The Corporation may borrow funds, which may be used for various purposes, including making investments, effecting market purchases of common shares and paying fees and expenses of the Corporation (the "Borrowings"). Such Borrowings shall never exceed 200% of the net assets of the Corporation. The Corporation expects that the terms, conditions, interest rates, fees and expenses of and under such Borrowings will be typical of borrowings of this nature.
The Corporation will establish an investment committee (the "Investment Committee") which will initially consist of David Subotic (Chair), John Zorbas and Raphael Danon to monitor and review the Corporation's investments. Members of the Investment Committee will be appointed annually by the board of directors. The Chairman of the Investment Committee will be appointed by the members of the Investment Committee. The members of the Investment Committee will be required to have a significant degree of investment expertise. The Investment Committee will be responsible for overseeing the management of the Corporation's investments.
The Investment Committee will meet as required and report as required to the board of directors with respect to its decisions and activities.
To identify potential investments, the Corporation will rely on the members of its management and from time to time other reliable business affiliations. These persons have a broad range of international business experience and their own networks of business partners, financiers and venture capitalists through whom potential investments may be identified. Once an investment has been pre-screened by the investment committee, the board of directors will then review and approve such investment.
Directors and Officers
The directors of the Corporation will be Anton Esterhuizen, David Subotic and John Zorbas. The officers of the Corporation will be David Subotic, President and Raphael Danon, Chief Financial Officer.
The following sets out the names and backgrounds of all persons who are expected to be considered insiders of the Corporation.
David Subotic, President, Chief Executive Officer and Director - Mr. Subotic is a former Vice President of Haywood Securities, an international investment firm specializing in the resource sector, where he helped raise more than $2 billion in financing for commodities and oil and gas companies. Previously, Mr. Subotic was Vice President of Canada's Yorkton Securities, a national full-service firm that provides services to institutional investors, issuing companies and retail clients. Most recently, Mr. Subotic was the founder and CEO of Asian Coast Development Ltd., an international resort developer planning the $4.2 billion Ho Tram Strip integrated resort destination in Southern Viet Nam. Mr. Subotic is currently the CEO and CIO of DAS Capital, a Toronto-based investment management firm.
Anton Esterhuizen, Director - Mr. Esterhuizen, M.Sc., B.Sc. (Hons), is an experienced geologist renowned for his extensive experience in Africa. Among his career highlights, he is credited with the discovery and evaluation of the Xstrata Group's world-class, high-grade Rhovan vanadium deposit in South Africa, the re-evaluation of the sizeable Burnstone gold deposit, also in South Africa, and a number of Tanzanian gold deposits, which attracted major players to that country. At present, Mr. Esterhuizen is Managing Director of Pangea Exploration (Pty) Limited in Johannesburg and a director of Tanzanian Royalty Exploration Corporation. His background also includes work with African mining giant Gold Fields Ltd. Mr. Esterhuizen is a fellow of the Geological Society of South Africa and the first recipient of the Des Pretorius Memorial Award for outstanding work in economic geology in Africa. He also received the Dreyer Award from the Society for Mining Metallurgy and Exploration Inc. (USA) for outstanding achievements in applied economic geology, one the world's most prestigious awards for exploration.
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