I have a strong feeling PALA would be in full agreement with PEN's appointment of Jim Cornell Swissboy.Who knows ...they may have introduced him to PEN.Im also sure the other members of the PEN board would not have undertaken this move at this incredibly important juncture unless PALA (and their $100 million equity line)were happy with it, in the event that it was not them who introduced Cornell.
I particularly like his statement "we believe that Peninsula, its projects and people present a very attractive platform on which to build a globally significant Uranium supplier." And $15 million to back it up, let alone his expertise/credibility/contacts.
Peninsula Energy Limited -2- Level 1, 477 Hay Street, Subiaco WA 6008, PO Box 8129, Subiaco East WA 6008 Phone: +61 (0)8 9380 9920 Fax: +61 (0)8 9381 5064 Peninsula Energy Limited - ABN: 67 062 409 303 Together, both groups bring a wealth of Uranium mining, nuclear fuels sales and marketing expertise to Peninsula. Peninsula Executive Chairman Mr Gus Simpson said ?Peninsula is pleased to announce this strategic investment and the commencement of what we view as a long term partnership with both NuCore and Boswell. We also welcome the appointment of Jim Cornell to the management team, his Uranium industry and nuclear fuels marketing experience will be invaluable in expanding Peninsula?s position and profile within the Uranium industry.? Incoming Executive Director Mr Jim Cornell said ?Since its inception NuCore has been evaluating emerging Uranium producers and we believe that Peninsula, its projects and people present a very attractive platform on which to build a globally significant Uranium supplier. I am pleased to participate in this investment and to join the Peninsula team going forward?. Share Placement Under the terms of the Share Placement to NuCore, Peninsula will raise A$15,000,000 pursuant to a placement of ordinary shares calculated at the 10 day volume weighted average price (VWAP) in the period following publication of the Company?s DFS results at the Lance Projects in Wyoming, USA. Peninsula will issue one free attaching listed option exercisable at 3 cents on or before 31 December 2015 (PENOC) for every share subscribed by NuCore. The funds raised from the placement will be used to fund the continued development of Peninsula?s Uranium projects in the United States and South Africa, including resource exploration and delineation drilling, permitting and development at Lance as well as for general working capital purposes. The placement will be made pursuant to Peninsula?s ASX Listing Rule 7.1 capacity and is subject to the satisfactory completion of due diligence by NuCore and Peninsula. Executive Director-Sales and Marketing Peninsula will appoint Mr Jim Cornell to the Peninsula Board in the role of Executive Director? Sales and Marketing. Mr. Cornell has over 24 years of experience in the nuclear industry. He joined Nukem Inc. in 1987 and became President and Chief Executive Officer of the company in 1997. During his tenure Nukem grew into one of the largest suppliers of nuclear fuel worldwide. Based on annual uranium deliveries, it continues to rank along with Cameco, AREVA, Kazatomprom, Rio Tinto Uranium, and BHP Billiton in the top six uranium suppliers globally. Whilst at Nukem, Mr. Cornell?s principal responsibilities involved the management of its Uranium purchase and sale agreements, as well as its inventory holdings. Mr. Cornell also served as one of the principal negotiators of the historic U.S.A.-Russian HEU Agreement and negotiated long-term Uranium supply agreements with Uzbekistan and Kazakhstan. In addition, he developed long-term teaming arrangements with major industry participants including General Electric, Westinghouse, Cameco, AREVA and Babcock and Wilcox. Mr. Cornell is recognized as an authority on the nuclear fuels market and Peninsula is very pleased to bring his in-depth Uranium procurement and marketing expertise to its Board.
PEN Price at posting:
7.7¢ Sentiment: Hold Disclosure: Held
(20min delay)