- Celsius Resources (CLA) announces some board changes and the sale of the Cullarin project in NSW
- Managing Director Robert Gregory and Non-Executive Director Bill Oliver will be leaving their respective roles, effective immediately
- In line with their departures, Celsius appointed Peter Hume as Executive Director and Simon James Farrell as Non-Executive Director, who both have over 40 years’ experience
- Additionally, Celsius is selling the Cullarin project to Second String for $25,000 in cash and $200,000 worth of shares
- Company shares are down 10.5 per cent to trade at 1.7 cents at 12:24 pm AEST
Celsius Resources (CLA) has announced some board changes and the sale of the Cullarin project in New South Wales.
Board changes
The company said that, by mutual agreement, current Managing Director Robert Gregory’s contract has been terminated.
Additionally, Non-Executive Director Bill Oliver has resigned from his role, effective immediately.
Celsius hasn’t provided further details on the terminated contract or Mr Oliver’s resignation but thanked both for their contribution.
“On behalf of the Board, I would like to thank Rob for his time on the Celsius Board and serving as Managing Director over the last six months and also Bill who has been with Celsius for over 11 years,” Chairman Martin Buckingham said.
“We wish Rob and Bill all the best for their future endeavours.”
In line with their departures, the company has appointed Peter Hume as Executive Director and Simon James Farrell as Non-Executive Director.
Mr Hume brings over 40 years of experience in leadership roles and is already the Philippine Country Operations Director and is a member of the Board of Celsius’ Philippine subsidiaries.
Mr Farrell has more than 40 years of experience in the finance and mining industries.
Celsius’ Chairman, Martin Buckingham, will be sharing some executive duties with Mr Hume on an interim basis until the company appoints a suitable Managing Director.
Cullarin sale
Regarding the sale of the Cullarin project, Celsius Resources entered a sale agreement with Second String to sell a 100 per cent interest in EL 8996.
Second String will pay the company $25,000 in cash and will issue $200,000 worth of shares.
The agreement is conditional on Second String completing a listing agreement and satisfying the required regulatory approvals. If these conditions aren’t met (or waived) by September 30, 2022, either party may terminate the deal.
Company shares were down 10.5 per cent to trade at 1.7 cents at 12:24 pm AEST.