Blencowe appoints interim CEO as project-financing work continues

Blencowe Resources ($BRES) appointed chief operating officer Iain Wearing as interim chief executive while it continues the search for a permanent appointment. The company is progressing investor due diligence and financing discussions for its Orom-Cross graphite project in Uganda, where the initial development phase requires approximately $45 million of capital.

That construction funding has not been secured. Blencowe said its current cash supports corporate activities, qualification work and the financing process, rather than construction of the project. Existing offtake discussions also remain non-binding. Management prefers financing at the project level, but the eventual structure and any dilution remain undecided. The update clarifies execution leadership and funding needs; it does not announce financial close or a binding customer sales package.

Sources:

• Blencowe Resources — strategic and corporate update, RNS