Blackstone Minerals Ltd (ASX:BSX) has completed the EcoPro Co Ltd (KOSDAQ:086520) share subscription agreement resulting in Korea’s largest cathode manufacturer becoming a substantial shareholder in the company.
After receiving $6.4 million in cleared funds from EcoPro, Blackstone has issued 38.1 million shares at an issue price of 17 cents per share with a further 1.9 million shares to be issued subject to shareholder approval at a meeting likely to be held next month.
Completion of the agreement has also resulted in Hoirim Jung being appointed as a non-executive director.
In addition, Andrew Radonjic will step down from his current role as technical director and take up the role of a non-executive director.
Focusing on next steps
Managing director Scott Williamson said: “We thank Mr Radonjic for his ongoing commitment to the board of Blackstone Minerals and welcome Mr Jung to the board.
“Both bring relevant industry experience and are highly regarded in their respective fields.
“With these appointments, the board has the right mix of skills to provide guidance and oversight as we move our focus to the next steps with the Ta Khoa Nickel-PGE Project.”
EcoPro has appointed Jung, who played a key role in the binding share purchase agreement, as its representative on the board as part of the conditions of its investment.
He has almost a decade of financial management experience, specifically in financing and feasibility studies for new projects.
Jung began his career with KPMG Samjong Accounting Corporation, one of Korea’s ‘big four’ accounting firms, providing advisory services for various M&A transactions.
He then moved to Atinum Partners, where he was involved with investments in the oil and gas industry and managed the invested assets in North America.
In 2016, he joined EcoPro where his accomplishments include the securing of finance for precursor business from foreign investors, as well as successfully dealing with the initial public offering of subsidiary EcoPro BM (KOSDAQ: 247540).
Jung's skill set includes corporate strategy, capital raises, and business development.
He holds a Bachelor of Economics from Seoul National University and has a qualification with the Korean Institute of Certified Public Accountants (KICPA).