PERTH, Australia, April 27, 2012 /CNW/ - Elemental Minerals Ltd. (ASX,TSX: ELM) ("Elemental" or "the Company") announced today changes to its Board of Directors with the appointment of Michael Barton as non-executive director replacing Jan Castro as the representative from the Company's substantial shareholder, Pala Investment AG.
Michael serves as the Senior Vice President of Pala Investments AG. Whilst at Pala Investments, he has been involved in many of Pala's largest transactions, including Pala's investments in Anatolia Minerals Development Corporation, Avoca Resources Limited, Dumas Contracting Limited and Norcast Wear Solutions. Previously, Mr. Barton was Vice President at Hatch Corporate Finance, a company specializing in providing corporate finance advisory services to the metals and mining industry. He currently serves on the boards of Peninsula Energy Ltd (ASX:PEN), WDS Limited (ASX:WDS), Sierra Rutile Ltd (LSE:SRX) and Dumas Holdings Inc. Michael is a qualified chartered accountant and a member of the Securities and Investment Institute.
The Board has proposed to issue 250,000 incentive options at an exercise price of $1.12 (being the 5 day VWAP) expiring 23 April 2016. The options will be subject to shareholders approval at the Company's next shareholder meeting, and will vest equally over a 3 year period, with all options vesting automatically on a Change of Control event.
It has been the Company's policy to award Directors and Employees with incentive options to align their interests with those of shareholders and conserve cash while properly remunerating all staff. The policy of awarding incentive options allows the Company to attract highly experienced and qualified Board members in a competitive market.
The Board has cancelled the proposed issue of 250,000 options to Mr Castro due to his resignation.
The Board thanks Mr Castro for his contribution to the Company and wish him well for the future.
About Elemental Minerals
Elemental Minerals Limited is an advanced mining exploration and development company that aims to grow shareholder value through its 93%-owned Sintoukola Potash Project on the Republic of Congo coastline. Elemental Minerals is dual listed on the Australian Stock Exchange and the Toronto Stock Exchange under the symbol ELM. For more information, visit www.elementalminerals.com
For further information:
Chief Executive Officer
Tel: +27 (0) 76 238 4461
Tel: +27 (0) 82 445 5291
Investor Relations Manager
Tel: +27 (0) 83 604 0820
Johannesburg Office: +27 11 469 9140