The revolving doors on the board at CuDeco continues after another director resigned barely seven weeks into the role.
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Stephen Yip, who was appointed as a non-Executive Director on November 27, 2018 resigned on January 16, 2019.
According to CuDeco’s latest Quarterly Statement, Mr Yip believed he could “best assist the company in completing its refinancing initiatives if he was not a director”.
Previously, Peter Hutchinson resigned as Chairman of the Board and Non-Executive Director on December 11, 2018 for personal health reasons.
CuDeco’s Rocklands mine site situated 15km west of Cloncurry has been closed since August 31 resulting in all non-essential employees stood down.
The voluntarily trading halt and suspension of trading of its shares continues, waiting on the finalisation of its half and full year financial statements.
READ ALSO: CuDeco employees worry for the future
Last year the Board of Directors approved a major refinance plan to raise $UD37.3 million through a share placement plan, convertible note and rights issue finance.
They also secured a short-term loan of USD7.6 million from interests associated with a director to be repaid when the company secures long term funding.
RELATED STORY: CuDeco anticipate resumption in January
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