Chesterfield Resources PLC - copper and gold explorer in Cyprus and in Labrador, Canada - Says Executive Chair Martin French has resigned with immediate effect to pursue other interests. He will be replaced by Non-Executive Director Paul Ensor is appointed as executive chair with immediate effect. Company's main focus is to unlock value for shareholders focussing on Canada and Cyprus.
Company has been pursuing secondary listings on the Toronto Stock Exchange Venture, Frankfurt, and the OTC markets. But says in anticipation of its strategy towards its Canadian assets, board has determined that "the time and resources required for a secondary listing are currently not prudent".
Chesterfield says is also implementing further efficiencies to "minimise the need" for dilutive capital raisings.
Ensor says: "We are very excited to now take the company in a fresh strategic direction with a focus on unlocking the potential of its assets in Canada and Cyprus to create significant shareholder value that resides within the company. In addition, the board aims to enhance its communication with regular updates to shareholders on its progress and developments."
Current stock price: 3.34 pence
12-month change: down 66%
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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Chesterfield R. (CHF)