Reach Resources Ltd (ASX:RR1) has appointed experienced executive and project manager Jeremy Bower as its new chief executive officer effective immediately.
Bower’s appointment comes on the back of the company’s successful $2.4 million raise, which settles on March 23, 2022, with shares to be allotted on March 24, 2022.
Funds raised from the placement will go towards finalising the acquisition of 10% of REEgenerate Pty Ltd, provide working capital and cash to develop the company’s mineral resource exploration projects.
Unique skillset
Bower is an experienced executive and project manager demonstrated across the mining, agricultural and industrial sectors and in particular, brings a unique skill set that is highly relevant to Reach Resources.
He has more than 15 years’ experience dealing with the government, key stakeholders and engineers to obtain project approvals, in addition to strong environmental, social and governance (ESG) credentials, which is now demanded by investors and communities alike across the globe.
His appointment comes at a time when the company is focused on driving a detailed plan to assess and deliver more value from its assets and take steps towards being a significant player in the emerging circular economy.
Development of asset portfolio
Reach Resources non-executive chairman Robert Downey said: “We are excited to have Jeremy join the company as CEO.
“The board and management have got to know Jeremy well over the past month and we have no doubt that his experience and can-do attitude will ensure he can hit the ground running, and importantly provide value to our loyal shareholders from development of our asset portfolio.”
Bower said: “I was attracted to the company because of its unique blend of highly prospective mineral resource projects in addition to the recent investment in REEgenerate, together which form a solid foundation to build value for shareholders.”
Appointment details
Bower will be employed on a permanent part-time basis for two days a week to manage and coordinate the development of the company’s current asset portfolio.
If a full-time CEO is needed, both parties agree to discuss and negotiate appropriate terms at the relevant time.