Appointment of CEO
Tawana Resources NL
(Incorporated in Australia)
(Registration number ACN 085 166 721)
Share code on the JSE Limited: TAW
JSE ISIN: AU0000TAWDA9
Share code on the Australian Securities Exchange Limited: TAW
ASX ISIN: AU000000TAW7
(“the Company” or “Tawana”)
APPOINTMENT OF CEO
Further to the ASX announcement of 11 July 2016, Tawana Resources NL (“Tawana” or the
“Company”) is pleased to announce that Mark Calderwood has commenced as the Chief Executive
Officer (“CEO”) of the Company. He has extensive experience in mineral exploration and production
management, is an authority on pegmatites and was a co-author of the ‘Pegmatites of Western
Australia”. Mr Calderwood was CEO of Perseus Mining Limited for 9 years and is currently non-
executive director of three junior gold explorers.
In accordance with ASX Listing Rule 3.16.4, the terms of his remuneration and employment are as
- Term: Mr Calderwood is appointed as CEO for an initial 12 month term commencing on 11
- Base Salary: Mr Calderwood will be paid a base salary during his term as CEO of A$200,000
inclusive of superannuation.
- Long Term Incentive Plans: Mr Calderwood’s will be issued 3,000,000 employee incentive
options which have an exercise price of $0.06 per option, expiry date of 30 June 2019 and
will vest with continued employment to 11 January 2017. These will be issued under the
Tawana Resources Group Employee Incentive Plan which was approved by shareholders on
26 May 2015.
- Short Term Incentives: Mr Calderwood’s will be entitled to earn up to $60,000 in short term
incentives based on milestones established by the board of directors.
- Termination and Notice: Termination other than for cause may be by Mr Calderwood by
giving the Company 6 weeks’ notice. Termination other than for cause may be by the
Company by giving Mr Calderwood 3 months’ notice. The Company may make a payment in
lieu of notice based on Mr Calderwood’s base salary at the date of termination plus
statutory leave entitlements.
For and on behalf of the Board
13 July 2016
PricewaterhouseCoopers Corporate Finance (Pty) Ltd
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