Pangolin Diamonds Corp. has named Dr. Leon Daniels as its President and Chief Executive Officer immediately following the resignation of Rick Bonner, who held the position.
Equally, Pangolin said it a private placement to raise up to $500,000 through a non-brokered private placement of up to 10,000,000 units priced at CDN$0.05 per unit representing a premium to the current share price.
Each unit will consist of one common share and one non-transferable common share purchase warrant, with each warrant exercisable for a period of sixty (60) months from the closing at a price of $0.05 per share.
The company said Dr. Daniels, who already has a significant investment in the company will be subscribing, along with his family, for an additional 2,500,000 units representing 25% of the Offering based on 10,000,000 units being issued.
Funds will be applied to drilling, geological-geophysical and sampling programmes at the Company’s 100% owned Diamond Projects in Botswana, as well as for general working capital.
The Offering is subject to the final acceptance of the TSX Venture Exchange, and all securities issued pursuant to the Offering are subject to a four-month and one day hold period.
The Company’s Board of Directors has approved the Private Placement and the aforementioned insider participation in it. The Company intends to close the Private Placement on or before July 31, 2015.
The Company also announced the appointment of Patrick Aloysius Harford as a non-executive director to the company, subject to regulatory approval. Harford has extensive experience in the diamond industry, including the first substantive diamond mine in Zimbabwe – a 2 million tonne per annum operation that produced over 400,000 carats annually as well as establishing a successful diamond production auction in Antwerp, Belgium. In 2000 he established an alluvial diamond mining operation, County Diamonds Ltd, in the Republic of South Africa.
This project involved compliance with the newly developing Mining Act of South Africa. In 2004 he established Crown Diamond Mines Ltd, which acquired the Lace Diamond Mine in the Orange Free State in the Republic of South Africa and during this time negotiated a significant agreement between two large black empowerment groups as equity participants in that project.
The project is now an operating diamond mine trading as DiamondCorp Ltd. Harford has extensive experience in diamond and gold exploration and project development in countries as diverse as Vietnam, Australia, China, Portugal, the DRC, Sierra Leone, Zimbabwe, South Africa and Botswana.