Cape Lambert Resources will become the major shareholder in Chameleon Mining after announcing an agreement to take its stake to 14.94 per cent.
Chameleon announced today that Cape Lambert had agreed to take up a placement of 40 million Chamelon shares and chairman Tony Sage would take on the role of executive director as part of the deal.
The company aslo said Anthony Karam, James Arkoudis and Jason Bontempo had resigned as directors.
Ben Elias will remain as chairman, while Paul Kelly will continue in his role of non-executive director.
Also today, Chameleon said it was “well positioned” to consider acquisition of a major interest in a manganese exploration project, using $25 million it received after litigation with Murchison Metals was settled.
“The board considers this potential acquisition to be an exciting opportunity for the company and it intends to provide regular updates as to the status of the acquisition.”
