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Redundancies start at Havilah

3rd October 2019

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – Junior Havilah Resources on Thursday announced six redundancies, including that of its CEO Walter Richards and joint company secretary and business manager Clair Redman.

The company noted that a further two staff members will retire before the end of October.

The redundancies are part of a restructure and downsizing which comes just days after shareholders rejected a A$100-million funding deal with Sanjeev Gupta’s GFG Alliance.

The funding would have been provided through a series of equity placements in Havilah, at a premium of up to 35%, over a three-year period, potentially providing GFG with a 51% stake in Havilah, if all the equity placements were made.

The funds would have gone towards corporate and administrative costs, a number of project work programmes, and exploration and development costs, particularly of the Mutooroo copper/cobalt project following the delivering of a positive definitive feasibility study.

Edited by Creamer Media Reporter

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