- Staff reductions will include the departure of the following members of the Company's executive management team by September 2, 2016:
- Shontel Norgate, Chief Financial Officer;
- Kevin Cain, Vice President -- Projects;
- Jonathan Lowe, Vice President -- Strategic Development and Exploration; and
- Karen Hauff, General Counsel / Company Secretary.
So, wholesale layoffs in the office. As the Black Knight so wisely said, just a fleshwound. As for the timeline, back in the last corporate presentation they told us that wet testing of equipment would start in 1h16. And now...
The Company previously disclosed that in the event that the required funding is secured and the Company is able to continue development of the Solwara 1 Project, the schedule would be delayed. The Company has now secured the necessary bridge financing to facilitate the time required to secure that additional required funding. If the additional required funding is secured by June 2017 and subject to ongoing detailed planning, the Company could be in a position to commence the initial deployment and testing operations at the Solwara 1 Project by the end of Q1 2019.
Oh, another three years? Bummer. Still, it's unlikely to get set back any further than that, right?