Metminco Limited (ASX:MNC) intends to rebrand itself as Los Cerros Limited, marking the start of a new chapter for the company following the merger with Andes Resources, change of board and capital restructure.
The board has proposed the name change as it marks the reinvigoration of the company and is considered to better reflect and acknowledge the focus of activities in the Andes mountains of Colombia.
Los Cerros is Spanish for ‘The Hills’ and Villa De Los Cerros is also an accepted alternate name for the town of Quinchia from which the company operates and, therefore, has local relevance.
Positive developments
Metminco’s board believes the name change reflect the substantial positive developments the company has made in recent months:
- Creation of a leading Colombian gold explorer with dominant positions in two gold districts of the richly endowed Mid Cauca porphyry belt through the merger with Andes Resources;
- Refreshment of the Board of Directors, including the appointment of Jason Stirbinskis as managing director, appointment of Ross Ashton as a non-executive director and retirement of previous non-executive directors;
- Restructure of the RMB debt by converting $2 million of debt into equity and realigning future payments to project milestones.
- Share consolidation to bring the shares on issue to a more manageable number suitable for a junior explorer; and
- Granting of the Chuscal exploration licences and Metminco’s very recent commencement of diamond drilling activities at the Chuscal gold target.
The change of name will be voted on by shareholders at the company’s general meeting scheduled on November 28, 2019.
New chair to be appointed
Director Kevin Wilson has advised that he plans to retire as non-executive chair and remain on the board as a non-executive director effective from the general meeting.
The board has agreed to appoint non-executive director Ross Ashton as non-executive chair at the same time.