Significant Additional Cost Savings Expected from Management Reorganisation and Streamlining
Orosur Mining Inc. (“Orosur” or the “Company”) (TSX/AIM: OMI), the South American-focused gold producer, developer and explorer, announces the reorganization and streamlining of its senior management team which follows the recent cost and workforce reduction measures across all areas of the business. The streamlining is expected to save the Company at least an additional US$400,000 per year going forward.
To conserve cash, Mr. Pablo Marcet recently informed management of his intention to seek an orderly resignation as Exploration and Development Director. Mr. Marcet has agreed to remain on the Board of Directors as a Non-Executive Director, assist the Company on a consulting basis as and where needed, and reduce his contracted termination payment by 50% to an amount equal to 12 months of compensation, to be satisfied in shares of the Company. Mr. Marcet’s duties shall be reassigned to certain existing managers within the Company, who will report directly to Ignacio Salazar, CEO of Orosur.
The shares to be paid to Mr. Marcet in lieu of cash are to be issued from the recently approved shares reserved to be issued to officers and directors in satisfaction of a remuneration amount.
Mr. Daniel Moretti has also resigned his position as CFO and has agreed to halve his contracted termination payment to an amount equal to 3 months of compensation. Mr. Moretti’s duties shall be assumed by Mr. Salazar, who was the Company’s CFO from 2008 until his appointment as the Company’s CEO in March 2013. Mr. Salazar possesses a unique understanding of the Company’s controls, procedures and day-to-day tasks necessary to enact a seamless transition following Mr. Moretti’s departure.
Both resignations are effective November 30, 2015.
The Board of Directors wish to thank Messrs. Marcet and Moretti for their contributions and service to the Company and wish them both the very best in their future endeavours. The Board also wishes to thank them for agreeing to take substantial reductions in their contracted termination.
Additionally, at the Company’s annual general meeting held on November 18, 2015 a total of 15,199,400 common shares of the 96,635,081 shares outstanding were voted at the meeting, representing approximately 15.73% of the issued and outstanding common shares of the Company. At the Meeting the nominees listed in the Company’s management proxy circular were re-elected as directors as follows:
| Nominee | Votes For | % Votes For | Votes Withheld | % Votes Withheld | |||||||||||||
| John Walmsley | 14,006,298 | 92.2% | 1,193,102 | 7.8% | |||||||||||||
| Ignacio Salazar | 13,998,798 | 92.1% | 1,200,602 | 7.9% | |||||||||||||
| Roger Davey | 14,002,977 | 92.1% | 1,196,423 | 7.9% | |||||||||||||
| Horng Dih Lee | 13,998,798 | 92.1% | 1,200,602 | 7.9% | |||||||||||||
| Pablo Marcet | 14,306,298 | 92.3% | 1,193,102 | 7.7% |
For more information please visit www.orosur.ca.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151130006410/en/
Contact
Orosur Mining Inc
Ignacio Salazar, + 562 2924 6800
Chief Executive Officer
info@orosur.ca
or
Cantor Fitzgerald Europe
Stewart Dickson / Jeremy Stephenson / Carrie Drummond / Philip Davies, +44 (0) 20 7894 7000
or
FTI Consulting
Ben Brewerton / Oliver Winters / Sara Powell, +44 (0) 20 3727 1000