Telson Mining Corporation (CVE:TSN) (OTCMKTS:SOHFF) (FRA:TSGN) said it plans to change its name to Altaley Mining Corp as it unveiled a board restructuring and a new financial advisory deal as the resource group moved towards becoming a "mid-tier metal producer" in Mexico.
In a statement, the company, which is building the Tahuehueto gold mine and operates the Campo Morado mine in Mexico, said David Rhodes will become a director and chairman. Natascha Kiernan, Mark Bailey and Tom Kelly will become independent directors.
To accommodate this, Telson said it had accepted the voluntary resignation of Yao Sun, Enrique Margalef, and Rory Godinho, all of whom have "diligently served the company".
READ: Telson Mining sees its FY2020 sales surge 30% to C$44.4M as mining output ramps up at Campo Morado in Mexico
"Telson is extremely pleased to have attracted such qualified and experienced directors as David, Natascha, Mark and Tom," said Ralph Shearing, CEO at Telson.
"The professional talent level and industry experience of new incoming directors, from a financial, technical and legal perspective, will definitely complement that of incumbent directors and will most certainly strengthen the company's board of directors and ongoing business."
To complement the board restructuring and accelerated pace of development, Telson added that the corporate name change to Altaley Mining Corporation and rebranding will "be progressed over the coming weeks" and was subject to the company's filing requirements with the TSX Venture Exchange, including obtaining a new CUSIP and stock symbol.
Rhodes career in the finance industry spans over 25 years and he has arranged over US$18 billion of funding for mining companies. He is also the managing director of Endeavour Financial - one of the top mining financial advisory firms.
Kiernan is a lawyer, consultant, and public company director with over 15 years of experience specializing in transactions involving mining and other natural resources.
Bailey is a mining executive and registered professional geologist with 44 years' industry experience. Between 1995 and 2012, he was the president, CEO and director of Minefinders Corp - a precious metals mining company that discovered, developed, and operated the multi-million-ounce Dolores gold and silver mine in Mexico before being acquired by Pan American Silver Corp in 2012.
Kelly has over 40 years of worldwide experience with mineral industry leaders such as Freeport-McMoRan Copper & Gold, AMEC Americas, and others. He is currently a director of Antioquia Gold Inc and serves as country manager for Antioquia Gold in Colombia.
Financial advisory services deal with Endeavour Financial
Also in today's statement, Telson said it had struck a Financial Advisory Services agreement with Endeavour Financial Ltd.
Rhodes and Telson will manage any conflict resulting from the arrangement with Endeavour Financial and Rhodes will abstain from voting and make appropriate disclosures as required by applicable corporate and securities laws in connection with Telson's relationship with Endeavour, it added.
Campo Morado is an operating polymetallic base metal mine with mining and milling equipment currently producing at an average of 2,150 tonnes per day and is estimated to be Mexico's sixth largest zinc producer.
The Tahuehueto mining project is a 7,500-hectare property located in northwestern Mexico’s Durango State. Upon closing of the recently announced US$25 million funding package, Telson will have funding available to finish construction of its 1,000 tonne per day processing facility and related mine infrastructure to initiate production of gold, silver, lead, and zinc in concentrates at Tahuehueto.
Pre-production is targeted by the end of 2021 and it is ramping up to full production capacity during Q1, 2022.
Contact the author at giles@proactiveinvestors.com