Katoro Gold has appointed ex-Power Metal and Metal Tiger boss Paul Johnson to help undertake what it said will be “a reinvigoration of the business model, business operations, strategic direction and enhanced communications with investors”.
Alongside the appointment, the company is raising £750,000 through an issue of shares at 0.1p and will change its name to Katoro Global Resources.
Louis Coetzee, Katoro Gold chairman commented: "We have for some time been working to find a pathway to reinvigorate the company.
“I believe the proposals announced today, with the refreshed board, advisory support and new approach, has the potential to deliver considerable value for shareholders.
“Following the financing, the company will have a market capitalisation on the very low end of UK-listed junior resource companies.
“This is a low foundation from which we believe a refreshed and energetic business strategy can be built, delivering value to shareholders, which is critically important.”
Shares in Katoro fell 19% to 0.12p.