SYS-CON MEDIA Authors: Elizabeth White, Pat Romanski, Esmeralda Swartz, AppDynamics Blog, Carmen Gonzalez

News Feed Item

Pangolin Diamonds Names New President & CEO; Amends Agreements with Insider; Sets Date for Annual General Meeting

TORONTO, ONTARIO -- (Marketwired) -- 01/27/14 -- Pangolin Diamonds Corp. (TSX VENTURE:PAN) (the "Company" or "Pangolin") announces that it has named Rick G. Bonner, P.Geol., as its President and Chief Executive Officer. Willem Smuts, who has served in this roll since the Company was first formed, has resigned.

Mr. Bonner has over thirty years of mineral exploration experience on four continents exploring for gold, uranium, copper and diamonds. Relevant diamond exploration and African experience includes professional contract work for Kennecott Canada and Diavik Diamond Mines, both part of the Rio Tinto group. He then worked directly for Diavik Diamond Mines, adding kimberlite resources as well as operating their bulk-sampling drilling programs in northern Canada. These programs recovered significant carat weights for grade and value determinations with the objective of adding to the Diavik mining reserves.

Mr. Bonner previously served as BHP Minerals' Senior Project Geologist for Botswana and Namibia, Africa. Subsequently, he co-founded Westport Resources Namibia, which developed into a significant exploration company wholly owned by Forsys Metals Corp., a TSX-listed company operating in Namibia. This work included advancing their key project, the Valencia uranium deposit, from the exploration stage to reserve-resource definition stage while delivering an overall resource increase of approximately 550%.

Mr. Bonner is a member of the Institute of Corporate Directors, the Society of Economic Geologists and the Canadian Institute of Mining and Metallurgy as well as being a licensed Professional Geologist with NAPEG, Canada. He is currently a Director of Augustine Ventures Inc. (TSX-V) and has in the past served on the boards of several other private and public junior mining companies.

Dr. Leon Daniels, Chairman of Pangolin, commented: "We are delighted to have Rick Bonner join our senior management team. His past experience working in Africa and with diamonds will be of great assistance." He also commented: "I also wish to thank Willem Smuts for his contribution to Pangolin over the years and wish him well as he pursues other interests."

Amendments to Agreements with Insider

The Company also announces that it has reached an agreement with Nomathata Diamonds Inc. ("Nomathata"), a private company controlled by Dr. Leon Daniels, a director, the Chairman and a significant shareholder of the Company, to amend certain terms contained in two agreements that were entered into before the Company went public. Specifically, pursuant to a share purchase agreement between the Company and Nomathata dated December 22, 2011 (the "Original Acquisition Agreement"), the Company had previously agreed, as part consideration for acquiring the Company's prospecting licenses in Botswana, to pay Nomathata a further amount of Cdn $1.2 million within 24 months of the Company discovering a 5th Kimberlite on its licensed properties in Botswana. The parties have now amended and clarified those obligations. Specifically, the parties have agreed that the $1.2 million payment obligation will now be payable within 24 months of the discovery of the 10th (not 5th) Kimberlite, provided that each such Kimberlite is "diamondiferous" as verified by a Qualified Person (as such term in defined in NI 43-101). In addition, the parties have agreed that for a Kimberlite to be diamondiferous, it must be a Kimberlite in which a "macro" diamond is contained - namely a diamond being greater than 0.5 mm in size. If a known diamondiferous Kimberlite is acquired by the Company, it will not be counted as one of the 10 as described above.

As a consequence of the amendments to the Original Acquisition Agreement described above, the parties also agreed to clarify a term contained in the existing December 20, 2011NSR Royalty Agreement (the "Existing NSR Agreement") in favour of Nomathata. Specifically, the parties agreed to amend the existing definition of "Project Area" contained in the Existing NSR Agreement to clarify what diamond production, if any, on project lands and licenses owned by the Company would attract the payment of the 1.15% NSR - to Nomathata. In short, the amendment of the definition clarifies that any future NSR payable to Nomathata on any new licenses acquired by the Company in Botswana, either by acquisition or by joint-venture, will only be payable if Dr. Daniels plays (or played) a significant role in the acquisition of such diamond prospecting licenses. If a known diamondiferous Kimberlite is acquired by the Company, the NSR will not apply.

The amendments to the Original Acquisition Agreement and Existing NSR Agreement constitute a "related party transaction" under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"), but are exempt from the formal valuation and minority approval requirements of MI 61-101. The Company believes that amendments to the Original Acquisition Agreement and Existing NSR Agreement are clarifying in nature and are, on balance, very beneficial to the Company.

Annual General Meeting

The Company also confirms that it has fixed Wednesday, March 5, 2014 as the date for the Company's Annual General Meeting of its Shareholders. Proxy materials in respect to the shareholders meeting will be disseminated to shareholders and filed on SEDAR in due course.

About Pangolin Diamonds Corp.

Pangolin Diamonds Corp. is building a leading diamond exploration and development company in the heart of Botswana, the world's leading diamond producing country by value. The Company is the 100% owner of four separate project areas including the Tsabong North, Jwaneng South, Malatswae and Mmadinare Projects. Pangolin's management and team leaders have over 145 years of combined diamond exploration experience in southern Africa. This makes the Company the most experienced diamond explorer in Botswana other than De Beers Exploration and Debswana. The Company is equipped for exploration, with two diamond drill rigs and a fully portable one-tonne per hour Dense Media Separation Plant used to prepare samples and make diamond concentrates. Pangolin is well-funded to continue its exploration programs for the next year.

For more information on Pangolin Diamonds Corp, please refer to www.pangolindiamondscorp.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
CodeFutures has announced Dan Lynn as its new CEO. Lynn assumes the role from Founder Cory Isaacson, who has joined RMS and will now serve as chairman of CodeFutures. Lynn brings more than 14 years of advanced technology and business success experience, and will help CodeFutures build on its industry leadership around its Agile Big Data initiatives. His technical expertise will be invaluable in advancing CodeFutures’ AgilData platform and new processes for streamlining and gaining value from gro...
In this scenarios approach Joe Thykattil, Technology Architect & Sales at TimeWarner / Navisite, presented examples that will allow business-savvy professionals to make informed decisions based on a sound business model. This model covered the technology options in detail as well as a financial analysis. The TCO (Total Cost of Ownership) and ROI (Return on Investment) demonstrated how to start, develop and formulate a business case that will allow both small and large scale projects to achieve...
IBM has announced a new strategic technology services agreement with Anthem, Inc., a health benefits company in the U.S. IBM has been selected to provide operational services for Anthem's mainframe and data center server and storage infrastructure for the next five years. Among the benefits of the relationship, Anthem has the ability to leverage IBM Cloud solutions that will help increase the ease, availability and speed of adding infrastructure to support new business requirements.
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
SYS-CON Media announced that Cisco, a worldwide leader in IT that helps companies seize the opportunities of tomorrow, has launched a new ad campaign in Cloud Computing Journal. The ad campaign, a webcast titled 'Is Your Data Center Ready for the Application Economy?', focuses on the latest data center networking technologies, including SDN or ACI, and how customers are using SDN and ACI in their organizations to achieve business agility. The Cisco webcast is available on-demand.
Cloud and Big Data present unique dilemmas: embracing the benefits of these new technologies while maintaining the security of your organization's assets. When an outside party owns, controls and manages your infrastructure and computational resources, how can you be assured that sensitive data remains private and secure? How do you best protect data in mixed use cloud and big data infrastructure sets? Can you still satisfy the full range of reporting, compliance and regulatory requirements? In...
“The age of the Internet of Things is upon us,” stated Thomas Svensson, senior vice-president and general manager EMEA, ThingWorx, “and working with forward-thinking companies, such as Elisa, enables us to deploy our leading technology so that customers can profit from complete, end-to-end solutions.” ThingWorx, a PTC® (Nasdaq: PTC) business and Internet of Things (IoT) platform provider, announced on Monday that Elisa, Finnish provider of mobile and fixed broadband subscriptions, will deploy ...
As enterprises move to all-IP networks and cloud-based applications, communications service providers (CSPs) – facing increased competition from over-the-top providers delivering content via the Internet and independently of CSPs – must be able to offer seamless cloud-based communication and collaboration solutions that can scale for small, midsize, and large enterprises, as well as public sector organizations, in order to keep and grow market share. The latest version of Oracle Communications U...
SYS-CON Events announced today that ActiveState, the leading independent Cloud Foundry and Docker-based PaaS provider, has been named “Silver Sponsor” of SYS-CON's DevOps Summit New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. ActiveState believes that enterprises gain a competitive advantage when they are able to quickly create, deploy and efficiently manage software solutions that immediately create business value, but they face many challenges that ...
Advanced Persistent Threats (APTs) are increasing at an unprecedented rate. The threat landscape of today is drastically different than just a few years ago. Attacks are much more organized and sophisticated. They are harder to detect and even harder to anticipate. In the foreseeable future it's going to get a whole lot harder. Everything you know today will change. Keeping up with this changing landscape is already a daunting task. Your organization needs to use the latest tools, methods and ex...
Security can create serious friction for DevOps processes. We've come up with an approach to alleviate the friction and provide security value to DevOps teams. In her session at DevOps Summit, Shannon Lietz, Senior Manager of DevSecOps at Intuit, will discuss how DevSecOps got started and how it has evolved. Shannon Lietz has over two decades of experience pursuing next generation security solutions. She is currently the DevSecOps Leader for Intuit where she is responsible for setting and driv...
Today’s enterprise is being driven by disruptive competitive and human capital requirements to provide enterprise application access through not only desktops, but also mobile devices. To retrofit existing programs across all these devices using traditional programming methods is very costly and time consuming – often prohibitively so. In his session at @ThingsExpo, Jesse Shiah, CEO, President, and Co-Founder of AgilePoint Inc., discussed how you can create applications that run on all mobile ...
From telemedicine to smart cars, digital homes and industrial monitoring, the explosive growth of IoT has created exciting new business opportunities for real time calls and messaging. In his session at @ThingsExpo, Ivelin Ivanov, CEO and Co-Founder of Telestax, shared some of the new revenue sources that IoT created for Restcomm – the open source telephony platform from Telestax. Ivelin Ivanov is a technology entrepreneur who founded Mobicents, an Open Source VoIP Platform, to help create, de...
Mobile commerce traffic is surpassing desktop, yet less than 20% of sales in the U.S. are mobile commerce sales. In his session at 15th Cloud Expo, Dan Franklin, Segment Manager, Commerce, at Verizon Digital Media Services, defined mobile devices and discussed how next generation means simplification. It means taking your digital content and turning it into instantly gratifying experiences.
“This win means a great deal to us because it is decided by the readers – the people who understand how use of our technology enables new insights that drive the business,” said Matt Davies, senior director, EMEA marketing, Splunk. “Splunk Enterprise enables organizations to improve service levels, reduce operations costs, mitigate security risks, enhance DevOps collaboration, create new product and service offerings and obtain deeper insight into customer behavior. Being named Best Business App...