Arianne Resources Inc. (TSXV:DAN,FWB:JE9N,OTCBB:DRRSF) appointed Siva J. Pillay as a Director of the Company. The Company also intends to amend the terms of 4,000,000 common share purchase warrants that were issued as part of its private placement in April 2011.
As quoted in the press release:
Mr. Pillay is Chief Financial Officer of Ocean Partners Holdings Limited United Kingdom since 2005. Ocean Partners is a trader of non-ferrous metal ores and concentrates located in the United Kingdom. Mr. Pillay’s experience, which involves treasury, accounting and risk management functions, as well as Mr. Pillay’s past experience as an independent trade finance arranger and adviser at Devoe Pillay & Company Limited and International Trade Finance Limited, as a Chief Financial Officer of Capital Resources International Limited, where he was responsible for all day-to-day and strategic issues related to the group’s metal, trading, mining and production operations and as senior portfolio manager at Standard Bank London Limited and MeesPierson N.V., will be very valuable for Arianne.
The exercise price of the Warrants is amended to $1.19 per Common Share to reflect the average closing price for the ten trading days before the application for repricing. The term of the Warrants is also extended to September 25, 2013 but no other Warrant terms are amended.
Arianne Resources Inc. CEO, Bernard Lapointe, said:
I am pleased to welcome Mr. Pillay at a time when Arianne is experiencing many exciting changes. His financial experience in the metal and mining sectors will be an important asset as we continue to advance our project towards production.