Johannesburg, South Africa — MININGREVIEW.COM — 01 July 2008 – BRC DiamondCore Limited – an African-focused diamond explorer active in South Africa and the Democratic Republic of the Congo (DRC) – has elected a new board of directors and is planning a C$ 1.5 million (almost R12 million) private placement be used for exploration of the company’s diamond properties and for general corporate purposes.
An announcement released here and in Toronto said the new board would consist of: Simon Village, Mike de Wit, Arnold Kondrat, Gregory Hunter, Geoffrey Farr and Stephen Thomson. Company CEO Theo Botoulas, and CFO Craig Campbell had withdrawn themselves from nomination for election as directors.
The announcement added that Botoulas would continue in his position until a new CEO was appointed by the Board, which was expected to occur shortly. Botoulas would continue to be associated with the company as a consultant to optimise the empowerment structure and work with the empowerment groups to attract new opportunities.
Danie van der Merwe – currently head of operations in South Africa – would be appointed COO, and Brian Scallan would join the company as interim CFO.
BRC-DiamondCore also announced that it proposed to carry out non-brokered, interim financing by way of private placement of up to 1 million common shares at a price of C$1.50 per share for total proceeds of up to C$1.5 million (almost R12 million). This funding would be used for exploration of the company’s diamond properties, and for general corporate purposes.