Phoenix Gold (ASX:PXG) managing director Jon Price has stepped down from his position with effect from today.
Non-executive chairman Dale Rogers has assumed the role of executive chairman while company secretary Ian Gregory has been appointed an independent non-executive director.
“Despite the disappointing performance of the Kintore mine, the recently announced strategic alliance with Evolution Mining Ltd and the inherent future value of the Licence to Mine and Ore Sale Agreement with Norton Goldfields, leaves Phoenix well placed to maximise value from both the Kunanulling and Zuleika gold shears,” Rogers said.
Earlier this month, the company announced the strategic partnership with Evolution Mining (ASX:EVN) that includes a $9 million investment through a subscription of 105.9 million PXG shares at an average price of $0.085, an 18% premium to the 10 day VWAP.
This will enable accelerated exploration of Phoenix’s highly prospective Zuleika shear gold projects in Western Australia.
The first tranche of 44 million shares at $0.075 each to raise $3.3 million has been completed.
Shareholder approval will be sought at a General Meeting in June 2015 for the second tranche of about 61.9 million shares priced at $0.092 each.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.