Subject to receipt of approvals to the foregoing at the Shareholders' Meeting, the Company will complete the Share Consolidation, Name Change and Private Placement promptly following the Shareholders' Meeting. The Share Consolidation, Private Placement and Name Change are all subject to the approval of the TSX-V.
Benjamin Ainsworth brings his extensive experience in the mining industry to Cream. He is a registered professional geological engineer in British Columbia and Saskatchewan. Mr. Ainsworth earned an honours degree in geology from Oxford University in 1962. In 1965, he joined Placer Development, Vancouver, after working in base metal exploration in Ireland and completing service as a Development Geologist with the Ghana Geological Survey. After over 20 years of service with Placer in Canadian and international projects, he formed a mineral exploration consultancy in 1987 and continues to provide consulting services to participants in the mining industry. Mr. Ainsworth is the CEO and a director of Alpha Minerals Inc. (TSX VENTURE: AMW), and the President and a director of Canyon Copper Corp. (TSX VENTURE: CNC).
Darryl Drummond is a Ph.D. and professional geological engineer with over 40 years of experience in the mining industry. He has been a director of a number of publicly-listed mineral resource companies and is currently a director of Gold Port Resources Ltd. (TSX VENTURE: GPO). He graduated from the University of British Columbia with a B.A.Sc. in Geological Engineering in 1959 and with an M.A.Sc in 1961. He obtained his Doctorate degree in 1966 from the University of California at Berkeley. As an undergraduate and graduate, he worked with Kennco Explorations (Western) Ltd. during the period of 1958 to 1961. He has been associated with the Placer Development Group of Companies since 1963, first with Craigmont Mines Ltd, then Endako Mines and Gibraltar Mines. Since 1981, Dr. Drummond has been a consulting professional engineer, concentrating on all aspects of mineral deposit evaluation covering precious metal, base metal, and industrial mineral types in such countries as Argentina, Canada, Chile, China, Costa Rica, Ecuador, Guyana, Mexico, Philippines, USA and Venezuela. He is a member of the Society of Economic Geology and a member of the Geology Section of the Canadian Institute of Mining and Metallurgy.
Ronald Lang, a director and proposed new CEO and President, states, "With the proposed financing and corporate reorganization, the Company will continue to advance mining exploration and development of its silver properties in Mexico and North America with the goal of optimizing shareholder value. On behalf of the Board of Directors, we thank Michael O'Connor for his invaluable service to the Company over the years. His dedication to Cream and his tireless efforts on behalf of the Company during these turbulent economic times has positioned Cream well in the future to meet the challenges that lie ahead. On behalf of Cream, I thank Christopher Hebb, Robin Merrifield, Gerald Feldman and Dwayne Melrose for their service as directors over the years. We wish them all the very best in their future endeavours."
By virtue of holding more than 10% of the issued and outstanding common shares of the Company, Frank Lang is a "related party" to the Company and his proposed participation in the Private Placement is considered to be a "related party transaction" within the meaning of applicable securities laws. Mr. Lang's proposed participation in the Private Placement will be exempt from the formal valuation requirement of Multilateral Instrument 61-101 - Protection of Minority Securityholders in Special Transactions as Cream is not listed on certain specified stock exchanges.
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