VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/25/13 -- THEMAC Resources Group Limited (TSX VENTURE: MAC) ("THEMAC" or the "Company") today announced that Andrew Maloney has been appointed as a Director and Interim Chief Executive Officer, effective the 15th February, 2013.
Andrew Maloney is Managing Director of Tulla Group, the family investment office of the Maloney's. Tulla Group is the major shareholder in THEMAC with its investment focus on the resources sector. Prior to his Managing Director role at Tulla Group, Andrew Maloney was an Executive at The MAC Services Group, Australia's largest integrated mining accommodation provider. During his 10 years at The MAC Services Group, he was instrumental in that company's growth, its public listing on the ASX in 2007 and then the ultimate sale of the company in 2010 for $651m to the NYSE listed Oil States International Inc. While at The MAC Services Group, Andrew Maloney also served as Chairman of the Investment Committee.
Andrew Maloney has held numerous roles in the development and construction industry. He holds a Bachelor's Degree in Project Management from the University of Technology in Sydney and has also completed a Master's Degree in Business Administration at IE in Madrid, which is currently ranked as Europe's top business school.
The new Chief Executive Andrew Maloney said, "I'm looking forward to leading the business through this period of development. THEMAC has a great team and we will be working hard to achieve the key project milestones ahead of us and more importantly generate value for our shareholders. These targets include completing a Definitive Feasibility Study and permitting to develop the Copper Flat project, and funding for the project's construction."
Andrew Maloney has been reviewing the funding requirements for the Copper Flat Project and is currently in discussions with financial partners. An amendment to the existing debt facility provided by Tulla Group has been agreed in principal, with the facility increasing from C$25m to C$30m to provide working capital to the Company as it continues with the Definitive Feasibility Study and permitting requirements for the project. The facility is proposed to be extended until 31 July 2013, and to be secured by a fixed and floating charge over the assets of the Company and its subsidiary, New Mexico Copper Corporation. Kevin Maloney, the Chairman of the Board of THEMAC, is also the controlling shareholder of the Tulla Group, and together with the Tulla Group controls 50,806,879 common shares of the Company, representing 68.55% of the outstanding shares. The Facility is not convertible into shares of the Company, and the amendment to the facility will not affect Tulla's or Kevin Maloney's shareholdings in the Company. The amendment to the facility has been reviewed and approved by the independent members of the Board of Directors. The amendment to the Facility is subject to the approval of the TSX Venture Exchange.
In connection with the appointment, the Company granted to Andrew Maloney options to purchase 500,000 common shares of the Company, exercisable at $0.38 per share, pursuant to the Company's stock option plan.
About THEMAC Resources Group Limited
THEMAC is a copper development company with a strong management team which acquired the Copper Flat copper-molybdenum-gold-silver project in New Mexico, USA in May 2011. We are committed to bringing the closed copper mine, Copper Flat, in Sierra County, New Mexico back into production with innovation and a sustainable approach to mining development and production, local economic opportunities and the best reclamation practices for our unique environment. The Company is listed on the TSX Venture Exchange (ticker: MAC) and has issued share capital of 74,117,622 common shares (fully diluted share capital 136,648,241).
For more information please visit www.themacresourcesgroup.com or review the Company's filings on SEDAR (www.sedar.com).
THEMAC Resources Group Limited
+44 7539 466703
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