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CRITICAL RESOURCES LIMITED — Capital/Financing Update 2016
Dec 19, 2016
64708_rns_2016-12-19_7f402172-214d-4a23-bef5-2dc49ae83b67.pdf
Capital/Financing Update
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ASX Release 20 December 2016
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Force Commodities Limited (formally Sovereign Gold Company Limited) ACN 145 184 667
Suite 7, 234 Churchill Avenue, Subiaco, WA, 6008, Australia
Phone: +61 8 6500 6872
Key Appointments & Prospectus Lodged - Marquee Resources Limited
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Marquee Resources Limited spin-off of the Clayton Valley (Nevada) Lithium Project Prospectus has been lodged with ASX and ASIC and awaits regulatory approval.
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Priority offer to Force Commodities Ltd (formerly Sovereign Gold Company Ltd) shareholders.
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Force Commodities Ltd to retain a 9.375% equity position ($450,000 @ $0.20 IPO issue price).
Contact Rocco Tassone, Managing Director
Latest News www.sovereigngold.com.au
Directors / Officers Charles Thomas (Chairman) Rocco Tassone (MD) Patrick Glovac
ASX: SOC (to change to “4CE”)
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Mr Mark Ashley to be appointed as Non-Executive Chairman of Marquee Resources on completion of the IPO.
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Mr Ashley has held senior executive roles with Normandy Mining, Lion Ore Mining International, Kagara Zinc and Apex Minerals.
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Mr Jason Bontempo to be appointed as Non-Executive Director of Marquee Resources on completion of the IPO.
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Mr Bontempo is currently Executive Director of Equator Resources (ASX Code: EQU) and until recently Non-Executive Director of Red Mountain Mining Limited (ASX Code: RMX).
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Mr Charles Thomas, a director of Force Commodities Ltd will also be a director of Marqee Resources in an executive capacity on completion of the IPO.
Force Commodities Ltd (formerly Sovereign Gold Company Limited (ASX: SOC) (Force or the Company) is pleased to announce the lodgement of the Prospectus and several key proposed director appointments for its spin-off of the Clayton Valley (Nevada) Lithium Project into the newly formed Marquee Resources Limited (Marquee Resources) as announced 10 November 2016.
The company now awaits ASX and/or shareholder approval to ensure it complies with ASX Listing Rule 11.4 and the transaction is not affected.
The proposed appointments of Mr Ashley and Mr Bontempo are a major step forward to realise shareholder value for the Clayton Valley Project under the new corporate structure and will also bring a high degree of experience and knowledge to Marquee Resources.
Mr Ashley currently resides in California, United States, and will be able to provide hands on knowledge given his proximity to the Clayton Valley Project along with over 30+ years of experience in the Mining sector.
Mr Bontempo until recently was Non-Executive Director of Red Mountain Ming (ASX Code: RMX) which on 26 October 2016 announced it had entered into an exploration and earn-in agreement with the Red Valley Project – a lithium brine project located in Utah, United States.
In addition to the proposed board appointments significant work has been undertaken over the past 5 weeks to compile the necessary documentation required and the Prospectus was lodged with ASX and ASIC on 16 December 2016.
The offer under the Prospectus also includes a priority offer to all eligible Force Commodities Ltd shareholders to subscribe for shares in Marquee Resources. Further details are provided in the Prospectus.
ASX Release 20 December 2016 - Page 2
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Mark J Ashley Proposed Non–Executive Chairman
Mr. Ashley is a senior resource executive with +30-year career launching, turning around, and optimizing internationally listed organizations mostly in Mining and Natural Resource Sectors. Mr. Ashley has a wide ranging and in-depth knowledge of the technical, commercial and financial aspects of the Resource sector (precious metals, base metals and bulk commodities) having held senior executive roles of a number of internationally listed entities including Normandy Mining, Cluff Resources, LionOre Mining International, Kagara Zinc, Apex Minerals and many others. He has significant international experience having worked in London, Shanghai, Turkey, Africa, Australia and now the USA. Mr. Ashley is a citizen of the USA, Australia and the UK and currently resides in California.
Jason Bontempo Proposed Non-Executive Director
Jason Bontempo has 20 years’ experience in public company management, corporate advisory and investment banking. He qualified as a chartered accountant with Ernst & Young. Jason has worked primarily in Australia and the UK providing corporate advice around the financing of resource companies on both the ASX and AIM markets including resource asset acquisitions and divestments. Jason has also served on the board and the executive management of minerals and resources public companies focusing on advancing and developing mineral resource assets and business development. Jason is currently executive director of Equator Resources Limited and non-executive director of ASX listed companies Red Emperor Resources and Orca Energy Ltd.
Charles Thomas Proposed Executive Director
Mr Thomas holds a Bachelor of Commerce from UWA majoring in Corporate Finance. Mr Thomas is an Executive Director of GTT Ventures Pty Ltd a boutique corporate advisory firm based in Australia. Mr Thomas is also Non-Executive Chairman of ASX listed Force Commodities Ltd (formerly Sovereign Gold Company Limited (ASX: SOC) and Non-Executive Director of ASX listed Search Party Group Limited (ASX: SP1). Mr Thomas has worked in the financial service industry for more than a decade and has extensive experience in capital markets as well as the structuring of corporate transactions. Mr Thomas has significant experience sitting on numerous ASX boards spanning the mining, resources and technology space.
For further information please contact: Rocco Tassone, Managing Director Force Commodities Ltd (formerly Sovereign Gold Company Limited)
Telephone: +61 8 6500 6872
This Announcement provides information on Marquee Resources Limited (‘Marquee Resources’ or ‘the ‘Company’) as a precursor to the issuance of the Prospectus by Marquee Resources. This Announcement should not be read as a substitute or alternative for the Prospectus which should be read in its entirety in order to make an informed assessment of the assets and liabilities, financial position and performance, profits and losses and prospects of Marquee Resources and the rights and liabilities attaching to its Shares.