public offering, with the company issuing 26.5 million shares at 20 cents each.

West Perth-based Moho, which was established in 2012, owns three projects in Queensland and Western Australia, which are prospective for gold and nickel.

The company is planning to explore the Empress Springs project in Queensland, along with Silver Swan North and Burracoppin in WA.

Empress Springs has the largest mineral resource potential of the three projects, with $1 million expected to spent on exploration at the site over the next two years.

Mr Streeter founded Western Areas in 1999, serving as a non-executive director before becoming chairman from 2007 until 2013.

He was also a director of nickel miner Jubilee Mines from 1993 until 2004.

Mr Streeter currently chairs unlisted coal explorer Fox Resources and ASX-listed gold explorer Alto Metals.

Moho is led by managing director Shane Sadleir, who is a founding director of the company.

He previously held a board position Noble Mineral Products Holdings, which was deregistered by the Australian Securities and Investment Commission in 2016.

Moho's other directors said his involvement in Noble in no way impacts on his appointment and contribution to the company.

Mr Sadlier will own about 7 per cent of the company following the IPO.

RM Capital (via RM Corporate Finance) acted as lead manager to the offer while RSM is investigating accountant and auditor for Moho, while Steinepreis Paganin is the company’s solicitor.

Meanwhile, Mr Streeter will bring significant experience in South America to his new role at Emu.

He was until recently a director of Peruvian gold miner Minera IRL and was the founder (in 2010) of private company Riverbank Resources, which has multiple exploration projects in Brazil.

Mr Streeter replaces Gregory Steemson.

Emu chairman Peter Thomas welcomed Mr Streeter to the company’s board.

“Terry has an enviable record of seizing opportunities at the right time; apparently possessing a rare ability to make astute qualitative assessments of mineral assets,” Mr Thomas said.

“The timing of his arrival when coupled with the acceptance of and application of his acumen and skills has an uncanny nexus with significant uplifts in shareholder value.

“I am absolutely delighted that Terry has joined the board.

“I wish to acknowledge Mr Steemson’s unstinting efforts as former managing director of Emu.”

 

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