London-listed investment company Papillon Holdings nonexecutive director Lord Monson has been appointed nonexecutive chairperson.
He succeeds James Longley, who remains CFO and nonexecutive director.
Further, Robbie McCrae has been appointed executive director, while Dr Elena Clarici and Gerard Kisby-Green have been appointed nonexecutive directors.
McCrae has over 20 years’ experience in the mining and exploration industry and has been involved in the exploration, development and financing of projects in over 15 countries for both private and listed companies.
McCrae will also assume the role of MD, and will lead a team of geologists, mining engineers and metallurgists with proven records in successfully developing and operating mining projects throughout Africa.
Clarici, meanwhile, has, during her 25 years’ mining investment and corporate experience, held a number of senior positions focusing principally on investment management in natural resources and emerging markets, responsible for mining investments for Meridian Equity Partners. She was also portfolio co-manager of Scipion Mining and Resources Fund.
She originally trained as a mining engineer and started her career as a mining equity analyst before training as a mining investment banker.
Kisby-Green has over 34 years’ experience in the mining and related financial industry.
He graduated as a mining engineer in South Africa and gained extensive experience in various management positions for several of the larger South African mining companies.
The board changes form part of the planned board restructuring as part of the transaction with Mayflower Capital Investments, which will continue to serve the board in an advisory capacity focusing on identifying and negotiating the potential acquisitions of advanced and producing gold projects in East Africa as part of the company’s growth and gold production strategy.
The appointments will be subject to the standard director checks and the completion of the transaction and the relisting of Papillon on the LSE.
Papillon has signed a binding heads of agreement with Mayflower to acquire certain contractual production and exploration rights held by Mayflower in two gold assets, located in Kenya and Congo Brazzaville.
Goldplat subsidiary Gold Mineral Resources in July conditionally agreed to sell Kilimapesa to Mayflower for an initial consideration of $1.5-million in shares.
Mayflower has paid a $50 000 exclusivity fee under the binding term sheet, and has a team on site in Kenya to progress the transaction.
Papillon will also need to raise equity of about $4-million.
Good progress is being made towards completing the transaction, which will see the company renamed Gold Mines of Africa on re-admission, Papillon confirmed on September 16.