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  • AAQ Holdings Realigns Board With New Focus On Mineral Exploration 0 comments
    Feb 4, 2013 8:36 PM

    AAQ Holdings (ASX: AAQ), soon to be renamed Fraser Range Metals Group, has appointed a new and experienced Board as it transitions its activities to focus on mineral exploration.

    The company is transforming into a multi commodity exploration company with the acquisition of two substantial tenement packages in the Western Albany-Fraser Orogen of Western Australia.

    AAQ has also secured two short term funding facilities totalling A$250,000 with the major shareholders of FraserRange Resources to assist with costs associated with the re-compliance process and general working capital.

    Board appointments

    Simon King, Nicholas Poll and Dan Smith will replace Patrick Burke, Nicholas Ong and Keong Chan.

    King has been appointed managing director. He has over 23 years of experience in the resources and investment management industries, and has held a number of senior management positions with major international consulting firms.

    He co-founded AIM-listed New World Oil & Gas plc and founded a £200 million commercial property company where he was the managing director.

    King was also a partner of a US$1 billion alternative investment manager and hedge fund in London.

    Poll, who has been appointed non-executive director, is a geologist with over 26 years of experience in the geological and business development of mining projects internationally.

    He had a 10 year career with WMC Resources, specialising in gold and nickel, and co-founded Mirabela Nickel in 2003.

    As the founding managing director, Poll led the discovery, development and construction of Mirabela's Santa Rita nickel project in Brazil.

    He left Mirabela in 2009 and is currently involved in early-stage gold exploration projects in West Africa.

    Smith has also been appointed as a non-executive director and has a background in finance.

    He has worked as a retail broker but more recently he has been working in a corporate finance role assisting with negotiations, technical due diligence and business development.

    Smith has primary and secondary capital markets expertise, having been involved in a number of IPOs and capital raisings.

    He is actively involved in the junior resources sector working with Minerals Corporation (ASX: MSC) and Auroch Minerals (ASX: AOU).

    Meanwhile, Ong will remain as company secretary, while Eugene Lambert has resigned as co-company secretary.

    Funding terms

    The funding facility is unsecured and will attract an interest rate of 10% per annum.

    It is repayable at the election of the lenders on the earlier of:

    - AAQ's shares being re-instated to trading on the ASX, provided repayment will not result in the company failing to satisfy the net assets test set out in ASX Listing Rule 1.3.1; or

    - The company successfully completing an equity capital raising of at least $1 million following re-listing.

    The facility is subject to shareholder approval, if required, and is convertible into fully paid ordinary shares in AAQ at the election of the lenders at the same price as shares issued by the company under a prospectus as part of re-listing.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

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