Sydney, Australia - New Energy Minerals Ltd. (ASX:NXE) (FRA:GGY) (OTCMKTS:MTTGF) announces that, after discussions in recent weeks, Mr Christiaan Jordaan has, with his consent, been retrenched as Managing Director, effective today.
He continues to serve as a Non-Executive Director of the Company until the earlier of the re-admission of the Company to ASX or 30 April 2021. However, Mr Jordaan has agreed with the Company to resign, if so requested by the Company, as Non-Executor Director at any time after 31 March 2021.
New Energy has tightened costs as much as possible pending completion of a new project acquisition which has been conditionally agreed by the Company and pending re-admission of the Company to ASX. Directors consider that the Company can no longer justify the cost of a full-time managing director under his executive service agreement in its current circumstances.
New Energy Chairman Ian Daymond has agreed to serve as Interim Executive Chairman until a new managing director is appointed. He will be supported by the Company Secretary and CFO, Mr Robert Marusco and will also have the support of Dr Bernard Olivier and Mr Evan Kirby as Non-Executive Directors in the day-to-day management of the Company.
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About New Energy Minerals Ltd:
New Energy Minerals (ASX:NXE) is an ASX listed junior mining company, that recently announced the divestment of the Company's Caula vanadium - graphite project and the Montepuez Ruby project in Mozambique.
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Sydney, Australia - New Energy Minerals Ltd. (ASX:NXE) (FRA:GGY) (OTCMKTS:MTTGF) announces that, after discussions in recent weeks, Mr Christiaan Jordaan has, with his consent, been retrenched as Managing Director, effective today.
