Appointment of new CEO and Non-Executive Director

RNS Number : 6658N

Sula Iron & Gold PLC

28 October 2016

 

28 October 2016

Sula Iron & Gold plc

("Sula" or the "Company")

Appointment of new CEO and Non-Executive Director

Sula (AIM: SULA), a multi-commodity exploration company focused on Sierra Leone, is pleased to announce that Roger Murphy has been formally appointed as Chief Executive Officer and John (Iain) Macpherson has been appointed as a Non-Executive Director. Both board appointments are with immediate effect.  Messrs Murphy and Macpherson are both representatives of Madini Occidental Ltd ("MO"), a private company incorporated in the Republic of Seychelles, which is currently owned as to 75 per cent. by Madini Minerals ("Madini") and holds approximately 26.16 per cent. of Sula's issued share capital.

As announced by the Company on 13 October 2016, Sula's Founder, Nick Warrell, has assumed the position of the Company's Chief Operating Officer with immediate effect.

Mr Murphy was until recently the Managing Director, Investment Banking and Head of Dundee Securities Europe Ltd., which he joined in 2012 to establish its London office with an emphasis on capital raising for mining and oil & gas companies. Mr Murphy is currently a Non-Executive Director of AIM-quoted Sunrise Resources plc and his previous positions include Managing Director at Renaissance Capital, successfully raising capital for a variety of companies, and Head of Sales for Canaccord Adams, London, where he was also a member of its UK Executive Committee. Earlier in his career in the finance industry he worked in mining sector sales for Deutsche Bank, as a mining analyst for both Deutsche Bank and SG Warburg and as a researcher for the World Gold Council. Mr Murphy began his career as a geologist working for Anglovaal Mining and BP in Africa.

Mr Murphy holds a B.Sc. (Hons) in Geology from the University of Wales, an M.Sc. in Hydrogeology from University College London and an MBA (Finance) from City University Business School.

Mr Macpherson is an experienced mining executive and investor with extensive operational, project management and project development experience globally, including in West Africa. Mr Macpherson founded Madini in 2014 and, prior to this, was the Managing Director of ASX-listed Elemental Minerals Limited. Between 2006 and 2008, he also served as Chief Operating Officer and, subsequently, Managing Director of UraMin. Mr Macpherson spent the early part of his career working in a variety of operational roles at mines around the world including responsibility for development and operating significant mining operations in West Africa.

Mr Macpherson holds a B.Sc. in Mining Engineering from the Royal School of Mines, London.

Newly appointed CEO, Roger Murphy, commented:

"I am delighted to join the board of Sula and am very much looking forward to developing the very exciting Ferensola gold project in Sierra Leone. I'm also pleased to welcome Iain to the team as he brings a depth of mine development experience to the Company, that will be invaluable in moving the project forward and unlocking the undoubted value in Ferensola. I'd like to take this opportunity to thank Nick Warrell for his efforts in bringing Ferensola to the fore and look forward to working with Nick and the rest of the board for the benefit of all our stakeholders."

Additional information

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

Roger Derek Murphy (aged 58)

Current directorships / partnerships	Past directorships / partnerships (last 5 years)
Sunrise Resources plc	Sheba Resources Limited
6M Management Ltd
Dundee Securities Europe Limited
Dundee Partners LLP

John (Iain) Macpherson (aged 56)

Current directorships / partnerships		Past directorships / partnerships (last 5 years)
Ongeza Mining		Elemental Minerals Ltd
Madini Resources Management Services (Pty) Ltd		Sintoukola Potash SA
CS Hentiq 1200 (Pty) Limited

As part of the transaction with Madini, announced on 13 October 2016, the Company agreed to grant 20,000,000 options to Madini's nominee directors, of which Mr Murphy will receive 15,000,000 and Mr Macpherson will receive 5,000,000 (the "Madini Director Options"), which will be held by Madini on their behalf.  The Madini Director Options will be exercisable in three equal tranches, insofar as is possible, at 0.2p, 0.3p and 0.4p per new ordinary share in the Company for a period of five years from the date of grant.

In addition to MO's 26.16 per cent. shareholding in the Company, it holds 304,642,410 warrants to subscribe for new ordinary shares at a price of 0.24 pence per share, exercisable for a period of five years from the date of grant and Madini via a nominated subsidiary holds a further 15,232,120 warrants to subscribe for new ordinary shares, exercisable at a price of 0.1 pence per share, for a period of five years from the date of grant. Messrs Murphy and Macpherson hold approximately 8.0 per cent. and 31.36 per cent. respectively of the issued share capital of Madini.

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**

The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.

For further information, please visit www.sulaironandgold.com or contact the following:

Sula Iron & Gold plc Roger Murphy / Nick Warrell / Matt Wood / Howard Baker [phone] Strand Hanson Limited (Financial and Nominated Adviser) James Harris / Matthew Chandler / James Dance [phone] VSA Capital Limited (Broker) Andrew Raca [phone]

For further information on Madini Minerals please visit www.madiniminerals.com.

 

END

 

 

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