CRP Announces Variation Agreement with Boskalis and Board Changes

CRP and Boskalis have agreed a variation to the services agreement that they have entered into July 2012.

Under the Variation Agreement, Boskalis will assist CRP with the marine consent application; including providing technical advice and making available personnel with relevant technical expertise to attend the anticipated application hearings. The granting of marine consent is the next key step in the Company’s development and the Board welcomes the continuing involvement of Boskalis in this process.

Consideration for the services to be performed under the Variation Agreement is expected to be satisfied by the shares issued to Boskalis in 2012, which formed a prepayment for services to be provided by Boskalis.

Further to the Variation Agreement, and in anticipation of CRP’s Admission to AIM, Jacobus (Ko) de Blaeij, the Boskalis representative on CRP’s board, has stepped down as a director of CRP. It has been agreed in principle that CRP will formalise an expert advisory panel to assist the CRP Board on technical matters and it is intended that De Blaeij will chair that panel.

“The Board would like to thank Ko for his support to the Company over the last few years and looks forward to accessing his extensive experience through his new role as the chairman of the new technical advisory panel,” the Company said in a press release.

CRP is also making significant progress with its AIM listing and capital-raising. CRP has carried out a review of the Board structure and the company’s governance in preparation of Admission to AIM. As a result, Linda Sanders has stepped down as Executive Chairman and Robert Goodden has been appointed as the new Non-Executive Chairman of the Board. Goodden is based in the United Kingdom and has extensive marine mining experience and industry links.

“The Board thanks Linda for her tremendous contribution as Chairman. She will continue her critical executive director role of Corporate Affairs Director,” said the Company.