(Alliance News) - SolGold PLC on Tuesday said it has appointed Scott Caldwell and Dan Vujcic as non-executive directors on the company board, effective immediately, in accordance with the terms of its merger with Cornerstone Capital Resources Inc.
SolGold is a Brisbane, Australia-based, Ecuador-focused developer of copper gold deposits, which earlier this month announced a merger with Cornerstone Capital, a Canadian exploration company similarly focused on Ecuador and Chile.
According to the deal, which was unanimously approved by both boards, SolGold will buy all the issued and outstanding shares of Cornerstone, excluding shares it already holds either directly or indirectly. Cornerstone shares will be exchanged for 15 SolGold ordinary shares for each Cornerstone common share held.
Both Caldwell and Vujcic were nominated to the board by Cornerstone Capital.
Caldwell is a mining engineer with over 40 years experience in the global mining industry. He has held several senior executive roles, including chief executive officer at both Guyana Goldfields Inc and Allied Nevada Gold Corp.
He is based in Toronto, and thus will assist with Canadian market exposure.
Vujcic is currently the chief development officer of Metals Acquisition Corp, which is currently finalising the acquisition of the CSA Copper Mine from Glencore AG. Prior to this, he was an investment banker with almost two decades of experience in global capital markets.
Vujcic will also become a member of the Audit & Risk Committee. Based in Sydney, he will assist with corporate strategy and global financing options.
Chair Liam Twigger said: "The board is delighted to welcome Scott and Dan as directors of SolGold. These appointments will contribute to the SolGold board's significant experience and diverse skill set adding further executive leadership, block cave mining and broader investment and finance expertise. The board looks forward to working with Scott and Dan and the company is sure to benefit from their experience."
SolGold shares were trading 1.1% higher at 15.87 pence each in London on Tuesday morning.
By Holly Beveridge; hollybeveridge@alliancenews.com
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SolGold (SOLG)