MUNICH--(BUSINESS WIRE)--Anglo African Minerals plc ('Company'), the dedicated bauxite exploration and development company is pleased to announce the terms of a private share placement of 7,590,000 ordinary shares of EUR0.001 for total subscription funds of EUR759,000.
As a consequence of this funding a number of loans associated with shareholders have been converted into ordinary shares on the same terms as the placement. A total amount of EUR1.2 million has been agreed to be converted into ordinary shares. There are now 83,487,899 ordinary shares in issue.
In addition, an extensive re-structure of the board and management of the Company has taken place, as follows.
With immediate effect, the following directors have been appointed to the board:
Roy Pitchford
Mr Pitchford has been appointed chairman of the board. He is South Africa-born, and now lives in England where, in 2011, he and associates listed Ferrex plc on London's AIM, intent on advancing iron ore and manganese exploitation in South Africaand other African countries. His involvement in mining projects in Africa has dominated his business career, with his founding of operations in Zimbabwe and South Africa. He has held senior positions with companies that include Cluff Resources, Zimplats, Afplats, African Minerals and Central African Gold. Currently he is chairman of Village Main Reef Limited, Lesego Platinum Mining Limited and Unity Power plc, and non-executive director of Ferrex plc.
Simon Farrell
Mr Farrell has a Bachelor of Commerce degree from the University of Western Australia and an MBA from the Wharton School of the University of Pennsylvania. He has held a number of senior management and board positions in the resources sector over the past 20 years. He is currently Deputy Chairman of Coal of Africa and he is a director of LSE-listed Kenmare Resources plc.
Willie West
Mr West was a partner of Potts West Trumbull, Members of the Australian Stock Exchange when it was sold to Prudential Bache 1990. He became a venture capital investor in Eastern European start-ups, including $100 million raise for Hungarian Investment Co. Ltd., in conjunction with John Govett in 1990; the provision of $500 million of 'seed capital' for the development of early stage resources in Eastern Europe and the former Soviet Union. Latterly a founder of Resources Investment Trust plc and thereafter the development of a private equity capital portfolio in the resource sector.
David Mann
Mr Mann is a South African with past experience in the securities markets with a leading Johannesburg broker, Irish & Company. Over the past decade David has been a founder investor in a number of private companies across a range of industry sectors. He founded the Company in 2008 and has been a supportive investor and shareholder since that time. David has numerous mining connections throughout Africa and China.
Messrs. Levy, Makamba, and Copsey have resigned from the board.
Commenting on today's announcement, Roy Pitchford, Chairman, said: 'We can look forward to an aggressive and dynamic future under the strength of the new board. There is a strong and positive belief that the Company's bauxite deposit in Guinea can be brought to economic fruition. On behalf of the Board I would like to thank each of the resigning directors for their contribution and efforts towards the Company.'
ENDS
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