Western Magnesium Corp. (TSX-V:WMG, OTCQB:MLYF) has named seasoned financial executive Robert Ramsey Hamady as its new chief financial officer (CFO), replacing Kim Evans.
The company noted that Hamady has worked with financial institutions such as JPMorgan, Habboush Group, Lehman Brothers and Gulf Capital and has executed over US$30 billion of successful transactions over the last 25 years.
"Mr Hamady has joined our team at the most opportune time to lend his unparalleled financial expertise as an accomplished asset manager and advisor," said Western Magnesium chief executive officer Sam Ataya in a statement.
"He has a demonstrated track record of building and contributing to successful investment platforms and will be instrumental in our growth, including as we look forward to our listing on a major American stock exchange," he added.
READ: Western Magnesium closes previously announced non-brokered private placement for gross proceeds of US$756,524
Hamady will lead Western Magnesium's global finance operations.
"I am especially excited to join Western Magnesium at this time of extraordinary opportunity; the potential to revolutionize the clean, sustainable refinement of key resources is tremendously powerful and critical to our future. I believe Western Magnesium is at the precipice of delivering extraordinary value to its constituents," said Hamady.
As part of the appointment, Hamady has been granted 500,000 incentive stock options exercisable at C$0.40 for five years.
Western Magnesium thanked Evans for her "invaluable contribution as Mr. Hamady's predecessor to the CFO leadership position".
Western Magnesium's goal is to be a low-cost producer of green, primary magnesium metal, a strategic commodity prized for its strength and light weight.
Unlike outdated and costly production processes, Western Magnesium looks to use a continuous silicothermic process to produce magnesium, which significantly reduces labor and energy costs relative to current methods and processes, while being environmentally friendly.
Contact the author at giles@proactiveinvestors.com