Join our daily newsletter At The Bell to receive exclusive market insights
- R3D Resources (R3D) appoints Jihad Malaeb as Chairman, effective immediately
- Mr Malaeb is an experienced director and entrepreneur and has worked across the hospitality, construction, mining and mineral sectors
- He will be paid $50,000 per year and may receive an additional $110,000 per year for providing management and advisory services to support the restart of the Tartana copper sulphate plant
- Further, Mr Malaeb will provide R3D with a $500,000 working capital loan in the form of a loan note which will become a convertible loan note with a conversion price of 15 cents
- R3D ends the day 23.8 per cent in the green to close at 9.9 cents
R3D Resources (R3D) has appointed Jihad Malaeb as Chairman, effective immediately.
Mr Malaeb will be taking over from Richard Ash with no details given as to why he stepped down.
The new chairman is an experienced director and entrepreneur and has worked across the hospitality, construction, mining and mineral sectors.
He has been a director of R3D since June 2022 and is a material shareholder in the company, having participated in capital raisings.
Mr Malaeb will be paid $50,000 per year and may receive an additional $110,000 per year for providing management and advisory services to support the restart of the Tartana copper sulphate plant.
“I am excited to be appointed the Chairman of R3D as we enter a critical phase of our Tartana copper sulphate plant restart activities over the coming months which will provide key cashflow positive income streams to support our broader, highly prospective, exploration portfolio,” Mr Malaeb said.
“In this new expanded role, I am looking forward to helping steer R3D through this period, bringing to the company my significant business and entrepreneurial experience as well as my experience in mineral exploration and mining operations including most recently at Critical Resources.”
Further, Mr Malaeb will also provide R3D with a $500,000 working capital loan in the form of a loan note.
Subject to shareholder approval, the loan note will become a convertible loan note with a conversion price of 15 cents – an 85 per cent premium to R3D’s closing price of eight cents on October 19.
R3D has ended the day 23.8 per cent in the green to close at 9.9 cents.
