Photo by: Bloomberg
PERTH (miningweekly.com) – The merger between ASX-listed Pantoro and Tulla Resources became effective on Friday, giving Pantoro full ownership of the Norseman gold project, in Western Australia.
The two companies earlier this year struck the merger agreement under which Tulla shareholders received 4.96 Pantoro shares for every Tulla share held.
“The Pantoro board of directors is very pleased to have completed the merger with Tulla Resources. We believe that the combination will ultimately help to facilitate the realisation of considerable value for the shareholders of both companies,” said Pantoro chairperson Wayne Zekulich.
With the merger now implemented, Pantoro has announced the appointment of three new nonexecutive directors, Kevin Maloney, Mark Maloney and Colin McIntyre.
Kevin Maloney was the chairperson and founder of Tulla Resources, and is the chairperson of Canadian company THEMAC Resources. Mark Maloney was the managing partner and fellow founder of Tulla Resources, and was previously CEO of The MAC Service.
McIntyre is a mining engineer with 40 years' experience in the industry. He has been a mine manager and was principal and part owner of a mining contract company which merged with contractor Macmahon Holdings in 1995, and was operations manager at Macmahon for four years. He was also chairperson of Tectonic Resources and Perilya, and nonexecutive director of Macmahon and Firestone Energy.
Meanwhile, Scott Huffadine and Kyle Edwards have resigned as directors of the Panatoro board, with Huffadine to continue in the role of COO.