Appointment of Director & Grant of Warrants

RNS Number : 2779M

Sula Iron & Gold PLC

06 May 2015

 

6 May 2015

SULA IRON & GOLD PLC

("Sula" or the "Company")

Appointment of Director and Grant of Warrants

Sula Iron & Gold plc, the exploration and development company focused on iron ore, gold and coltan in Sierra Leone, is pleased to announce the appointment of Mr Howard Baker as a Non-Executive Director of the Company with immediate effect. 

Mr Baker is a geologist with over twenty years' industry experience including exploration geology, mining geology, resource geology and consulting. He spent the early parts of his career working as an exploration and mine geologist at numerous mines worldwide, including Western Mining Corporation's Mount Keith nickel mine, Anaconda Nickel's Murrin Murrin nickel laterite mine, Iluka Resources' Eneabba and Capel heavy mineral sands mines, BHP Billiton's Yarrie iron ore mine and he worked as a resource geologist for Rio Tinto based out of Perth and Tom Price.

From 2007 to 2015, Mr Baker was a Principal Consultant (Resource Geology) and Practice Leader at SRK Consulting (UK) Ltd ("SRK"). In this capacity he was predominantly responsible for numerous Mineral Resource Estimates, including full project management and sign off for numerous large scale projects, including many based in Africa. Whilst at SRK and of note, Mr Baker acted as the Competent Person for Sula's Ferensola iron ore resource estimate and the contiguous Tonkolili iron ore resource estimate on behalf of African Minerals Ltd.  Mr Baker is currently Managing Director of Baker Geological Services Ltd, an independent geological consultancy. He is also Technical Director of GeoMax Holdings Corporation, a company whose principal focus is the acquisition and development of mineral projects in Brazil.

Mr Baker has a B.Sc. Honours in Applied Geology from Oxford Brookes University and a M.Sc. in Mineral Resource Evaluation from Cardiff University. He is also a Chartered Professional Fellow of the Australasian Institute of Mining and Metallurgy.

The Company has entered into an agreement with Mr Baker which grants Mr Baker warrants to subscribe for 2,000,000 ordinary shares in the capital of Company at 1.375p per share (the "Warrants") (the "Warrant Agreement"). Half of the Warrants may be exercised in the period commencing on the first anniversary of the date of the Warrant Agreement and terminating on the fifth anniversary thereof, subject to the Company's closing price per share being 2.5 pence or more for five consecutive business days at any time following the date of the Warrant Agreement and prior to the issue by Mr Baker of a notice of exercise (the "Vesting Price Condition"). The remaining Warrants may be exercised, subject to satisfaction of the Vesting Price Condition, in the period commencing on the second anniversary of the date of the Warrant Agreement and terminating on the fifth anniversary thereof.

Following the issue of the Warrants, there will be 88,165,494 warrants and options in issue, representing 24.7% of the Company's existing ordinary share capital.

Nick Warrell, Chief Executive Officer of Sula, said: 

"We are delighted to welcome Howard to the board of Sula. His significant expertise and experience will be invaluable to the Company as we progress with the development of the Ferensola Licence area."

Additional Information on Mr Howard Baker

The following additional information is provided in accordance with paragraph (g) of Schedule Two to the AIM Rules for Companies:

Howard Tennant Baker (aged 42)

Current Directorships / Partnerships	Past Directorships / Partnerships
Baker Geological Services Ltd	None

There is no other information that is required to be disclosed pursuant to paragraph (g) of Schedule Two to the AIM Rules for Companies.

**ENDS**

For further information, please contact:

Sula Iron & Gold plc
Nick Warrell / Matt Wood	[phone]
Strand Hanson Limited (Nominated & Financial Adviser)
Simon Raggett / James Harris / James Dance	[phone]
VSA Capital Limited (Broker)
Bhavesh Patel / Richard Buckle	[phone]
Yellow Jersey PR (Financial PR)
Dominic Barretto / Kelsey Traynor	[phone]

 

END

 

 

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