(TheNewswire)
CALGARY, Canada (Aug. 16, 2024) — TheNewswire – Pambili Natural Resources Corporation ("Pambili" or the "Corporation") (TSX-V: PNN) is pleased to announce that, with effect from 01 August 2024, Mr. Russel Swarts has been appointed as Interim Chief Financial Officer (“CFO”) of the Corporation.
Since Aug. 29, 2022, Mr. Jon Harris has been acting as both CEO and interim CFO and, on Aug. 6, 2024, Pambili received email notification from the TSX Venture Exchange (the “Exchange”) that the Corporation was in breach of Exchange Policy 3.1, section 5.9 (the “Policy”) which states, among other things, that “…no Person may act as a CEO and CFO of the same Issuer at the same time.”
The Corporation has therefore been placed on Notice and is required to address the deficiency concerning the separation of CEO and CFO positions by Nov. 7, 2024. Failure to do so may result in the Exchange halting trading in the Company’s securities.
Notwithstanding the Notice, Pambili has already been in discussions with several CFO candidates over the past few months, and the recently approved acquisition of the Golden Valley mine in Zimbabwe has certainly raised interest in the Corporation and its plans to expand its gold mining operations in that country. Given his specific background in African natural resources, Mr. Swarts was the preferred candidate and has accepted the offer to become Pambili’s Interim CFO.
Mr. Swarts is a seasoned financial executive and brings more than 30 years of financial experience to Pambili. Now based in the United Kingdom, Mr. Swarts has held senior-level finance positions with a broad focus in exploration both in southern Africa and internationally for listed entities in London and Toronto. He is currently a non-executive director of Helium One Global Ltd., the AIM-listed Tanzanian explorer. Mr. Swarts holds a Bachelor of Accounting Science degree, with honours, from the University of South Africa and is a registered Chartered Accountant (South Africa).
“I have been working with Russel for several months on an informal basis and I am very pleased to be finally able welcome Russel to Pambili as its interim CFO,” said Jon Harris, CEO of the Corporation. “We look forward to working with Russel as we continue to make progress on our projects in Zimbabwe where his track record in advancing projects, reporting and financing will be a valuable asset to our management team.”
About Pambili Natural Resources Corporation: Pambili Natural Resources Corporation is a natural resources exploration and development company (www.pambilinrc.com) currently active in Zimbabwe and in the province of Alberta.
For further information, contact:
Pambili Natural Resources Corporation
Jon Harris (CEO)
T: 403 277 4421
E: jon.harris@pambilinrc.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution Regarding Forward-Looking Information Forward-looking statements - Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. Forward-looking statements are often, but not always, identified by words such as “believes”, “may”, “likely”, “plans”, or similar words. Forward- looking statements included in this news release include statements with respect to work to be done on the Happy Valley mine in Zimbabwe. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Corporation, including, but not limited to the impact of general economic conditions, industry conditions, currency fluctuations, and dependence upon regulatory approvals. The Corporation does not assume any obligation to update the forward-looking statements to reflect changes in assumptions or circumstances other than as required by applicablelaw.
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