Fiske and Praetorian Resources have forced board changes at Mali-focused explorer African Mining & Exploration (AME) as part of a plan to cut the company’s costs.
The two companies together own 32.5% of AME - Fiske 12.4% and Praetorian 20.1%. Stephen Oke, Roger Williams and Douglas Chikohora have resigned from the board. Chief executive Mark Jones stays in his job.
Consultant and 4.8% shareholder Professor Mike Johnson joins the board as chairman, while Charles Cannon-Brookes will be the board nominee for Praetorian and Clive Harrison board nominee for Fiske. The three men will each receive a fee of £1 a year.
AME’s main interest is the Kossanto project in the centre of the prospective Kenieba inlier in Western Mali.
At 4p a share, AME is valued at £3.37m. The company raised £5m gross at 10p a share when it joined Aim on 1 November 2010.
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