Capital Metals PLC - Sri Lanka-focused mineral sands company - Says Michael Frayne will step down as chief executive officer and as director. Adds a new CEO with "applicable experience" will be recruited in due course. Non-Executive Chair Greg Martyr will take over the management of firm as executive chair. Both are with effect from July 1.
Additionally, says the directors intend to undertake a limited further fundraising of about GBP250,000 at the same price as the June placing, which was 1.0p each. This is expected to comprise a subscription predominantly by non-UK investors who were unable to participate in the June placing. Says the fundraising will not exceed GBP500,000.
Martyr says: "Earlier this week, the company moved swiftly to shore up its finances utilising existing authorities to issue shares. Having achieved this, it was important to the Board to further secure the working capital position such that the company can pursue the reinstatement of the IMLs through its lobbying and legal strategies from a position of financial strength with a limited additional fundraising."
Current stock price: 1.13 pence each, down 4.2% on Friday afternoon in London
12-month change: down 81%
By Xindi Wei, Alliance News reporter
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Capital Metals (CMET)