Battered, cash strapped explorer Victory cleans out the boardroom

Embattled Victory Mines has refreshed its board as the explorer fights to lift a suspension imposed by the ASX.

Terence Clee, James Ellingford, and Mathew Perrot have each resigned from Victory’s (ASX:VIC) board effective immediately, investors were told.

They will be replaced by Rohan Dalziell, Alec Pismiris, and David Sanders.

Mr Sanders, who is also on the boards of Force Commodities (ASX:4CE), Caeneus Minerals (ASX:CAD) and Pura Vida Energy (ASX:PVD), has more than 20 years’ experience in corporate law, M&A, and capital raising.

Investment banker Mr Pismiris also sits on the boards of Agrimin (ASX:AMN), Aguia Resources (ASX:AGR), HotCopper Holdings (ASX:HOT), and Pelican Resources (ASX:PEL).

In the end of the December quarter Victory Mines – which is currently suspended by the ASX — had just $78,000 in the bank.

Subsequent to the December 2018 quarter end, the Company said it was “assessing several options to raise capital” and relist on the ASX.