- Reach Resources (RR1) appoints Jeremy Bower as CEO, effective immediately
- This announcement follows the company’s $2.4 million placement with shares allotted tomorrow, with funds raised to finalise the acquisition of 10 per cent of REEgenerate and for the company’s mineral resource exploration
- Reach says Mr Bower is an experienced executive and project manager with strong environmental, social and governance credentials is able to lead the company into driving a detailed plan to assess and deliver more value from its assets
- He will be employed as CEO on a permanent part-time basis of two days a week to manage and co-ordinate the development of Reach’s asset portfolio
- RR1 shares last traded at 0.8 cents prior to the company’s trading halt
Gold and base metals explorer Reach Resources (RR1) has appointed Jeremy Bower as CEO, effective immediately.
This announcement follows the company’s $2.4 million placement with shares allotted tomorrow, with funds raised to finalise the acquisition of 10 per cent of rare earths player REEgenerate and for the company’s mineral resource projects development.
Mr Bower is an experienced executive and project manager with over 15 years’ experience dealing with the government, key stakeholders and engineers to obtain project approvals across a diverse range of industries from mining to agricultural.
In addition, the company believes that he has strong environmental, social and governance credentials, which is now demanded by investors and communities across the globe.
His appointment comes as Reach’s focus is driving a detailed plan to assess and deliver more value from its assets and take steps towards being a significant player in an emerging circular economy.
“I was attracted to the company because of its unique blend of highly prospective mineral resource projects in addition to the recent investment in REEgenerate, together which form a solid foundation to build value for shareholders,” said Mr Bower.
He will be employed as CEO on a permanent part-time basis of two days per week to manage and co-ordinate the development of the Reach’s asset portfolio, which includes gold prospects in the Gascoyne and Murchison regions of Western Australia.
Reach’s remuneration package includes a fixed salary of $200,000 per annum plus superannuation on a full-time basis.
Mr Bower will also receive five million unlisted options exercisable at 1.5 cents in Tranche A and five million options exercisable at 2 cents in Tranche B. Both tranches have an expiry date of three years from issue date and include a vesting condition requiring a minimum of six months continuous employment with Reach.
RR1 shares last traded at 0.8 cents prior to the company’s trading halt on 17 March 2022