TAW - Tawana Resources NL - CEO Appointment Release Date: 02/06/2010 11:00:40 Code(s): TAW
TAW - Tawana Resources NL - CEO Appointment
Tawana Resources NL
(Incorporated in Australia)
(Registration number ACN 085 166 721)
Share code on the JSE Limited: TAW
Share code on the Australian Stock Exchange Limited: TAW
("Tawana" or "the Company")
Tawana Resources NL (ASX:TAW) is pleased to announce that it has appointed Mr.
Lennard Kolff van Oosterwijk as Chief Executive Officer.
Len joins Tawana having worked over the past decade at Rio Tinto, where he was
involved in a range of high profile projects including the Simandou iron ore
project and the Northparkes Cu-Au mine.
Len`s responsibilities have encompassed a broad range of disciplines, including
the design, implementation and supervision of multi-commodity exploration and
pre-feasibility study resource drilling programs, management of geological teams
and collaboration with the mine planning and development functions of major
Tawana is delighted to have attracted an executive of the calibre of Len Kolff,
whose skills and global experience are ideal for Tawana`s next phase of growth.
Len will be integral in the evaluation and review of potential new project
For further information, please contact:
+61 408 566 191
2 June 2010
PricewaterhouseCoopers Corporate Finance (Pty) Ltd
Details of CEO Remuneration
In accordance with ASX guidelines requiring listed entities to disclose the
relevant terms of the CEO`s remuneration, Tawana reports the following relevant
terms of its employment agreement with Mr. Len Kolff.
Duration of 2 years or longer as agreed between the
Services Those services usually required of a
CEO of a company the size and nature of
Remuneration $190,000 per annum plus superannuation,
5 million options with $0.03 strike
price and 2 year duration, and
5 million options with $0.05 strike
price and 4 year duration
Performance $25,000 cash bonus should both of the
Related following occur with the 1st year of
Len Kolff`s employment;
Tawana shares trade at $0.05 for a
minimum of 30 consecutive days, and
Tawana raises a minimum of $3million
via a capital raising
Termination The agreement provides that the
employment of Len Kolff can be
terminated by either party giving 3
months notice. No termination payments
are payable except in the event that
Tawana is the subject of a successful
takeover and where Len Kolff
subsequently does not agree to ongoing
employment. In this instance Len Kolff
is entitled to a termination payment
equal to 3 months salary.
Date: 02/06/2010 11:00:39 Supplied by www.sharenet.co.za
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