Midas Gold (TSX: MAX) shareholders this morning are waking up to the news that the company has seen a new board of directors put into place at the firm, as well as the resignation of longtime CEO Stephen Quin. The changes taken by the company following the push from activist investor Paulson & Co whom pushed the company to redomicile to Idaho, USA, from that of Canada.
The company this morning announced that five of the current seven directors have resigned from their position with the company in favour of new independent members whom are largely based within Idaho. Those resigning include Keith Allred, Jaimie Donovan, Brad Doores, Jon Goode and Peter Nixon, with the resignations effective today. Quin has also resigned from the board.
Taking on the role of CEO and President will be that of Laurel Sayer, whom was previously President and CEO of the firms subsidiary Midas Gold Idaho, Inc. The directorships meanwhile will be filled by Bob Dean, David Deisley, Jeff Malmen, Chris Robison and Alex Sternhell. CEO Laurel Sayer will also serve on the board as well.
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The new board and CEO are expected to push the company through the remaining phase of permitting at the Stibnite Gold Project within Idaho, and then move into construction and operations. The changes announced today are anticipated by Midas to have no effect on the proposed project or commitments of the company.
Midas Gold last traded at $1.16 on the TSX.
Information for this briefing was found via Sedar and Midas Gold Corp. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
