Shares in Killi Resources Ltd (ASX: KLI) have more than doubled in value after the company revealed that former Fortescue Ltd (ASX: FMG) chief executive officer Nev Power would join as non-executive chair.
The company said in a statement to the ASX on Monday that Mr Power and two other successful resources executives Steve Parsons and Michael Naylor would join the company, and would also take up shares in a new $1.4 million placement.
Following that, each of the three men would be "substantial" shareholders in the company, Killi said.
Exemplary track record
The company said regrading Mr Power:
Nev Power is an Australian engineer and corporate executive whose career spans more than four decades across mining, minerals processing, construction and steel making. Mr Power led the transformation of Fortescue Metals Group into one of the world's major iron-ore producers. Under his leadership, Fortescue tripled its iron ore productions and dramatically reduced its production costs. Prior to joining Fortescue, Mr Power held Chief Executive positions at Thiess and the Smorgon Steel Group.
The share placement would be made at 3.8 cents per share, and part of the placement will be subject to approval by shareholders.
Killi has also agreed to issue Mr Power with seven million performance rights in the company, which will vest if the company's volume weighted average price is higher than 10 cents per share over a period of 20 consecutive trading days following the issue of the rights.
The company also said geologist Hamish Halliday would joint the company.
It said further re Mr Halliday:
Mr Halliday is a geologist with 30 years of corporate and technical experience, Mr Halliday has been involved in the discovery and funding of multiple, large scale, mineral projects across five continents. Mr Halliday has held numerous executive and non-executive roles in the mining industry since 2001. Mr Halliday founded Adamus Resources Limited, which he grew from a A$3M IPO to a multi-million ounce emerging gold producer. He also co-founded a number of other successful junior mining companies including: Gryphon Minerals, Venture Minerals, Renaissance Minerals, Alicanto Minerals and most recently Blackstone Minerals.
Shares on a tear
Killi Resources shares jumped 121.2% in early trade on Monday to be changing hands for 11.5 cents.
Killi Resources' main focus is the Mt Rawdon project in Queensland where it has been exploring for gold, copper and molybdenum.
The company's most recent exploration update indicates it has been conducting surface sampling at Mt Rawdon with a view to firming up drill targets for further exploration.
Killi also said director Phil Warren would resign as a director, effective April 1.
Kill was valued at $7.3 million at the close of trade on Friday.
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Motley Fool contributor Cameron England has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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