Senior Management Appointment

RNS Number : 9181Y

China Africa Resources PLC

09 March 2017

 

China Africa Resources plc

("China Africa" or "the Company" or "CAF")

Senior Management Appointment 

China Africa Resources plc (LON:CAF) the AIM listed natural resource exploration and development company,  is pleased to announce that Mr Peter Bojtos has been appointed President with responsibility for project origination and development with immediate effect.

Peter Bojtos is a Professional Engineer with over 40 years of experience in the mining industry and a strong background in corporate management; including all facets of the industry from exploration through the feasibility study stage to mine construction, operations and decommissioning.

Mr. Bojtos graduated from the University of Leicester in 1972, following which he worked at a number of open-pit iron-ore and underground base-metal and uranium mines in West Africa, the United States and Canada. Following that, for the next 12 years, he worked in Toronto for Kerr Addison Mines Ltd., a Noranda Group company, in increasingly senior management and officer positions. He was the President & CEO of RFC Resource Finance Corp between 1990 to 1992 and was the President & CEO of Consolidated Nevada Goldfields Corp from 1992 to 1993. Mr. Bojtos was also Chairman & CEO of Greenstone Resources Ltd between 1993 to 1995.

For the past 18 years Mr. Bojtos has also been an independent director of numerous Canadian, US, Australian, London or European listed mining and exploration companies including Birim Goldfields Inc., Desert Sun Mining Corp., Queenstake Resources Ltd., European Uranium Inc., US Gold Corp., Vaaldiam Resources Ltd. and William Resources Inc.

Over his career he has visited and evaluated properties in over 70 countries carrying out approximately 20 significant corporate acquisitions, mergers or sales that involved 24 operating mines.  Mr. Bojtos has participated in the financing, development, building or reopening of 19 mines and has had a hand in the operation of 24 producing mines.

David Linsley, Chief Executive Officer, commented:

'When the opportunity to develop China Africa Resources presented itself my first call was to Peter.  Having worked together over the past three years on a number of opportunities I knew Peter would be the perfect person to add to the team. Given his expertise and knowledge he will undoubtedly play a major role in the development of the Company as we look to deliver our strategy sourcing the most appropriate opportunities and projects to invest in.

Peter Bojtos, President, said:

"I am delighted to join David and the team at this early stage and look forward to evaluating and developing opportunities that I feel would be appropriate for the company. David has put together an exceptional team of renowned industry experts with a knowledge base across numerous commodities and geographies. This will ensure the company is well placed and has the skill sets to move quickly in evaluating potential deals and creating shareholder value."

For further information on the Company, visit: http://www.chinaafricares.com/.

China Africa Resources PLC David Linsley, Chief Executive Officer	T: [phone]
SPARK Advisory Partners - Nominated Adviser Sean Wyndham-Quin Neil Baldwin	T: [phone] www.sparkadvisorypartners.com
SI Capital Limited - Joint Broker Nick Emerson Andy Thacker	T: [phone]
Beaufort Securities Limited - Joint Broker Elliot Hance	T: [phone]
Blytheweigh  - Financial PR Tim Blythe, Camilla Horsfall, Nick Elwes	T: [phone]

China Africa Resources Investing Policy:

Under the AIM Rules for Companies, CAF is required to complete an acquisition or acquisitions that constitutes a reverse takeover within six months of becoming an AIM Rule 15 Cash Shell or it will face suspension from trading on AIM. The Directors intend to apply the investing policy set out below in seeking an acquisition or acquisitions that will constitute a reverse takeover but there can be no certainty that they will be able to do this in the specified time frame.

The Board proposes to invest in and/or acquire companies and/or projects within the natural resource sector but with a particular interest in opportunities in the precious and base metals sectors. 

The Board will not be limited to a specific geographic focus. In selecting investment opportunities, the Board will focus on businesses, assets and/or projects that are available at attractive valuations and hold opportunities to unlock embedded value or where, through efficient and focused work, there is the prospect of adding considerable value to each project, for the benefit of shareholders.

Where appropriate, the Board may seek to invest in businesses where it may influence the business at a board level, add their expertise to the management of the business, and utilise their industry relationships and access to finance.

The Company's interests in a proposed investment and/or acquisition may range from a minority position to full ownership and may comprise one investment or multiple investments. The proposed investments may be in quoted or unquoted companies; be made by direct acquisitions or farm-ins; and may be in companies, partnerships, earn-in joint ventures, debt or other loan structures, joint ventures or direct or indirect interests in assets or projects. The new Board may focus on investments where intrinsic value can be achieved from the restructuring of investments or merger of complementary businesses.

The Board expects that investments will typically be held for the medium to long term, although short term disposal of assets cannot be ruled out if there is an opportunity to generate an attractive return for Shareholders. The Board will place no minimum or maximum limit on the length of time that any investment may be held.

The Board will conduct initial due diligence appraisals of potential businesses or projects and, where they believe further investigation is warranted, intend to appoint appropriately qualified persons to assist.

The Board believes it has a broad range of contacts through which it is likely to identify various opportunities which may prove suitable. The Board believes its expertise will enable it to determine quickly which opportunities could be viable and so progress quickly to formal due diligence.

The Company will not have a separate investment manager. The Board proposes to carry out a comprehensive and thorough project review process in which all material aspects of a potential project or business will be subject to rigorous due diligence, as appropriate. Due to the nature of the sector in which the Company is focused the Company expects a focus on capital returns over the medium to long term. Should opportunities arise for an early cash return to investors, this will be considered by the Board.

It is emphasised that there is no certainty that the Company will be able to secure an acquisition or Reverse Takeover as set out above.

 

END

 

 

NRAEAKDPESSXEFF