LONDON (Alliance News) - Premier Gold Resources Ltd Wednesday said it has requested that trading in its shares be reinstated after it finalised its new investment policy, proposed a new company name, disposed of one of its wholly owned subsidiaries and completed a share capital re-organisation.
The company also said that its chief executive, finance director, chief operating officer and chairman all have resigned and been replaced with an entirely new board.
Premier Gold shares were suspended on March 20 pending clarification of its financial position, but shares will resume trading on Thursday if the company's request is approved.
Premier Gold said its proposal to enter into a company voluntary arrangement has been approved by its creditors, with Antony Batty of Antony Batty & Co LLP being appointed as supervisor of the arrangement.
The company has also agreed to dispose of its wholly-owned subsidiary, Central Asia Resource Ltd, to Tridevi Capital Partner LP in full and final settlement of the outstanding loan under a convertible note agreement.
Central Asia Resource's assets include the Cholokkaindy exploration licence in the Kyrgyz Republic, which has been independently valued as having no worth.
Central Asia Resources represented more than 75% of Premier Gold's assets, and as a result of it being disposed of, the company is required to adopt an investing policy under AIM rules. Premier Gold has now laid out its investing policy and said it has been approved by shareholders.
The new investing policy will remain focused on natural resources and the energy sector, and may include applying for new exploration licenses or investing in existing licenses with a primary geographical focus on Europe, the company said.
The company's share capital has been re-organised through the consolidation of every 25,000 existing shares into 1 consolidation share, with every consolidation share then being subdivided into 100 new shares and 1 new deferred share in Premier Gold, it said.
The company has raised just under GBP1.1 million before expenses after issuing 35.3 million new shares "to advance the company's investing policy" through Peterhouse Corporate Finance, which has also been appointed as the company's new joint broker.
Lastly, Premier Gold said its name will change to Prospex Oil and Gas PLC, and it announced a major reshuffle to the board of the company.
Interim Non-Executive Chairman Christian Schaffalitzky, Chief Executive Richard Nolan, Chief Operating Officer Garth Earls and Finance Director Gerald Desler have all resigned from the board and replaced with Edward Dawson, Richard Mays, Bill Smith and Gavin Burnell.
Dawson, aged 40, will take over as Prospex Oil's new chief executive and managing director, having ten years' experience in the sector with previous management roles in junior oil and gas companies, including holding the role of managing director of Peppercoast Petroleum PLC and Black Star Petroleum PLC. Dawson also has been an analyst on RAB Capital's Energy fund, a fund manager for Park Place Capital and the business development and finance manager of Oilexco.
Mays, Smith and Burnell have all been appointed as non-executive directors, but the company did not state what other roles, if any, they will have in the new Prospex Oil company.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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