5th Aug 2021 13:27
(Alliance News) - Chaarat Gold Holdings Ltd on Thursday said Chief Executive Artem Volynets is stepping down immediately.
The AIM-quoted company, which operates a mine in Armenia and has several assets in development in Kyrgyzstan, said Volynets will shift into a senior adviser role.
"In his future role, [Volynets] will focus on developing merger and acquisition opportunities in the region and assisting with capital market activities," Chaarat said.
Executive Chair Martin Andersson will serve as interim CEO until a successor can be appointed, the miner added.
Also on Thursday, Chaarat Gold said it would waive the requirement for a mandatory offer for the company, allowing Labro Investments Ltd to buy up to 10 million additional shares.
Labro is the investment vehicle of Anderson.
To date, Labro has acquired 8.4 million shares under the waiver, with a further 1.6 million available to purchase. The waiver expires on September 30, the company said.
Currently, Labro holds around 42% of Chaarat's issued share capital, comprising 292.9 million shares.
Labro also holds loan notes worth USD1.0 million, convertible into 2.8 million shares, assuming full conversion of principal and interest to maturity, Chaarat Gold said.
Shares in Chaarat Gold were trading up 5.4% at 21.40 pence each in London on Thursday afternoon.
By Scarlett Butler; [email protected]
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