MetalNRG PLC (LSE:MNRG) shares rocketed higher as the company brought in three high-powered executives to revitalise its board ahead of the completion of a strategic review later this month.
Chris Chadwick is joining as an executive director.
Currently the co-founder and CEO of African Gold Acquisition. (NYSE: AGAC), a New York Stock Exchange-listed special purpose acquisition company or SPAC, he was also formerly a chief executive of Gold One International and director of Sibanye-Stillwater,
Chadwick will work alongside existing executive director Rolf Gerritsen to complete the strategic review.
A number of potential reverse take-over targets are being evaluated, said the statement, with the focus specifically on gold and copper projects alongside other precious and strategic metals.
In addition to Chadwick, Andrew Sekandi joins as risk officer with 15 years of experience advising mining firms on compliance and due diligence.
Another veteran, Scott Gilbert, is to become head of operations having worked for 20 years in the African mining sector while Damon Chadwick will head up IT going forward.
MetalNRG added all of the new directors had contributed to a £206,000 Convertible Loan Note (CLN) fundraise that will pay for the completion of the strategic review and the next steps forward.
The note pays a coupon of 15% per annum and will be either repaid or converted into shares at a 20% discount.
Rolf Gerritsen, executive director, commented: "This is a very exciting moment for the company.
“We are delighted to have brought together an exceptionally talented team with real in-depth expertise in the mining sector, and look forward to making some giant steps forward for our shareholders and the business."
Chris Chadwick commented: "I am delighted to be joining MetalNRG's board and Rolf to help drive the next critical development stage for MetalNRG.
“The combined team's participation in the fundraise is testimony to our joint belief in the repositioning and our confidence in delivering significant stakeholder value."
Shares jumped almost 25% higher to 0.078p in early trade.