Capital Mining (ASX:CMY) will receive a A$3.2 million funding injection by a share subscription agreement over an 18 month period from China Metallurgical Investment (CMI), an Australian unlisted public company.
CMI has the right to appoint a director to the board of Capital Mining at stage 1 (16 September 2010), a second Director at stage 2 (January 2011) and a third and fourth Director at stage 5 (December 2011).
In conjunction with the appointment of new directors from CMI, Capital Mining has agreed to reduce its representation on the new board by the completion date of the subscription agreement.
This will result in four new CMI nominated directors, with Capital Mining directors reducing to three.
Capital Mining is a gold, base metals, platinum, uranium and rare earth explorer, currently with a range of green‐fields to advanced stage mineral exploration and development projects located in New South Wales and South Australia