Business
Board Changes/Investment/Open Offer & Name Change
Board Changes/Investment/Open Offer & Name Change.
About this update from Nativo Resources Plc
[{"type":"text","content":"\n \nRNS Number : 5455Y Independent Resources PLC 06 March 2017 \n\n6 March 2017\n \nIndependent Resources plc\n(\"Independent Resources\" or the \"Company\")\n \nBoard Changes, Institutional Investment, Intended Open Offer and Name Change\n \nIndependent Resources, the upstream oil & gas company, is pleased to announce, with immediate effect, the re-shaping of the Board, the introduction of a cornerstone institutional investor and the intention to launch an open offer and change the Company's name.\n \nBoard Changes:\n \nWith effect from Admission, James Parsons, aged 44, has agreed to join the Company as Non Executive Chairman. \n \nMarco Fumagalli, aged 46, consistent with Continental Investment Partners' philosophy of a long term perspective and active involvement in their investee companies, will join the Board as a Non Executive Director subject only to completion of the Company's NOMAD due diligence for non UK resident Directors. Marco Fumagalli is a Founding Partner of, and a 25% shareholder in Continental Investment Partners (an affiliate of Greenberry, the new cornerstone investor).\n \nStephen James Whyte, aged 51, has also agreed to join the Company as a Non Executive Director with effect from Admission. \n \nJames Parsons, Marco Fumagalli and Stephen Whyte are all currently Directors of Sound Energy plc and will, together with Greg Coleman, Chief Executive Officer, form the new Board of Independent Resources. \n \nOwain Franks has decided to leave the Board and Company with immediate effect. Grayson Nash remains an Independent Non Executive Director on an interim basis.\n \nThe Company has agreed to continue the complete closure of its Italian operations to avoid any conflict with Sound Energy plc.\n \nInstitutional Investment:\n \nGreenberry plc (\"Greenberry\"), a Maltese based institutional investor, an associate of Continental Investment Partners (\"Continental\"), with a strong growth track record in small caps, have today subscribed for 1,002,971,638 new ordinary shares (\"Subscription Shares\") at a price of 0.065 pence per share (which is equal to the closing share price on 3 March 2017) to raise gross proceeds of approximately £650,000. As part of these arrangements, the Company has agreed to pay Continental Investment P...