B.C. forestry industry veteran Rick Doman may be making his latest forestry play from his new headquarters in Montreal, but he’s tapping some major B.C. talent for help.
EACOM Timber Corp. (TSX-V:ETR), which Doman formed earlier this year after acquiring several sawmills in eastern Canada and an equity interest in eight others, announced Wednesday night that Paul Reynolds and Frank Giustra are joining the board. Terry Lyons will be the company’s chairman.
Giustra, who is currently president and CEO of Fiore Financial, which exclusively advises Endeavour Financial, is known as one of B.C.’s most influential mining magnates and the founder of Lions Gate Entertainment.
Giustra is also known for his philanthropic initiatives with former U.S. President Bill Clinton. In June 2007, Giustra and Clinton launched the Clinton Giustra Sustainable Growth Initiative, which focuses on alleviating poverty in the developing world in partnership with the global mining community.
Reynolds is a 25-year veteran in Vancouver’s investment community and current president and CEO of Vancouver-based wealth manager Canaccord Financial Inc. (TSX:CF).
Lyons, a mining industry veteran, is currently chair of Vancouver-based copper-gold miner Northgate Minerals Corp. and a director with at least eight other organizations. He joined EACOM as a director in September 2009.
Also joining EACOM’s board is Patrick Loulou, senior vice-president of corporate development of lumber producer Domtar Corp. (TSX:UFS).
Domtar owns approximately 12% of the issued and outstanding common shares of EACOM following EACOM’s $127 million acquisition of seven Domtar mills and an equity interest in an eight additional Domtar mills.
The acquisitions were announced in March 2010 and closed this month.
EACOM also granted 9.6 million stock options to new employees, senior officers and directors and consultants at an exercise price of $0.65 per share.
When Doman left B.C. for Montreal earlier this year, he left behind a slew of bad memories connected with the collapse of his family’s once- billion-dollar forestry empire and a B.C. industry still in rough shape.
BIV caught up with Doman in April just before his departure. (See “Doman’s departure underscores Liberal forestry fumbles in B.C.” – issue 1067, April 6-12, 2010)