VANCOUVER, BC / ACCESSWIRE / August 21, 2015 / Golden Predator Mining Corp. (GPY.V) (the "Company" or "Golden Predator") announces that 5 of its directors and all officers have tendered their resignation effective at the end of the business day on August 20th, 2015. Additionally, all of management's resigning board nominees have withdrawn their names for election at the Company's upcoming annual and special general meeting of shareholders (AGM) scheduled to be held August 21, 2015 in Vancouver, BC.
The resignations follow the Company's receipt of notice from its largest shareholder, Till Capital Ltd. (TIL:TSXV; TIL:NASDAQ), that Till Capital intends to put forward for nomination at the AGM, and vote all of the Class A common shares, held by it, in favor of an alternate slate of directors comprised of the existing directors of Till Capital.
Till Capital Ltd. is a Bermuda-domiciled insurance company and holds 18,912,155 Class A common shares, or 58.9% of the Company's issued and outstanding shares under its Bermuda-domiciled subsidiary, Resource Re Ltd. A copy of the notice, including the name and brief background of each Till Capital nominee, is linked to this release: (https://www.accesswire.com/uploads/Goldenpred08212015pdf.pdf).
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 outgoing management team has worked extensively with Yukon communities, Yukon First Nations, local and regional governments in establishing strong relationships and identifying opportunities to maximize socio-economic benefits including local wealth creation, contracts, employment and training as a fundamental step in positioning its projects for successful permitting and development in preparation for improved market conditions. The Company has consistently strived to act with best practices and as an industry leader with its First Nation agreements and protocols.
"Through unique partnerships, as Yukoners and Yukon supporters, mining can have a healthy and positive lasting effect in Canada's North. 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. Thank you for all your support over the past seven years," said former Chairman, William Sheriff, on behalf of the Board.
The following have resigned effective Thursday, August 20, 2015:
Board Members
William M. Sheriff
Dennis Fentie
Piers McDonald
Jesse Duke
Greg Hayes
Barry Rayment (proposed nominee)
Chief Financial Officer
Greg Hayes
Chief Executive Officer
Janet Lee-Sheriff
Other Business
In addition, the Company has entered into a loan agreement with William M. Sheriff pursuant to which the Company has agreed to repay a shareholder loan in the amount of CDN$79,000 advanced on July 30th, 2015. The loan will mature on December 31, 2015 and bear interest at a rate of 12% until repaid (in each case compounded quarterly). Repayment will be secured by the Company's interest in the Sonora Gulch property located in Yukon, Canada and a 1994 Hitachi Excavator located in Yukon, Canada. The Company used the proceeds to repay outstanding Till Capital related invoices and for general working capital.
Golden Predator Mining Corp.
Golden Predator Mining Corp. holds the Brewery Creek Project, a past producing heap leach gold mine with a preliminary economic assessment delivered in Q4 2014. The Company also holds the 3 Aces Gold Project in the Yukon, which it continues to delineate and test, and the Castle West Project in Nevada.
For additional information:
Janet Lee-Sheriff
Chief Executive Officer
(778) 847-3351
info@goldenpredator.com
www.goldenpredator.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance. There are numerous risks and uncertainties that could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.
SOURCE: Golden Predator Mining Corp.