|By Marketwired .||
|January 27, 2014 07:30 AM EST||
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.
The 3rd International WebRTC Summit, to be held Nov. 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 15th International Cloud Expo, 6th International Big Data Expo, 3rd International DevOps Summit and 2nd Internet of @ThingsExpo. WebRTC (Web-based Real-Time Com...
Sep. 5, 2015 07:15 AM EDT Reads: 1,646
Contrary to mainstream media attention, the multiple possibilities of how consumer IoT will transform our everyday lives aren’t the only angle of this headline-gaining trend. There’s a huge opportunity for “industrial IoT” and “Smart Cities” to impact the world in the same capacity – especially during critical situations. For example, a community water dam that needs to release water can leverage embedded critical communications logic to alert the appropriate individuals, on the right device, as...
Sep. 5, 2015 07:15 AM EDT Reads: 182
Even though you are running an agile development process, that doesn’t necessarily mean that your performance testing is being conducted in a truly agile way. Saving performance testing for a “final sprint” before release still treats it like a waterfall development step, with all the cost and risk that comes with that. In this post, we will show you how to make load testing happen early and often by putting SLAs on the agile task board.
Sep. 5, 2015 07:00 AM EDT Reads: 105
SYS-CON Events announced today the Containers & Microservices Bootcamp, being held November 3-4, 2015, in conjunction with 17th Cloud Expo, @ThingsExpo, and @DevOpsSummit at the Santa Clara Convention Center in Santa Clara, CA. This is your chance to get started with the latest technology in the industry. Combined with real-world scenarios and use cases, the Containers and Microservices Bootcamp, led by Janakiram MSV, a Microsoft Regional Director, will include presentations as well as hands-on...
Sep. 5, 2015 07:00 AM EDT Reads: 446
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
Sep. 5, 2015 07:00 AM EDT Reads: 518
Manufacturing connected IoT versions of traditional products requires more than multiple deep technology skills. It also requires a shift in mindset, to realize that connected, sensor-enabled “things” act more like services than what we usually think of as products. In his session at @ThingsExpo, David Friedman, CEO and co-founder of Ayla Networks, will discuss how when sensors start generating detailed real-world data about products and how they’re being used, smart manufacturers can use the ...
Sep. 5, 2015 07:00 AM EDT Reads: 125
It’s been proven time and time again that in tech, diversity drives greater innovation, better team productivity and greater profits and market share. So what can we do in our DevOps teams to embrace diversity and help transform the culture of development and operations into a true “DevOps” team? In her session at DevOps Summit, Stefana Muller, Director, Product Management – Continuous Delivery at CA Technologies, answered that question citing examples, showing how to create opportunities for ...
Sep. 5, 2015 06:45 AM EDT Reads: 552
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding bu...
Sep. 5, 2015 06:30 AM EDT Reads: 1,727
The Internet of Things is in the early stages of mainstream deployment but it promises to unlock value and rapidly transform how organizations manage, operationalize, and monetize their assets. IoT is a complex structure of hardware, sensors, applications, analytics and devices that need to be able to communicate geographically and across all functions. Once the data is collected from numerous endpoints, the challenge then becomes converting it into actionable insight.
Sep. 5, 2015 06:00 AM EDT Reads: 150
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts...
Sep. 5, 2015 06:00 AM EDT Reads: 147
In his session at @ThingsExpo, Lee Williams, a producer of the first smartphones and tablets, will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ETwater. He will explain how M2M controllers work through wirelessly connected remote controls; and specifically delve into a retrofit option that reverse-engineers control codes of existing conventional controller systems so the...
Sep. 5, 2015 05:00 AM EDT Reads: 300
ElasticBox, the agile application delivery manager, announced freely available public boxes for the DevOps community. ElasticBox works with enterprises to help them deploy any application to any cloud. Public boxes are curated reference boxes that represent some of the most popular applications and tools for orchestrating deployments at scale. Boxes are an adaptive way to represent reusable infrastructure as components of code. Boxes contain scripts, variables, and metadata to automate proces...
Sep. 5, 2015 04:30 AM EDT Reads: 159
To assist customers with legacy Windows Server 2003 that is no longer supported by Microsoft, Racemi has introduced fixed price packages for upgrading and migrating Windows Server 2003 servers to either Windows 2008 R2 or Windows 2012 R2 and the choice of Amazon Web Services (AWS) or SoftLayer cloud. "We're extending a lifeline by upgrading the legacy servers to more modern Windows Server platforms while taking advantage of cloud computing," said James Strayer, vice president of product managem...
Sep. 5, 2015 03:30 AM EDT Reads: 126
To support developers and operations professionals in their push to implement DevOps principles for their infrastructure environments, ProfitBricks, a provider of cloud infrastructure, is adding support for DevOps tools Ansible and Chef. Ansible is a platform for configuring and managing data center infrastructure that combines multi-node software deployment, ad hoc task execution, and configuration management, and is used by DevOps professionals as they use its playbooks functionality to autom...
Sep. 5, 2015 03:00 AM EDT Reads: 159
Skeuomorphism usually means retaining existing design cues in something new that doesn’t actually need them. However, the concept of skeuomorphism can be thought of as relating more broadly to applying existing patterns to new technologies that, in fact, cry out for new approaches. In his session at DevOps Summit, Gordon Haff, Senior Cloud Strategy Marketing and Evangelism Manager at Red Hat, discussed why containers should be paired with new architectural practices such as microservices rathe...
Sep. 5, 2015 02:00 AM EDT Reads: 468