Canadian junior metal explorer Pacton Gold (TSX-V:PAC) has made a change in leadership and Bay Street likes it. The Vancouver-based company transitioned Dominic Verdejo from his positions as Chief Executive Officer and President to Chairman of the Board of Directors, replacing him with industry vet Alec Pismiris on an interim basis.
Pismiris, a member of the Australian Institute of Company Directors and an associate of The Governance Institute of Australia, has a curriculum vitae containing a list of mining and investment successes, as well as numerous C-suite positions and serving on the board of directors at several Australian-listed companies.
Notably, he was a founding shareholder and director of Papillon Resources Ltd., a company bought by B2Gold (TSX:BTO)(NYSE:BTG) in 2014 for $615 million. He also was a founding shareholder and director of Cardinal Resources Ltd., which discovered the 7.4-million-ounce Namdini Gold Project in Ghana.
Pismiris' three decades of mining and capital market experience are expected to benefit Pacton as it develops its portfolio of North American assets, including the Birch and Uchi properties adjacent to the Springpole Gold Deposit in the Red Lake Gold District of western Ontario and the Tully West Property located northeast of Timmins, Ontario.
No word was offered on the idea of Pismiris holding the positions on an "interim" basis or if he will assume one role permanently in the future and find someone to fill the other.
Whatever the case, investors are applauding the appointment of Pismiris to lead the company into the new year. Shares of PAC shot ahead as high at 17.5 cents in Tuesday morning trading on the news, representing the highest level since May 2016.
Shares have fallen off the intraday high, but are still holding at 13.5 cents at noon Eastern for a gain of 50.0% so far on the day.
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