Sirius Minerals (LON:SXX) is set to appoint Russell Scrimshaw as a non-exec director, following the Scrimshaw Family Trust investing £1.3 million into the company and being granted 37.5 million share options.
Russell Scrimshaw is an executive director of Fortescue Metals Group and has been a member of the Fortescue board since 2003 and has played a significant role in the commercial development of Fortescue and its Pilbara project.
Scrimshaw was previously a board member of Commonwealth Properties Ltd, EDS Australia, Mobilesoft Ltd, Telecom New Zealand Australia Pty Ltd, The Garvan Institute Foundation and Athletics Australia and has also held executive positions within the Commonwealth Bank of Australia, Optus, Alcatel, IBM and Amdahl USA.
Investors welcomed the news, sending shares in Sirius up 7.5% in early deals.
Sirius issued 12.5 million shares at 10.4 pence and granted three batches of 12.5 million share options at 25 pence, 35 pence and 45 pence.
The proceeds of the placing will be used for general working capital purposes.
“Russell is an exceptionally skilled and well connected professional within the Asia-Pacific mining industry.
“This comes at a time when positive progress is being made across our projects,” said chairman of Sirius Minerals Chris Catlow.