West Perth-based junior Cosmo Metals has promoted director Ian Prentice to managing director, effective immediately.
West Perth-based junior Cosmo Metals has promoted director Ian Prentice to managing director, effective immediately.
The appointment follows news last week that Peter Bird-chaired Cosmo, which has a market cap of $3.5 million, had entered into a binding heads of agreement to acquire full ownership of the Bingara and Nundle gold-antimony and copper projects in northern New South Wales.
Cosmo told the market it would be aiming to raise around $1.6 million later this month, with initial work at the projects including geological mapping and a geophysical-based survey, in order to lock in ideal drill targets.
Mr Prentice, who has more than three decades of experience in the resources sector, most recently spent time as MD of Subiaco-based Technology Metals Australia – where he oversaw the company through a variety of different phases of operation, including its eventual merger with Australian Vanadium Limited in February last year.
“I’m incredibly excited to be stepping up to the managing director role at Cosmo as we progress the proposed acquisition of Bingara and Nundle – two highly prospective underexplored large scale projects in one of the hottest exploration addresses in Australia – and can’t wait to start unlocking the value of these projects while continuing the work to realise the value of our existing assets in WA, supported by a high quality board and management team,” Mr Prentice said.
The junior has begun a 60-day exclusive option period in relation to acquiring the NSW-based projects, where it will complete a range of due diligence-based activities.
Cosmo will also hold a general meeting, where it will seek shareholder approval to proceed with the acquisition.
As of 12.03pm AWST, Cosmo shares were up 4 per cent to 2.5 cents.
