No impact on the Galena financing package Folks ! That is a Huge Relief. No Wonder teh Shares were being Swooped upon @ $0.03 yesterday....EVERYTHING IS A GO.....in a Streamlined Fashion.... Lets GO !
Mawson West appoints Lloyd as interim CEO
2015-01-30 08:27 ET - News Release
Mr. Anthony Lloyd reports
MAWSON WEST ANNOUNCES CORPORATE RESTRUCTURING
Mawson West Ltd. has implemented a restructuring of the company's executive team and reduction of employees within the Perth corporate office following a recent review of its operations in the Democratic Republic of the Congo, Australian corporate functions and associated costs.
As part of the executive team restructuring, Bruce McFadzean, Chief Executive Officer and Managing Director, Gary Brabham, Group Executive Exploration, and Glenn Zamudio, Group Executive Commercial, will depart the Company effective 31 January 2015.
Mark Hohnen, Non-executive Director of Mawson West, has also tendered his resignation from the Board effective 29 January 2015 and will ultimately be replaced by a nominee of Galena Private Equity Resources Fund LP in accordance with the terms of the Galena financing package announced on 11 December 2014.
The Perth corporate office will comprise of staff deemed essential to the efficient operation of the business, and appropriate transitional arrangements have been put in place by the Company to ensure operational and business continuity. In addition to his role as Mawson West's Non-executive Chairman, Mr Anthony Lloyd will assume the role of acting Chief Executive Officer until a suitable replacement is appointed. The responsibilities of departing executive members will be shared amongst remaining essential staff and additional technical support will be provided by external consultants as required.
The executive team restructure is consistent with the Company's wider corporate review as announced on 30 January 2015 aimed at reducing the Company's overall sustainable operating costs in light of lower prevailing copper prices and the on-going ramp up of its Kapulo copper mine.
Mr Lloyd, commented: "I would like to thank all Mawson West employees for their commitment and forbearance during this challenging time. The review of operations and corporate restructuring has resulted in a resizing of the employee base that is appropriate for the Company going forward. I would like to wish all those affected by the restructuring every success for the future and once again thank them for their hard work.
In addition, I would like to pay particular thanks to Bruce McFadzean and his team who have worked tirelessly to progress the recent financing package from Galena, which subject to shareholder approval, will help secure the future of the Kapulo project. I would also like to thank Mark Hohnen for his efforts during his term as Director."
No impact on the Galena financing package
As previously announced, Mawson West will hold an extraordinary general meeting of shareholders to approve components of the Galena financing package on 25 February 2015 in Perth, Western Australia. Mawson West shareholders will shortly receive a notice of general meeting, explanatory memorandum (including the accompanying independent's expert's report) and management information circular, containing additional information about that general meeting. These materials are currently available on Mawson West's profile on SEDAR and on its website.
Mawson West confirms that the changes to the executive team have no impact on the Galena financing package and the independent expert has confirmed that the changes do not alter its opinion.
We seek Safe Harbor.