Syndicated Metals managing director steps up as chairman

Syndicated Metals (ASX: SMD) has appointed managing director Russell Davis as chairman, replacing Martin Pyle.

Davis is a founding director of Syndicated, and has more than 25 years experience as a geologist, working in fields such as mineral exploration, management, property acquisition, mining and development.

In addition to his role with Syndicated, Davis is a non-executive director of Gold Road Resources.

Davis will continue as managing director of Syndicated.

The company has not indicated whether Pyle will remain a part of the board.

The move comes a week after Syndicated announced plans to raise $902,250 through the placement of 10.6 million shares at $0.85 per share, to continue exploration programs in the Mount Isa region of North West Queensland and for working capital.

Of that, a total of 2.23 million shares for $190,000 will be issued to directors of the company, subject to shareholder approval.

Originally published at:  http://www.proactiveinvestors.com.au/companies/news/22786/syndicated-metals-managing-director-steps-up-as-chairman-22786.html