Denarius Metals Corp. (Cboe CA: DMET | OTCQX: DNRSF) has taken steps to strengthen its operational leadership as it advances its Zancudo Project in Colombia and its Aguablanca Project in Spain toward the commencement of production.
Effective immediately, Mr. Federico Restrepo-Solano, a director of the board since October 2022, has been appointed as the company’s chief operating officer and Mr. Mateo Restrepo Villegas, a director of the board since January 2024, has been appointed as president, Zancudo Metals, a wholly owned subsidiary of Denarius Metals operating in Colombia.
Messrs. Restrepo-Solano and Restrepo Villegas will both maintain their positions on the company’s board of directors. Mr. Francisco Sole has been appointed to the audit committee to replace Mr. Restrepo Villegas. The company’s audit committee comprises Mr. Paul Sparkes (chair), Ms. Patricia Herrera Paba, and Mr. Sole, all independent directors of the company.
Serafino Iacono, executive chairman and CEO of Denarius Metals, commented, “In anticipation of receiving our pending permits, we believe that the level of activity to prepare the Zancudo and Aguablanca Projects to commence production within the next 6 to 12 months will require an increased level of operational leadership. We are very fortunate to have two well qualified individuals on our board who are familiar with our projects and committed to taking on enhanced roles to ensure we deliver on our strategy. Mr. Federico Restrepo-Solano has a proven track record bringing projects into operation and will focus primarily on the bompany’s projects in Spain, notably the restart of the Aguablanca Project. Mr. Mateo Restrepo Villegas, in his previous capacity as President of Continental Gold Inc., guided the large-scale underground Buritica gold mining project into operation, leading the environmental licensing process and developing its ESG strategy. Mr. Restrepo Villegas will focus his efforts to do the same with the Company’s Zancudo Project.“
Denarius Metals also announced today that plans to complete a non-brokered private placement of up to 22,222,222 common shares of the company at a price of C$0.45 per common share for gross proceeds of up to C$10,000,000. It is anticipated that the closing of the offering will occur in one or more tranches on or prior to 5 September 2024. Completion of the offering is subject to shareholders and regulatory approvals, including Cboe Canada. The common shares issuable in connection with this offering will be subject to a hold period expiring four months and one day after the date of issuance.
The company intends to use the net proceeds of the offering, together with the net proceeds from its recent convertible debenture units offering, to fund its Aguablanca Project in Spain, its Zancudo Project in Colombia and for general corporate purposes.
Certain insiders of the company have indicated their interest to participate in the offering. As the number of securities issuable to Related Persons (as defined under Cboe Canada’s policies) of the company in the offering, when added to the number of securities issued to Related Persons of the company in the private placements of convertible debentures completed in October 2023 and June 2024, is more than 10% of the current total number of issued and outstanding common shares calculated on a non-diluted basis, the company requires approval from shareholders representing a majority of the outstanding shares held by disinterested shareholders to proceed with the offering. The company intends to satisfy Cboe Canada’s shareholder approval requirement by obtaining a written resolution signed by holders of at least 50% of the holders entitled to vote thereon.
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