10th Jul 2015 07:36
LONDON (Alliance News) - Aurasian Minerals PLC shares rose on Friday morning after it said it has appointed Peter Mullens as its new chief executive, and that Mullens has agreed to subscribe to new Aurasian shares alongside a new non-executive director to raise GBP207,500 for the company.
Aurasian shares were up 15% to 0.750 pence per share on Friday morning.
The South-East Asian focused miner said Mullens has over 30 years of experience in mining and exploration geology and is currently a director of Royal Road Minerals, which is listed on the Toronto Stock Exchange. Previously, he had held roles at Lydian International and Aquiline Resources.
In addition, Aurasian has appointed Gokhan Kantarcigil as a new non-executive director. Both Mullens and Kantarcigil have agreed to subscribe to shares in the company following their appointments.
Mullens agreed to subscribe to 36.1 million shares whilst Kantarcigil subscribed to 11.5 million shares, both at a price of 0.436 pence to raise a combined total of GBP207,500. Aurasian's current market capitalisation is GBP2.1 million.
Following the subscription, Mullens will hold a 8.68% stake in Aurasian, whilst Kantarcigil will hold 2.75%.
"I am delighted to welcome Pete and Gokhan to the board. Their experience in identifying and developing assets through the exploration and production cycle will be invaluable as we seek to create value for all of Aurasian's shareholders. Their investment in the company demonstrates their commitment, and we very much look forward to working with them," said Chairman Bruce Kay.
By Joshua Warner; [email protected]; @JoshAlliance
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