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RAPAPORT... True North Gems Inc. appointed Raymond Simpson to its board of directors. Simpson has more than 20 years of experience in the diamond industry and is currently the managing director of Diamond Asset Advisors, a Swiss-based alternative investment advisor that specializes in diamond-related investment and financial products.
Until recently, Simpson was an executive vice president of Dominion Diamond Corp., which he joined in 2003, when the mining company was known as Aber Resources, to oversee a strategic expansion into retailing. Simpson ultimately assumed the role of chief operating officer.
Simpson began his career with De Beers where, over a 14-year period, he held a variety of roles, ranging from mine resource evaluation to supply and demand forecasting and consumer marketing. As head of business development for De Beers, Simpson was instrumental in establishing a retail venture between De Beers and LVMH Moet Hennessey in 2000. "I am delighted to join the board of True North Gems at this exciting time in the company's development," Simpson said. Nicholas Houghton, the president and CEO of True North, said, "The business acumen and experience that Mr. Simpson will bring to the company dovetails perfectly with the growth of True North Gems. Having the opportunity to utilize his diverse knowledge as we go forward will be beneficial to all."
In accordance with True North's stock option plan, 500,000 stock options have been granted to Simpson, with each option vesting immediately and having an exercise price of 17 cents per share and expiring on February 26, 2020. The issuance of the stock options is subject to the provisions of the company's stock option plan, the policies of the Toronto Stock Exchange's venture exchange and applicable securities laws.
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