Katoro Gold PLC - London-based gold and nickel exploration and development company - Proposes hiring Sean Wade, chief executive officer of Power Metal Resources PLC, as non-executive chair. Katoro and Power Metal are joint venture partners on the Haneti Project in central Tanzania. Wade previously served in various senior mining roles including at Berkeley Energia PLC, Pensana PLC and Asia Resource Minerals PLC, and "has worked on numerous transactions in the capital markets". Former Chair Louis Coetzee will remain as executive director after Wade's appointment until a new director is appointed. He will then leave the board and company, but serve as a consultant to Katoro until July 31.
Wade comments: "Subject to new director due diligence completion I will be pleased to assume the role of non-executive chairman of Katoro Gold and look forward to helping bring new life and opportunity to the company and its shareholders. The first task is to complete the planned board changes and establish the Katoro business model firmly in the eyes of the market."
Current stock price: 0.13 pence, up 14% on Thursday afternoon
12-month change: down 11%
By Emma Curzon, Alliance News reporter
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Katoro Gold (KAT)
Power Metal (POW)