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Mass resignations hit Golden Predator as majority shareholder fields its own BOD slate

by Greg Klein | August 21, 2015

Update: Golden Predator’s management and directors returned following a renegotiated loan with Till Capital and a September 4 AGM. Read more.

 

Golden Predator Mining TSXV:GPY loses a team with solid Yukon experience as five directors and all officers bowed out late August 20, the evening before an AGM votes on a new slate of directors nominated by the company’s majority shareholder. (Update: Later on August 21, Till Capital adjourned Golden Predator’s AGM to September 4.)

Through a Bermuda subsidiary, Till Capital TSXV:TIL holds 58.9% of Golden Predator’s issued and outstanding shares. In an advance notice released last week, Till provided names of five candidates between 67 and 81 years of age, four of whom live in the U.S. and one in Switzerland. The notice didn’t mention exploration or mining experience for any of the candidates.

Mass resignations hit Golden Predator as majority shareholder fields its own BOD slate

The past-producing Brewery Creek reached PEA late last year.

An August 21 statement from the departing group said, “Despite challenging commodity market conditions, the outgoing board and management team, which has over 100 combined years of experience in mineral exploration in addition to over 120 combined years of Yukon experience, assembled and advanced a valuable portfolio of projects, including the Brewery Creek project in which they successfully expanded resources and negotiated a socio-economic agreement with the Tr’ondek Hwech’in and additionally successfully negotiated an exploration agreement and accord with the Kaska Nation.”

The company, which released a preliminary economic assessment for Brewery Creek last year, has been seeking a joint venture partner.

Gone are chairperson William Sheriff, directors Dennis Fentie, Piers McDonald, Jesse Duke and Greg Hayes, board nominee Barry Rayment, CFO Greg Hayes and CEO Janet Lee-Sheriff. Earlier this month Blair Shiletto resigned from the boards of both Golden Predator and Till for family reasons.

“We look forward to finding new ways for all of us to continue to work to be advocates for positive development in the Yukon and for alternate ways to build local shareholder and community wealth within the resource sector,” stated Sheriff.

Bermuda-domiciled Till describes itself as owner of two subsidiaries with insurance interests. Till continues to list Sheriff as its chairperson/CEO.

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