WMN?s Interim CEO tenders resignation
Wednesday, April 27 2016 - 06:45 AM WIB
ASX-listed Western Mining Network Limited (WMN) announced Tuesday that David Putnam has tendered his resignation as Interim CEO.
?While his resignation as Interim CEO is effective immediately, Putnam will continue working with the company during the agreed notice period of one month to ensure a smooth transition,? WMN said in a statement.
The statement added that Putnam will be issued 5,000,000 options exercisable at $0.345 on or before July 12, 2018 and 5,000,000 options exercisable at $0.345 on or before January 12, 2019 which have vested pursuant to his Executive Services Agreement. These options were approved by shareholders at the general meeting held on March 17, 2016.
Elsewhere, WMN said the board is continuing its review of fixed costs to reduce cash burn and maximise the company?s flexibility.
The company has two on-going projects in Indonesia?s Central and Southeast Sulawesi for graphite and gold.
Editing by Reiner Simanjuntak