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Chesterfield Resources PLC - copper and gold explorer in Cyprus and in Labrador, Canada - Appoints Ajay Kejriwal as interim chief executive officer, and Kejriwal also will continue in his duties as chief financial officer. Says it aims to recruit a new CEO after a transition period of transaction during which the company is seeking to enter into third-party transactions involving assets. Chesterfield Resources says Kejriwal has agreed a reduction in his remuneration, even as he increases his responsibilities to the firm.
Executive Chair Paul Ensor says: ‘Ajay Kejriwal is highly experienced in the sort of transactions that we contemplate in Canada and a skilled negotiator.’
Chesterfield adds that it has finished the initial round of cost efficiencies to minimise the need for dilutive capital raises. Says the ongoing monthly cash outgoings are expected to ‘reduce by over 50% in the months ahead’.
Last week, Chesterfield said Executive Chair Martin French had resigned immediately ‘to pursue other interests’, and it promoted Non-Executive Chair Paul Ensor as executive chair in his place.
Current stock price: 3.18 pence, up 6.0%
12-month change: down 67%
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