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- Stone Resources Australia (SHK) has revealed some changes to its executive team, amid the company’s ongoing recapitalisation strategy
- Notably, three of the company’s current directors will resign, pending completion of a Debt Equity Compromise Agreement (DECA)
- Stone Resources has also appointed two men to roles on the company’s board of directors
- The company recently executed a 12-month retainer with PCF Capital Group, a Perth-based corporate advisory firm
- Stone Resources Australia closed 19.23 per cent higher for 3.1 cents per share
Stone Resources Australia (SHK) has revealed some changes to its executive team, amid the company’s ongoing recapitalisation strategy.
Notably, the executive “refresh” will involve the resignation of three current directors of the company. Yong Han, Fang Lu, and Kaiye Shuai will resign as directors, pending the completion of a Debt Equity Compromise Agreement (DECA).
If the DECA does not go ahead, the three directors will not resign, and will continue to serve on Stone Resources’ board.
The company’s shake-up of its leadership also includes the appointment of two men to roles on the board of directors. Bill Hobba, who has been a Stone Resources director for the last seven years, has been appointed as an executive director of the company.
He will take on this extra responsibility in order to assist in planning the company’s renewed exploration and development strategies. Under his new employment contract, Bill will receive a base annual salary of $120,000, plus $11,400 in annual superannuation contributions.
Stone Resources has also appointed Josh Hunt, a corporate lawyer, as an independent non-executive director. This appointment will take effect upon completion of the company’s aforementioned DECA.
Josh will assist the company with recapitalisation efforts and corporate governance during its transition to a gold development junior.
Finally, Stone Resources has announced that the company has recently executed a 12-month retainer with PCF Capital Group, a Perth-based corporate advisory firm.
PCF’s Managing Director, Senior Manager, and Technical Director will continue to assist the company as it completes the DECA and prepares a post-recapitalisation corporate strategy.
Stone Resources Australia closed 19.23 per cent higher for 3.1 cents per share.
