Arc Exploration announces board, management changes
Tuesday, October 11 2016 - 01:37 AM WIB
Following completion on October 10 of the placement of 950,000 shares at $0.60 per share which raised $570,000, ASX-listed Arc Exploration Limited (ARX) announced Tuesday the following board and management changes have been made:
The company said that several top members of the management team have resigned effective October 11 including Bruce Watson (Non-Executive Chairman), Jeff Malaihollo (Managing Director), John Carlile (Non-Executive Director), Max Ramajaya (Non-Executive Director), and Cahyono Halim (Chief Financial Officer).
The company said in a statement that Simon O?Loughlin, Simon Taylor, and Andrew Cooke have been appointed as Non-Executive Directors to join Robert Willcocks on the board.
?These Board changes have been made with the full support of Taylor Collison as Lead Manager to the placement on behalf of incoming shareholders and the outgoing Board members as the first step in a strategy to re-establish Arc Exploration as a regional explorer. This strategy will continue to be centered around the company?s existing commitment to the Trenggalek gold project in East Java,? the company said in the statement.
The statement said O?Loughlin is a Partner of O'Loughlins Lawyers Real Estate and Corporate & Commercial Groups. Simon holds a Law Society (SA) Certificate in Law as well as a Bachelor of Arts (Accounting) from the University of South Australia. He is admitted to the South Australian and New South Wales Supreme Courts and High Court of Australia. Simon was a Partner at O'Loughlin Robertson, and also Minter Ellison Baker O'Loughlin, where he was a member of the Executive Committee and the Finance Partner. He founded O'Loughlins Lawyers in 1993. Mr. Taylor is a geologist with over 25 years? experience in exploration, project assessment and development in the resources sector. He has had a diversified international career as a resources professional at both a technical and corporate level. His experience spans a range of commodities including gold, fertilisers (phosphate and potash), base metals, nickel, uranium, coal and coal seam methane. He is currently Managing Director of Oklo Resources Limited and a non-executive director with Chesser Resources Limited. He is a member of the Australian Institute of Geoscientists and a graduate of Sydney University.
Cooke holds a law degree from the University of Sydney and has over 20 years? involvement in the corporate arena primarily engaged in the resource, biotech and property sectors. He has worked throughout the Australasian region and in North America and acquired extensive experience in capital raising, joint ventures, strategic alliances, project financing, corporate governance and listing requirements. He has worked with Arc Exploration Limited since 1992 and been extensively involved in its operations in both Australia and Indonesia.
Editing by Reiner Simanjuntak