LONDON, UK: Alien Metals Ltd, a UK listed global exploration and development company, announced that the appointment of Mr. Roderick McIllree (Rod) as Executive Chairman has now been completed with immediate effect. Accordingly, current Chairman, Dan Smith, becomes a Non-Executive Director.
Rod is an experienced mining executive, based in London, with a deep understanding of global finance, M&A, project management, international logistics and precious and base metal production. Rod was, until very recently, the founding Executive Chairman at AIM traded Bluejay Mining Plc where he built the company from inception. He is currently an Executive Director at Standard listed, More Acquisitions Plc.
As part of the appointment, the Company proposes to issue Rod a total of 230,000,000 warrants (representing approximately 4.83% of the Company’s issued share capital) over the common shares of the Company (“Warrants”) under the terms of the Company’s EMI Share Option Plan, which also makes provision for the award of non-EMI share warrants, as set out below. Accordingly, under the UK Corporate Governance Code, which has been adopted by the Company, Rod will not be regarded as an independent director.
Incoming Executive Chairman, Roderick McIllree stated: “I look forward to working closely with the team at Alien. The near-term iron production in Western Australia is clearly the short-term focus. Finalising the last steps to production including offtake and finance will continue apace. However, what is becoming clear is there is significant unrecognised upside potential in addition to the upcoming start of iron ore production. Munni Munni and Elizabeth Hill are high-grade representations of two very rare types of mineralising events that both demonstrate the necessary characteristics required for significant metal accumulation. Work will now start in earnest on both projects in parallel with the continued move towards iron ore production in Western Australia”.