West Perth-based mineral sands producer Matilda Minerals Ltd will raise $2.7 million through a placement to Territory Resources Ltd to fund ongoing exploration opportunities in the Tiwi Islands, the company has announced.
West Perth-based mineral sands producer Matilda Minerals Ltd will raise $2.7 million through a placement to Territory Resources Ltd to fund ongoing exploration opportunities in the Tiwi Islands, the company has announced.
Territory will receive 5 million shares at 55 cents each, in what could be the first move of consolidation between the two companies.
Territory chairman Michael Kiernan also sits on the board of Matilda as a non-executive director.
Matilda is 12.3 per cent owned by Crawley Resources Ltd, a joint venture between Mr Kiernan and Hong Kong-based Noble Group.
In an interview with WA Business News in July this year, Mr Kiernan expressed a desire to consolidate ownership of all his non-gold companies, which could include Matilda, Precious Metals Australia Ltd and India Resources Ltd.
Matilda also announced today that its non-executive chairman, John Hopkins, would stand down from his role due to time constraints caused by his other business commitments. He will be replaced by the company's founding managing director Barry Bolitho, who will be executive chairman.
In addition, Andrew Simpson has been appointed a non-executive director. Mr Simpson is also a director of Territory Resources and India Resources.
The full text of a Matilda Minerals announcement is pasted below
Matilda Minerals Limited (ASX: MAL) advises that with the expansion of its Tiwi operations and a number of new corporate opportunities, the Board has been restructured to allow for additional executive involvement at Board level.
Due to time constraints imposed from a variety of other directorships and other business commitments, Mr John Hopkins advised the Board that unfortunately he was unable to devote the time required at an executive level.
Consequently, Mr Hopkins has today resigned as Non Executive Chairman, in favour of the appointment of Mr Barry Bolitho to the position of Executive Chairman.
Mr Bolitho was the founding Managing Director of Matilda and is well placed to provide the time and experience necessary to enhance the executive capacity of the Company. The Board extends its sincere thanks to Mr Hopkins for his significant and important contribution since his appointment as founding Chairman.
In addition, Mr Andrew Simpson has been appointed as a Non Executive Director of Matilda with effect from today's date. Mr Simpson holds a Graduate Diploma in Business and Administration (majoring in Marketing and Finance) from Curtin University. He is a senior marketing executive with extensive global marketing experience in the resource and mining industry, including more than 30 years of international marketing and distribution of minerals and metals. Mr Simpson's appointment adds considerable commercial acumen and marketing expertise to the Board.
The Company will also raise $2,750,000 by way of a placement to Territory Resources Limited (ASX: TTY) through the issue of 5,000,000 ordinary shares a $0.55 per share. The funds raised will be used to further the company's operational capabilities in the Tiwi Islands and the ongoing corporate and exploration opportunities.