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Reach Resources Limited(ASX: RR1) (“Reach” or “the Company”) is pleased to advise the appointment of Jeremy Bower as CEO of the Company, effective immediately.
Mr Bower's appointment as CEO follows the Company's successful $2.4M placement which will settle today, 23 March 2022 with shares to be allotted tomorrow, 24 March 2022. Funds raised will be used to finalise the acquisition of 10% of REEgenerate Pty Ltd in addition to providing working capital and cash to develop the Company's mineral resource exploration projects.
Mr Bower is an experienced executive and project manager demonstrated across the mining, agricultural and industrial sectors and in particular brings a unique skill set that is highly relevant to our diversified resources Company. Jeremy brings over 15 years' experience dealing with the government, key stakeholders and engineers to obtain project approvals, in addition to strong ESG credentials, which is now demanded by investors and communities alike across the globe. His appointment comes at a time when the Company is focussed on driving a detailed plan to assess and deliver more value from its assets and take steps towards being a significant player in the emerging circular economy.
Mr Bower said, "1 was attracted to the Company because of its unique blend of highly prospective mineral resource projects in addition to the recent investment in REEgenerate, together which form a solid foundation to build value for shareholders".
The Company's non-executive Chairman, Robert Downey said "We are excited to have Jeremy join the Company as CEO. The Board and management have got to know Jeremy well over the past month, and we have no doubt that his experience and can do attitude will ensure he can hit the ground running, and importantly provide value to our loyal shareholders from development of our asset portfolio".
Mr Bower will be employed as CEO on a permanent part time basis of 2 days per week to manage and co-ordinate the development of the Company's current asset portfolio. If the Company requires a full time CEO, the parties agree to discuss and negotiate appropriate terms at the relevant time.
Details of the material terms of appointment of Mr Bower are set out below. The employment agreement between the Company and Mr Bower contains terms usual in employment agreements of its type.
This article includes content from Reach Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.