logo-loader

Blackham Resources restructures board

Published: 18:57 18 Jul 2014 EDT

blackham_resources_wiluna_gold_plant_358_53cc49d0c82ca

Blackham Resources (ASX:BLK) has removed Joseph Gutnick as chairman of the board of directors.

Current managing director Bryan Dixon has been appointed executive chairman.

In a statement, the company said Mr Gutnick has not personally attended a Board meeting since November 2013.

Under the company’s constitution a director automatically vacates office if they do not attend a board meeting for a period in excess of six months without the other directors’ approval. 

The board is currently seeking legal advice on whether Mr Gutnick remains a director of the company. 

The company's statement said:

Great Central Gold Pty Ltd, a company of which Mr Gutnick is the sole director and sole shareholder, remains in default of the convertible note deed of subscription dated 1 February 2013 between Blackham and Great Central, as amended by an agreement dated 6 June 2013 between Blackham and Great Central (Note Deed). 

$6 million remains outstanding under the Note Deed. 

Blackham has filed a writ of summons on 17 July against Great Central for alleged damages due to Great Central’s breach of the Note Deed and against Great Central and Mr Gutnick for alleged misleading and deceptive conduct in trade or commerce in respect of the Note Deed. Blackham also reserves its rights to terminate the Note Deed.

In May 2014, Great Central sold 15.88 million shares to Perfectus Management Limited in the middle of a capital raising without advising any of the other Board members. Perfectus Management Limited is believed to be owned 49% by Polo Resources Ltd and 49% indirectly by Mr Gutnick as announced by Polo Resources Ltd on 29 May 2014.

The Company confirms it has received a s249D notice from Mazil Pty Ltd, a company of which Mr Gutnick is a director and shareholder requesting a general meeting of shareholders to remove Bryan Dixon, Greg Miles and Alan Thom as directors of Blackham and to appoint Ian Daymond and Stuart Munroe as directors. 

The company is currently receiving legal advice on this notice.

Strong interest from debt and equity providers

Blackham said it has received strong interest from a number of debt and equity providers with a view to funding its 100% owned Matilda Gold Project through to production. Blackham finalised the acquisition of the neighbouring plant, power station, camp and related infrastructure in March. 

Since April, Great Central has been in default of its obligations under the Note Deed. Blackham’s entire 4.3 million ounce gold resource is within a 20 kilometre  radius of its 100% owned processing plant. 

On finalising funding, Blackham said it could have the Matilda Gold Project in production within 15 months.

 

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.

ARway.ai announces multiple new SaaS developer contracts in both the United...

ARway.ai (CSE:ARWY, OTCQB:ARWYF) Chief Executive Officer Evan Gappelberg joined Steve Darling from Proactive to announce multiple new SaaS developer sign-ups for its augmented reality experience platform, focusing on AR indoor navigation. These partnerships represent significant milestones in...

1 hour, 37 minutes ago