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Excellence Holding ups stake in Orion, triggers management and board changes

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Excellence Holding ups stake in Orion, triggers management and board changes

Orion MetalsLtd. shareholders approved the investment agreement it signed with Excellence HoldingHK Ltd., pursuant to which Excellence increased its shareholding in OrionMetals to 57.95%.

According to a July 25 statement, Orion CEO and DirectorConglin Yue has resigned from the positions.

As agreed in the deal terms, Yi Yang was appointed anonexecutive director and chairman of the company, and Feng Wu was named apart-time executive director, both representing Excellence.

Bo Wang assumed a role of an independent nonexecutivedirector. Meanwhile, Yanchun Wang resigned as the company director.

Bin Cai will continue as a part-time executive director andCFO, the company noted.

In addition, exploration manager Peter Brookes, will movefrom being a full-time employee to a part-time contractor due to a reduction inexploration work being undertaken at present.