Diatreme Resources Limited (ASX: DRX) (Diatreme or the Company) refers to its takeover offer (Offer) for all the ordinary shares in Metallica Minerals Limited (ASX: MLM) (Metallica).
Diatreme's Offer became unconditional on 17 June 2024 with Diatreme achieving effective control of Metallica. Consistent with long-standing market practice and the relevant disclosures in our bidder's statement dated 28 March 2024, Diatreme approached Metallica to reconstitute the Board of Metallica via a co-operative, efficient and orderly process.
Director Changes Being Undertaken at Metallica Minerals Diatreme has nominated Mr Gregory Starr, Mr Michael Chapman and Mr Stephen Everett as directors of Metallica, each of whom will commence as directors of Metallica on 8 July 2024. The proposed Board of Metallica will comprise the following persons: 1 Mr Brad Sampson. Mr Sampson is an existing independent non-executive director of Metallica. 2 Mr Michael Chapman. Mr Chapman is a current director of Diatreme. 3 Mr Gregory Starr. Mr Starr is a current director of Diatreme. 4 Mr Stephen Everett. Mr Everett has been appointed as an independent non-executive director of Metallica. Mr Theo Psaros and Mr Mark Bojanjac have resigned as directors of Metallica and each subsidiary of Metallica of which they are currently an officer effective on 8 July 2024. The Metallica board has also terminated Mr Psaros' executive contract effective as at 8 July 2024. Mr Psaros will make himself available to enable an orderly handover to the re-comprised board of Metallica until 8 August 2024.
Contact:
Neil McIntyre Greg Starr
Chief Executive Officer Non-executive director
Tel: +61 (0)7 3397 2222
Web - www.diatreme.com.au
About Diatreme Resources Limited
Diatreme Resources Limited (ASX:DRX) is an emerging Australian producer of mineral and silica sands based in Brisbane. Our key projects comprise the Northern Silica Project and Galalar Silica Sand Project in Far North Queensland, located next to the world's biggest silica sand mine at Cape Flattery. In Western Australia's Eucla Basin, Diatreme's 'shovel-ready' Cyclone Zircon Project is considered one of a handful of major zircon-rich discoveries of the past decade. Diatreme also holds a 49% interest in the Clermont Copper-Gold Project located in central Queensland. Diatreme has a farm-in agreement with Metallica Minerals Limited (MLM) which already owns a 51% interest and has provided its intention to earn up to a 75% interest by meeting certain further expenditure obligations of an additional $1 million. Diatreme has an experienced Board and management, with expertise across all stages of project exploration, mine development and project financing together with strong community engagement skills. Global material solutions group Sibelco Asia Pacific is Diatreme's development partner on its Queensland silica projects portfolio. Sibelco Asia Pacific has completed a two tranche investment of $35 million taking its total project interest to 26.8%, with the balance (73.2%) held by Diatreme. In addition, Sibelco Asia Pacific made a $13.97 million investment at the corporate level
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