RE: NEWS.......MGMT CHANGES ETC RE:"
After re-reading the release, it doesn't actually seem like there is much of a change at all. Just fancier titles. Any thoughts on what this means?
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RE"Brigus Gold Appoints Racine President, COO"
2012-12-13 13:31 ET - News Release
Mr. Jon Legatto reports
BRIGUS GOLD REPORTS MANAGEMENT CHANGES AND WARRANT EXERCISE
Brigus Gold Corp. has made changes to its executive management team.
RE:"Brigus is pleased to announce that Daniel Racine has been promoted to president and chief operating officer of the company effective Jan. 1, 2013. Wade Dawe will remain chairman and chief executive officer. <in addition to> Reporting to the CEO, Mr. Racine will <also> assume additional operational responsibilities."
"I am delighted that Daniel has accepted the role of president of Brigus," said Mr. Dawe. "Daniel has an excellent reputation in the industry. He has demonstrated strong leadership and operational abilities as our COO and I am confident that he will excel in his new role."
[S] Like the game of chess, first moves (on hire) are not always "final"... two recent moves reflect this.
Along with this change, the investor relations and human resources functions will transition from the Halifax office to the company's office in Toronto. "We believe it's in the best interest of the company and our shareholders to move the positions of investor relations and human resources to Toronto," said Mr. Dawe. "The financial markets are concentrated there and it's closer to our mining operations near Timmins, Ont."
[S] The "big smoke" is the hub of financial (HR & IR) in Canada. Makes it easier to interview superb candidates, "on their lunch hour" or after work without arousing suspicion. Besides Dartmouth Crossing and the Bayers Lake IMAX it would be hard to convince anyone that someone went to Peggy's Cove for the weekend.
RE:"We are disappointed <to report> that Jennifer Nicholson has chosen not to relocate to Toronto, but we understand her decision. Jennifer has played a key role in the development of Brigus over the last two years providing operations support, human resource and investor relations expertise. We appreciate her contribution to the company over the past two years and wish her well in the next chapter of her career," said Mr. Dawe.
[S] Having lived and worked in both HRM and the GTA, if I had a spouse with bread winner capacity, the GTA housing and big city pace could make the HRM a much more attractive option. Plus we may also have to consider that RA was dispensible so having a second in command addresses long held beliefs that top management should be mining designated with face to boardroom experience. With her CA designation and her public participation when with EMERA, I'm confident that her mining experience will serve her in good stead should she decide to return to SMU, DAL, MSV or other instututions of higher learning. Besides sometimes a +/- two year salary in exchange MAY/COULD be in the offing. All depends on the contract etc.
RE:"The company would also like to report that the 5,326,782 warrants issued on Dec. 10, 2008, were fully exercised on Monday, Dec. 10, 2012, at an exercise price of 88.4 cents. The company received total proceeds of $4,708,875, which will be used to finance general operations of the company. To date, Brigus has a total of 231,274,963 common shares outstanding. "
[S] Some expected to see verbage indicating that the proceeds were to be designated for the buyback of the remaining 2% stream (to max the portion available). However, "finance general operations" could be referring to acquisitions of neighbours, purchase of equipment, which could have a more immediate/favourable NPV/payback that buyback of the 2% stream.
BWDIK? WD will have to make the tough decisions required to advance the position of BRD ahead of it's peers. The POG is expected to improve and promotion and access to talent will be advanced significantly as a result of today's announcements.
Cheers
Stanley