Last checked at 9 Aug 2022 09:03
Chesterfield Resources / EPIC: CHF / Market: LSE / Sector: Mining
9 August 2022
Corporate Update and Appointment of Interim Chief Executive Officer
Further to the announcement on August 4th Chesterfield Resources provides shareholders with an update.
Mr Ajay Kejriwal is appointed as Interim Chief Executive Officer and will continue in his duties as Chief Financial Officer. As the Company seeks to enter into third party transactions involving its assets the focus for the interim period will be identifying and executing transactions. Subsequent to this period of transition it is intended that a new CEO will be recruited with the appropriate technical and commercial skills to lead a junior exploration company. Mr Kejriwal has agreed to a reduction in his renumeration as he increases his responsibilities to the Company.
Mr Kejriwal has been involved in the junior resource sector for over 20 years. He has led a number of transactions, raised capital for several juniors and advised as a consultant or Director to many mining and resource companies. He currently serves as a Non Executive Director for Apollo Minerals (ASX: AON) and several private entities. He has worked at Morgan Stanley, Cazenove and co, and Nomura International. He is a Chartered Accountant having qualified from PwC in London.
Corporate Update
Canada:
The Company stated in its RNS dated 4th August that it hopes to source the capital for the development of Adeline from non-dilutive external sources.
Preliminary discussions with potential third parties have commenced and are at a very early stage. Whilst a concluded transaction with these parties may or may not happen, management is encouraged by the positive reaction to its Adeline project when presented to potential investors or partners.
Corporate:
The Company has completed the initial round of cost efficiencies to minimise the need for dilutive capital raisings. The Board is pleased to report that the ongoing monthly cash outgoings are expected to reduce by over 50% in the months ahead.
The aggregate compensation of the Board has been reduced by 50% as part of the efficiency drive.
As a result of these savings and in the absence of any unforeseen events, the Board does not expect to undertake any dilutive equity offerings for the remainder of 2022, and the ambition is for that to extend well into 2023.
Paul Ensor, Executive Chairman said, "We have a strong team driving the Company at this important time. Our initial goal is to move as quickly as possible to realise value for our shareholders through potential agreements with third parties with regard to our Canadian assets, while at the same time rationalising and consolidating our licences in Cyprus. Ajay Kejriwal is highly experienced in the sort of transactions that we contemplate in Canada and a skilled negotiator. Our overriding concern throughout will be to enhance shareholder value and avoid unnecessary dilution."
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
**ENDS**
For further information, please visit www.chesterfieldresourcesplc.com or contact:
Chesterfield Resources plc:
Paul Ensor, Executive Chairman Tel: +44(0) 7595219011
First Equity Limited (Joint Broker) Tel: +44 (0)207 330 118
Jason Robertson
Panmure Gordon (UK) Limited (Joint Broker): Tel: +44 (0)207 886 2500
John Prior & Hugh Rich