Kalgoorlie Mining Company (ASX: KMC) flagship operations is the Bullant Gold Mine, which is located around 60 kilometres from the town of Kalgoorlie in Western Australia.
Kalgoorlie Mining Company (ASX: KMC) has appointed Roger Kwok to the board as a non-executive director.
Kwok is the managing director of Arcadia Group in Perth which specialises in designing, developing and managing retirement resorts and premium properties.
For the past 20 years, he has managed a number of Australian businesses in the automotive and healthcare sectors.
He is a past president of the Western Australian Chinese Chamber of Commerce and brings extensive experience in business relations in international markets, particularly China.
Jonathan Murray, chairman, commented on the appointment:
“We are delighted to gain the commercial experience of Mr Kwok as a representative of our new investors following completion of the non-renounceable rights issue and recapitalisation of the company.”
Kalgoorlie Mining recently undertook a three-for-one non-renounceable rights issue to raise A$9.7 million, which was fully underwritten by Kwok.
In late March the company agreed to a proposal to recapitalise the company from an investment syndicate represented by Kwok.
Kalgoorlie Mining allocated around A$5.05 million of the proceeds to be used to pay the company’s creditors in full.
Around $1.5 million has been allocated to the ongoing care and maintenance of the Bullant Project, $0.49 million to paying ongoing tenement administration and exploration costs, with the remaining $2.72 million to be applied towards corporate and compliance costs, general working capital and expenses of the issue.
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