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Formation Metals Inc. (TSX:FCO) announced that its Board of Directors has reached an agreement, whereby Mari-Ann Green, Scott Bending, and William G. (Bill) Scales will relinquish their positions as CEO, President, and Executive Vice President, respectively and resign from the Board of Directors, effective January 15, 2014.
Paul Farquharson, previously CFO, has been appointed Interim President and CEO and Marc Tran is appointed as CFO.
Paul Farquharson, previously CFO, has been appointed Interim President and CEO and Marc Tran is appointed as CFO.
As quoted in the press release:
Management, faced with the collapse of the resource sector in the market, low cobalt prices and low precious metal prices has been restructuring the Company over the past 12 months. The Company has cut costs, downsized, sold non-core assets and eliminated the positions of over 40 personnel. These latest resignations are continuing the efforts of the Company to protect its strong cash position, preserve assets and remain debt free.
Click here to read the Formation Metals Inc. (TSX:FCO) press release
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