(Alliance News) - Katoro Gold PLC on Thursday appointed Sean Wade as non-executive chair with immediate effect
The London-based gold and nickel exploration and development company said the appointment of Wade follows proposing his appointment on February 15 and the satisfactory completion of stock market due diligence.
Wade is chief executive officer of Power Metal Resources PLC.
Katoro Gold 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".
On February 12, Katoro Gold said it planned to appoint two new directors. Wade is the first of these appointments, while a second is planned for the role of CEO.
Former chair Louis Coetzee will remain as executive director until the planned CEO appointment, when he will step down from the board and leave the company. Coetzee will then become a consultant to Katoro Gold to assist with the transition of his responsibilities.
"I am very pleased to be formally appointed as non-executive chairman and will work hard with the Katoro team and our advisers to move the company forward at some pace," said incoming Wade.
"The significant financing announced earlier this month raising GBP825,000 before expenses has provided the company with a robust financial position to move the business forward."
Shares in Katoro Gold were up 2.6% at 0.12p each in London on Thursday afternoon, while Power Metal was up 0.4% to 0.85p.
By Greg Rosenvinge, Alliance News senior reporter
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Katoro Gold (KAT)
Power Metal (POW)