LONDON (Alliance News) - CIC Capital Ltd Friday said it had appointed John Bell as a non-executive director of the company and chief executive of CIC Gold Ltd, charged with completing the unit's public listing.
As a result of Bell's appointment, CIC Capital Chief Financial Officer David Li will step down as a director of the company, but will be appointed as a non-executive director to the boards of CIC Fuels Ltd, CIC Gold and Sino Reserves Ltd to assist in the public listing of those entities, CIC Capital said in a statement.
Li had acted as a third independent director of CIC Capital until Bell's appointment.
Bell is managing director of Malcolm Bell & Associates Ltd., a private Vancouver-based company that arranges and sources capital for private and public companies engaged in mining, renewable energy and technology ventures. He has over 30 years of industry experience either as principal, senior officer or director.
CIC Capital shares were up 8.6% at 7.465 pence Friday.
It is based in China and buys stakes in, and then advises, mining companies that it thinks are highly prospective and low risk. CIC Gold, CIC Fuels and Sino Reserves represent all its current investments. It has a 48.47% stake in CIC Gold, 48.36% in CIC Fuels, and a 6% stake in Sino Reserves.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
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