Aim-listed Katoro Gold has announced the proposed appointment of Sean Wade as nonexecutive chairperson of the company, conditional only on the satisfactory completion of stock market due diligence, which is a standard procedure prior to the appointment of directors onto the board of an Aim-listed company.

Wade has extensive professional experience in the junior resource exploration sector, with board experience across multiples entities encompassing a wide variety of commodities and geographies, Katoro highlights.

He is the CEO of fellow listed Power Metal Resources, Katoro’s joint venture partner at the Haneti project, in Tanzania.

Prior to that, Wade served in senior roles in mining companies including Berkeley Energia, Pensana and Asia Resource Minerals.

He has worked on numerous transactions in the capital markets in a variety of different jurisdictions and exchanges, the company points out, adding that his extensive network covers numerous capital providers, including institutional funds, family offices and private wealth.

A further announcement will be made shortly following completion of the due diligence process.

As outlined in the company’s announcement of February 12, two new directors are to be appointed.

Wade, subject to due diligence as outlined, will be the first and a second director is expected to be appointed shortly thereafter.

Following the appointment of Wade, Louis Coetzee, former chairperson, will remain as executive director and will then step down from the board and employment with the company simultaneously with the appointment of the second director.

Coetzee will then become a consultant to Katoro until July 31 to assist with the transition of responsibilities.

“Subject to new director due diligence completion I will be pleased to assume the role of nonexecutive chairman of Katoro Gold and look forward to helping bring new life and opportunity to the company and its shareholders.

“The first task is to complete the planned board changes and establish the Katoro business model firmly in the eyes of the market. The company will communicate material developments at the earliest opportunity,” Wade says.

As part of Wade’s employment contract, he will, upon appointment, be issued with options to subscribe for 25-million Katoro shares.