PERTH (miningweekly.com) – Uranium developer Deep Yellow has appointed John Borshoff CEO and MD, effective immediately, to succeed outgoing MD Greg Cochran.
Borshoff stepped down as CEO of uranium miner Paladin Energy in August 2015 after founding the company some 21 years before.
“Having carefully evaluated the current state of the global uranium sector, I am confident Deep Yellow represents the ideal platform to establish a high-quality and strategically positioned uranium company.
“I believe this is an unparalleled opportunity to create shareholder value in an out-of-favour asset class. I look forward to working with the Deep Yellow board and [the Sprott Group] to leverage the company’s Namibian assets, and to take advantage of the inevitable growth opportunities that will occur, in anticipation of a recovery in global uranium markets," Borshoff said on Monday.
Meanwhile, Deep Yellow also announced that Exploration Capital Partners 2014, an affiliate of Sprott Group, had agreed to subscribe for a private placement of 15% of the issued capital of Deep Yellow, for some A$1.4-million.
More than 321.6-million shares will be issued, with Sprott becoming the company’s largest shareholders and retaining the right to nominate a nonexecutive director to the Deep Yellow board.
The placement will be settled before the end of October.