Medusa Mining (LON:MML,ASX:MLL,TSE:MLL) announced today it is delisting from the Toronto Stock Exchange and revealed a major restructuring of its management - including the stepping down of chairman Peter Jones.
The firm said the new team would oversee the next phase of the firm's development - establishing new mines and production facilities.
The gold producer, focused on the Philippines, announced this morning that, with immediate effect, Jones would stand down as chairman and retire as non-executive director.
Geoff Davis is to stand down as managing director but be re-appointed as non-executive chairman - replacing Jones, who was appointed in July last year.
Peter Hepburn-Brown replaces Davis as managing director of the company while Roy Daniel retires as finance director and joint company secretary but continues in his role of CFO.
In today's statement, the firm told investors: "The restructured board will be well positioned to oversee the next phase of the company's growth and development and the retention of Messrs Davis, Hepburn-Brown and Daniel in key positions within the restructured board and senior management team ensures that Medusa and its stakeholders will enjoy continued access to the significant experience and knowledge of the company's business that these individuals provide."
Medusa also said today that it is voluntarily delisting its shares from the TSX and expects them to come off on or about Friday June 17, citing limited trading volume on the TSX compared to the other two exchanges and the costs of maintaining the listing as key factors.
They will continue to trade on the ASX and the LSE.
Geoff Davis said: "Medusa has been marketing regularly in Canada for five years and since listing on the TSX in November 2009, has only achieved a disappointing shareholding base of less then 4 percent in Canada.
"As this low level of interest and volume have not matched expectations despite creditable production and exploration results, it is with regret that the company can no longer justify maintaining a listing on the TSX."
In London, Medusa's share price dropped 2.65 percent in morning deals, and stood at 513 pence at noon.
On his appointment to non-exec chairman Davis said today his goal as founding managing director was to acquire gold and gold/copper assets with the aim of developing a cash flow from mining within two years as well as explore for high grade deposits.
"We achieved our first modest cash flow in 2005 less than two years after the floating of the company in 2003. In over 30 years of experience working in Southeast Asia, I have always regarded the Philippines as a favourable jurisdiction for deposit discovery and mining investment.
"The world class Co-O Mine bears testament to that and it is only the beginning of a pipeline of projects on the company's contiguous tenement package of 820 sq km."
He said the firm had seen unprecedented growth in recent years and it was now the most appropriate time to hand over management of the company to the current executive director of operations, Peter Hepburn-Brown as the company headed through its next phase - focused on developing new mines and building new production facilities.
Medusa added today that it intended to appoint an additional independent non- exec director as soon as a suitable candidate can be found.