Acquisition of Isabella Minerals Pty Ltd
Appointment of Director
The Board of directors is pleased to announce the appointment of Mr Derek Lenartowicz as Managing Director in conjunction with the acquisition, subject to shareholder approval, of Isabella Minerals Pty Ltd from Mr Lenartowicz.
Mr Lenartowicz was previously Managing Director of View Resources Ltd, a company which he grew through the development of the Carnilya Hill Nickel Mine and the purchase of the Bronzewing Gold Mine. Prior to View Resources, Mr Lenartowicz held senior positions within WMC Limited and North Limited.
Isabella Minerals has been established to pursue mining opportunities, initially in New South Wales. Ground applied for totals approximately 85 square kilometers and encompasses the Isabella Copper Gold prospect and the historical Porters Retreat copper/gold mine and consists of ELA 3081. The project is located approximately 60km south of Bathurst, NSW.
The consideration for the acquisition of Isabella Minerals is the issue of 25,000,000 shares in Sultan at a deemed issue price of 1.5c each and the grant of 25,000,000 options exercisable at 2c on or before 31 December 2010, subject to shareholder approval.
In conjunction with the appointment of Mr Lenartowicz, the Board has resolved place 45,000,000 shares at 1.5c each to investors to raise gross proceeds of $675,000. These funds will be used for general working capital and be applied to Isabella Minerals ground.
A notice of meeting will be issued in due course seeking shareholder approval to acquire Isabella Minerals.
With the appointment of Mr Lenartowicz to the board, Mr Warner has resigned from the board.
Does anyone have any more background on who is behind this one or what sort of history Isabella's grounds entail? $7 million market cap on a company described on comsec as Technology Hardware and Equipment ??