ECE Strategic Partnership – Completion
Highlights
- Globe receives A$47.85m in cleared funds
- 118,143,062 shares issued to ECE
- 5 ECE nominees appointed to the Board
Transaction Completion
Globe Metals & Mining Limited (“Globe” or “the Company”; ASX: GBE) is very pleased to announce that the transaction with East China Mineral Exploration and Development Bureau (ECE) completed earlier today.
As part of completion, AO-Zhong International Mineral Resources Pty Ltd (“AO-Zhong”), ultimately wholly-owned by ECE, has been issued with 118,143,062 shares in Globe at a subscription price of A$0.405 per share, and Globe has received A$47.85m in immediately available funds. Attached to the ASX announcement is the s708 notice and Appendix 3B that relates to this issue of shares.
Board Changes
As notified in the Notice of Meeting for the EGM, a number of new appointees to the Globe Board come into effect from completion, being today.
Mr Yi Shao – Chairman of Globe
Mr Yi Shao was appointed to be the Director General of ECE in August 2006. Prior to August 2006, Mr Yi Shao worked as General Manager in Jiangsu Aviation Industry Limited Company for three years and in Jiangsu Transportation Industry Limited Company for two years. Prior to that time, that he worked in International Tender Company for three years, holding a position of Director General. His previous experience also includes working as Deputy Mayor of Suqian City, Jiangsu Province from 1997 to 2001, Director and Head of Economic Research Institute of Jiangsu Development and Reform Commission from 1986 – 1994.
Mr Yi Shao is a senior economist and holds MA Degrees from Nanjing University, China. He is currently studying for a doctoral degree (Mineral Resources) in Central South University. He is also a part-time professor in both Southeast University and Nanjing University, and a research fellow in Ministry of Land and Resources of the People’s Republic of China. Mr Yi Shao is the current president of Basketball Association of Jiangsu Province.
Mr Yi Shao is the Chairman of East China Non-Ferrous Investment Holding Corporation, ECE’s wholly owned subsidiary which holds all business interests for ECE. He is also the chairman of Australian ECE Nolans Investment Limited and AO-Zhong.
Mr Jianrong Xu – Non-Executive Director of Globe
Mr Jianrong Xu is Deputy Director General of ECE.
Mr Jianrong Xu obtained his BA in geophysics from Central South University in 1983 and has worked with ECE since graduating. He had been working in Team 814 of ECE for almost 24 years and successively held the post of head of geophysics prospecting team, project manager, deputy director and director. In January 2007 he was appointed as Deputy Director General of ECE.
Mr Jianrong Xu is the current Deputy Managing Director of Jiangsu Geophysical Society, the
Chairman of Hong Kong East China Non-Ferrous Mineral Resources Co Ltd, and the Chairman of Hong Kong East China Non-Ferrous International Mineral Development Co Ltd.
Mr Peter Stephens – Non-Executive Director
Mr Peter Stephens has nearly 30 years experience in senior financial roles in the construction, telecommunications, banking and corporate treasury, manufacturing and distribution sectors in Australia and across the Asia-Pacific region. He has previously worked in China in the telecommunications and digital media sectors.
Mr. Stephens is a former Independent Non-Executive Director and Chairman of the Audit Committee of Grange Resources, an ASX-listed iron ore mining company.
Mr Stephens has a Bachelor of Business (Accounting) from Royal Melbourne Institute of Technology and a Master of Business Administration from the University of Melbourne.
Mr Jingbin Tian – Non-Executive Director
Mr Jingbin Tian is Deputy Director of the Outward Investment Department of ECE.
Before taking his current position in January 2010, Mr Tian had been working with Jiangsu
International Tender Company and leading a consulting team in the utilities sector for nearly ten years.
His previous experience includes working in the public procurement area for eight years and as a newspaper reporter for one year.
Mr Tian holds BA, MA degrees in literature from Nanjing University, China and a LLM in international commercial law with distinction from Nottingham University, UK.
Mr Youyu Zhang – Non-Executive Director
Mr Zhang joined ECE in March 2007 and is the Division Director and Deputy CEO. Mr Zhang is also a director of Hongkong East China Mineral Resources Company, a subsidiary of ECE.
In April 1991 he got his MS degree from Northern Transportation University with a major in Road and Bridge Engineering and started his career in government departments of Jiangsu Province. Between Oct 1999 and Mar 2007 he held different positions respectively in the Jiangsu Provincial Headquarters of Highway Construction and Jiangsu Highway Corporation.
Mr. Mark Sumich – Managing Director
Mr Mark Sumich has resigned from his role as Executive Chairman of the Company, but is remaining as Managing Director of the Company.
An Appendix 3X for each of the five new appointees is attached to the ASX announcement. The new appointments to the Board will be submitted for approval at the next Annual General Meeting of the Company.
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