your initial deposit *subject to change and depends on individual circumstances.
Noventa's strategy is to be the world's largest, low cost industrial scale supplier of tantalum concentrate, a rare speciality metal widely used in the consumer electronics industry. There is currently a shortage of tantalum supply and stock levels in the industry are being run down. Noventa is in a unique position to expand...Read more
Noventa hires Richmond Capital’s Luca Bechis as new non-exec directorSeptember 02 2011, 4:04pm
Tantalum miner Noventa (LON:NVTA) has hired Luca Bechis, a founding partner of Richmond Capital, as the group’s new non-executive director.
Richmond Capital is one of Noventa’s major shareholders. Bechis has considerable experience in the City, with past experience at Cazenove & Co and hedge fund Egerton Capital.
"We are delighted at the appointment of Luca to the board of Noventa,” said chairman Eric Kohn.
“He brings great strategic perspective to the board and has demonstrated his belief in the Company consistently over the last year."
Last week Noventa completed its US$37.6 million fundraising.
The 73,600,000 new shares have now been admitted to the AIM market. Last month, in its quarterly and six month statement, Noventa noted that a "very difficult" second quarter to 30 June had resulted in a pretax loss of US$2.39 million for the period, with revenues totalling US$0.27 million.
In the statement, Eric Kohn, chairman of Noventa also revealed that an extensive review and update to the budget supporting the company’s business plan has now been completed with the help of its advisers.
The additional requirements that triggered the need for a fundraiser were first discovered and announced in June by Kohn. The needs proved to be significantly greater than previously envisaged by Noventa’s business plan, including in relation to the new process plant at Marropino, and other necessary projects.
With its funding issues now put to rest, Noventa can now charge full speed ahead on its process plant upgrade, and hammer out any issues prior to full ramp-up of its upgraded process plant.