Pangolin Diamonds Announces Appointmet of Chairman of the Board and Closing of $560,794 Private Placement

August 15, 2016

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Pangolin Diamonds (TSXV:PAN) has announced that Gareth Penny has been elected to the board of directors as non-executive Chairman of the Board.

As quoted in the press release:

Mr. Penny has worked in various forms of mining over the past three decades.  For 22 years, Mr. Penny was with De Beers and Anglo American, the last five of which he was Group CEO of De Beers. Mr. Penny is currently non-Executive Chairman of MMC Norilsk Nickel, a world leader in nickel and palladium production and a leading producer of platinum and copper.  Mr. Penny also currently acts as non-Executive Director and RemCo Chairman of Julius Bär Holding Limited, a listed Swiss bank focused on wealth management.

During his tenure with De Beers, Mr. Penny was instrumental in reshaping not only the world’s largest diamond company, but also the diamond industry.  Mr. Penny was the prime architect in the change to the De Beers business model, which replaced over 100 years of supply-side management in the rough diamond business with demand-driven initiatives that have generated significant value creation for De Beers and the diamond industry.

Mr. Penny has had exposure across the diamond pipeline, spending time with geologists in the field, overseeing the development of new mining projects in Botswana, South Africa and Canada, managing mining operations in various countries, raising funds, and sorting, valuing and marketing diamonds.  Mr. Penny has also been heavily involved in reputational and governance enhancements in the diamond industry.

Click here to read the full press release.

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Category: Gem