TORONTO, ONTARIO -- (Marketwire) -- 03/28/13 -- Mukuba Resources Limited ("Mukuba" or the "Company") (TSX VENTURE: MKU) is pleased to announce changes to its board of directors and management team as the Company focuses on the development of its Cominex Project joint venture in the Democratic Republic of Congo (the "DRC").
Mr. Ben Smit has joined the Mukuba team as President, Chief Executive Officer and Director.
Mr. Smit is the founder and was previously the CEO of Benzu Resources Limited. ("Benzu Resources"), Mukuba's joint venture partner at the Cominex Project, and is Chairman of the board of directors of Aurigin Resources Inc. He has nearly 30 years of project management and business experience on the African continent. Ben began his career in the resources sector managing mining and exploration projects in Malawi, Zambia and Angola. Subsequently he was General Manager for LSE-listed Petra Diamonds Ltd. in Angola, responsible for the entire spectrum of exploration activities. He has an MBA from the University of Liverpool with a focus on Western business on the African continent and is a Fellow of the Institute for Leadership and Management. Ben will be resigning his position at Benzu Resources in due course in order to lead the Mukuba team.
John Hawkrigg, Chairman of Mukuba, commented, "We are delighted that Ben has agreed to join the Company as we advance the Cominex Project towards its maiden resource. The Mukuba board of directors believes that Ben has a deep understanding of the potential of the Cominex Project plus in-depth knowledge of opportunities in the DRC. We have worked closely with Ben as joint venture partners at the Cominex Project and are pleased to bring his experience and insights to Mukuba for the benefit of all shareholders. Danny Keating and Michael Smyth, who have concurrently resigned their positions as directors, respectively, to allow Ben to immediately join the Mukuba board of directors, have brought significant contributions and professionalism to Mukuba. We thank them for their efforts and wish them every success in their future endeavours. Kelly Ehler has concurrently resigned as CEO and will be immediately appointed to the board and serve as audit committee chair in place of Michael Smyth and as Corporate Secretary."
With these changes, the board of directors will be comprised of Ben Smit, Kelly Ehler, John Hawkrigg, continuing director and Martin Horgan, continuing director. Ben Smit replaces Kelly Ehler as CEO while Dan Crandall remains as CFO.
Ben Smit, incoming CEO of Mukuba, commented, "I have worked closely with the Mukuba team as joint venture partners at the Cominex Project and am excited to bring out the potential of this project for the benefit of all Mukuba shareholders. Mukuba is on track to earn its 51% interest in the Cominex joint venture and I look forward to working with John and the entire Mukuba team to demonstrate the inherent value we see at the Cominex Project."
Termination of Acquisition Agreement
Given all conditions of the transaction could not be satisfied, the Company announces the termination of the Acquisition Agreement between it and Benzu Resources dated January 16, 2013 and the related concurrent financing. No break fees are payable in connection with the termination.
In connection with the reconstituted Mukuba team, the Company has agreed to pay an unrelated party a restructuring fee of $100,000, payable by the issuance of 2,000,000 Mukuba shares (the "Restructuring Shares"). The fee relates to M&A and corporate advisory services. The Restructuring Shares will have a hold period of 4 months and their issue is subject to approval by the TSX Venture Exchange.
Mukuba is a Canadian exploration and development company primarily focused on copper and other base metal assets in Africa. Mukuba holds a 100% interest in the Northcore Project. The Northcore Project covers 2,209 km2 on the Central African Copperbelt. Mukuba has also signed a joint venture agreement with Benzu Resources Limited to explore and develop the Cominex Project. The Cominex Project, which is approximately 165 km2 in size, is located in the Katanga Copper Belt region in the Democratic Republic of Congo. It is adjacent to the eastern boundary of the Tenke-Fungurume mining concession, which is operated by Freeport-McMoRan Copper & Gold Inc. and owned by Freeport, Lundin Mining Corporation and Gecamines.
Securities regulators encourage companies to disclose forward-looking information to help investors understand a company's future prospects. This press release contains statements about our future business and planned activities. These are "forward-looking" because we have used what we know and expect today to make a statement about the future. Forward-looking statements usually include words such as may, intend, plan, expect, anticipate, believe or other similar words. We believe the expectations reflected in these forward-looking statements are reasonable. However, actual events and results could be substantially different because of the risks and uncertainties associated with our business or events that happen after the date of this press release. You should not place undue reliance on forward-looking statements. As a general policy, we do not update forward-looking statements except as required by securities laws and regulations.
The TSX Venture Exchange ("TSXV") has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved of the contents of this press release. This news release and the information contained herein does not constitute an offer of securities for sale in the United States and securities may not be offered or sold in the United States absent registration or exemption from registration.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Mukuba Resources Limited
President and CEO
+1 (416) 368 4013
+1 (416) 775 1002 (FAX)
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