18 Jun 2018 13:00
Cradle Arc Plc / EPIC: CRA.L / Market: AIM / Sector: Mining
18 June 2018
Cradle Arc plc
("Cradle Arc", the "Company" or, together with its subsidiaries, the "Group")
Update on Management Change and Warrant Issue
Cradle Arc (AIM: CRA), the African focused base and precious metals exploration and production company, announces that Mark Jones is assuming the role of Director of Business Development with immediate effect, having previously served as Chief Operations Officer. This change of role reflects the fact that Mark is now focussing on seeking further growth opportunities that are similar to Mowana, involving the identification and evaluation of prospective assets in Africa, which complement the Company's existing portfolio and proven skillset.
In light of his experience in country, and background of implementing Dense Media Separation ("DMS") projects, the Company's Chief Executive Officer, Kevin van Wouw, has now taken on the operational responsibilities at Mowana, as it enters into a phase of significant growth, via implementation of the DMS project, subject to securing the requisite financing.
Commenting, CEO, Kevin van Wouw said:
"As a Company, we continue to evaluate new opportunities, and Mark's adoption of this new role represents an important step in our organic growth strategy. We are very grateful for Mark's input into the Mining Planning and Management of the maiden mining reserve estimate at Mowana, facilitating our accelerated development plan."
Warrant issue
The Company would also like to notify shareholders that, further to its announcement of 5 June 2018, the exercise period of the 35,668,420 New Warrants to be issued pursuant to the terms and conditions of a New Warrant Instrument, subject to the receipt of shareholder approval at the forthcoming Annual General Meeting, shall be extended by a further six months, to 2 February 2020. All other rights and restrictions of the New Warrants will remain the same as the Warrants.
Capitalised terms used in this announcement have the same meanings as given to them in the Company's announcement of 5 June 2018.
**ENDS**
For further information on the Company, please visit www.cradlearc.com or contact:
Cradle Arc plc Kevin van Wouw Mark Jones
| Tel: +44 (0) 20 7637 5216 |
Strand Hanson Limited Angela Hallett Matthew Chandler James Dance
| Tel: +44 (0) 20 7409 3494 |
Tamesis Partners LLP Richard Greenfield
| Tel: +44 (0)20 3882 2868 |
Tavistock Communications Limited Charles Vivian Gareth Tredway | Tel: +44 (0)20 7920 3150 |
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.