– UK, London – Goldcrest Resources plc (ISDX:GCRP), is pleased to announce, further to its announcement of 7 November 2016, the appointment of Mr Gareth Anthony Northam (aged 35) to the board as a Non-executive Director. The appointment is subject to the satisfactory conclusion of the required due diligence.
Gareth is an accomplished exploration geologist who began his career at Rio Tinto, working on multi-commodity exploration projects in Africa and Europe. Gareth was a founding director of gold focussed African Star Resources prior to their acquisition by Thor Explorations Ltd where he served as director and COO. Gareth currently consults to the mining industry with a focus on exploration in Africa and Europe. Gareth holds an MSci in Geology from the Royal School of Mines, Imperial College London.
The company is pleased to advise that it has raised £70,000 by way of issue of an unsecured convertible loan note to Pelamis Investments Limited the proceeds of which will be used for general working capital purposes. Pelamis Investments Limited is a company specialising in natural resources investment and has invested in numerous natural resource companies in the UK and Australia. The Note is convertible into a maximum of 28,000,000 new ordinary shares at a price of 0.25 pence per share at the election of either party for a period of 2 years. Conversion is conditional on a 50:1 capital reorganisation of the company’s ordinary shares occurring. Accordingly, the board of the Company will shortly be posting a circular to all shareholders to propose, inter alia, a capital reorganisation with the effect of reducing the number of ordinary shares on issue.
Paul Haywood, Executive Director, commented: “The past year has been a very challenging period for exploration companies to attract the financing necessary to carry out their operations. We are pleased to have secured the Pelamis investment which enables us to clean up our capital structure and position the company to attract further investment. We look forward to this new beginning and to transforming Goldcrest into an efficient and successful explorer. We would like to welcome Gareth to the company and the company looks forward to updating the market of further activity in due course.”
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