On 7 June 2022 Buru announced it had completed a 1 for 6 non-renounceable pro-rata entitlement issue at a price of $0.16 per share raising a total of $9.2 million before costs. The rights issue was well supported by major shareholders and enabled all shareholders to subscribe for additional shares under a shortfall offer. The total number of shares issued by way of the entitlement issue and the placement of shortfall shares was some 57.6 million shares.
Buru Management Restructuring
On 13 May 2022, Buru appointed Mr Thomas Nador as Chief Executive Officer. As CEO, Mr Nador has responsibility for the Company’s day to day operations and for delivery of its strategy. A structured handover of executive responsibilities from the Executive Chairman, Mr Eric Streitberg to Mr Nador was completed on 31 December 2022 with Mr Streitberg transitioning to the role of Non-Executive Chairman as of 1 January 2023.
On 8 July 2022, Buru announced that Mr Alex Forcke, Buru’s General Manager – Commercial had assumed the role of Company Secretary on an interim basis following the resignation of the Company’s Chief Financial Officer and Company Secretary, Mr Shane McDermott. An extensive externally facilitated search and assessment process for a replacement for the Chief Financial Officer and Company Secretary was subsequently completed, with Mr Paul Bird commencing in those roles on 10 October 2022. Mr Forcke has since resigned his position and has agreed to provide corporate advisory services on an ad hoc basis.