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New Dawn seconds directors to CAG board

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New Dawn Mining, a Canada-based miner with large gold interests in Zimbabwe, has seconded two directors to the Central African Gold (CAG) board after acquiring 88,7% of the UK-based company last month.
New Dawn’s CEO and president, Ian Saunders, joined the CAG board as an executive director effective last month along with Robert Weingarten who has no executive powers as he does not hold any shares in CAG. The Toronto and Frankfurt Stock Exchanges-listed resources company also appointed its chief financial officer (CFO), Graham Clow, to the CAG management team in the same capacity with effect from last week.Clow (61) replaced Graig Campbell who resigned early last month.
The medium-tier gold miner made the appointments ahead of a decision by the Competition and Tariff Commission and other regulatory authorities on the acquisition, some of which have already disapproved the deal.
“I would like to take this opportunity, on behalf of the Board, to welcome Graham Clow to the Company in his role as CFO. His experience and expertise will be extremely useful to CAG as the company begins a new chapter in its development,” Roy Pitchford, CAG CEO said in a statement. Clow is a chartered accountant and a member of the Institute of Chartered Accountants of Ontario and the Institute of Chartered Accountants in England and Wales.
New Dawn acquired CAG through an offshore deal last month involving a purchase “through a deed of assignment of the convertible and non-convertible debt, consisting of both principal and accrued interest, owed by CAG to the sellers amounting to approximately $7 080 000”.
The share swap gave New Dawn control over Olympus Mines and Falcon Gold Zimbabwe acquired by CAG in 2007, becoming the country’s second largest gold operation after Metallon Gold.
The deal has enraged government, which regards the acquired assets “strategic and of major national security interest” and the transaction’s off-shore nature as an attempt to “play casino with Zimbabwe’s assets”.
New Dawn’s merger notification papers are already before the Zimbabwe’s Competition and Tariff’s Commission awaiting regulatory approval.

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