Saturday 22nd October 2016

Resource Clips

Posts tagged ‘Till Capital Ltd (TIL)’

Golden Predator re-groups after reverse overthrow

September 8th, 2015

by Greg Klein | September 8, 2015

So you think you can run a resource company? That seemed to be Golden Predator Mining’s (TSXV:GPY) challenge when its majority shareholder nominated a rival BOD slate last month. The Yukon explorer’s management and five of its directors resigned en masse, leaving Till Capital TSXV:TIL with no senior staff and a bunch of inexperienced would-be directors to run Golden. Now the original Golden group has returned. And Till wants to divest what’s now a minority stake prior to getting right out of the resource sector. Both parties attribute the reversal to a renegotiated loan.

Golden Predator re-groups after reverse overthrow

Golden Predator’s Brewery Creek, a former heap leach gold operation in central Yukon, reached its preliminary economic assessment last year.

Golden confirmed the restoration on September 8, four days after an AGM voted the company’s slate. Two directors, along with two managers, had already returned September 2. Back in their original positions are CEO Janet Lee-Sheriff and director/acting CFO Greg Hayes, along with directors William Sheriff, Dennis Fentie, Bradley Thiele, Piers McDonald and Jesse Duke. Golden newcomer nominee Barry Rayment also won election.

Just days earlier, Till withdrew its own nominees to back the Golden slate, which includes several industry veterans and two former Yukon premiers. The company’s flagship Brewery Creek project sits 55 kilometres east of Dawson City.

Till’s beef, apparently, had been Golden’s promissory note and its $3.7-million outstanding principal. The repayment schedule has been extended to June 2019, payable in cash only, not shares. Golden regains two NSRs on its properties.

Having now resigned as Till’s chairperson/CEO, Sheriff’s severance amounts to 7.1 million Golden shares, 22% of the company, previously held by Till. That increases his holding to 26.9% and cuts Till’s from 58.9% to 37.3%.

Sheriff also gets two options to buy the rest of Till’s Golden stake, part of a plan in which Till would quit the resource sector, “with the corresponding financial commitments,” and focus on its reinsurance/insurance businesses.

But Till still holds 71.65% of Silver Predator TSXV:SPD, whose board overlaps Golden’s. Late last month Silver signed a promissory note with Till for up to US$275,000, with US$100,000 already advanced.

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

August 21st, 2015

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.