The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
Golden Predator Mining Corp. Sept. 2 announced that previous Directors Dennis Fentie and Greg Hayes have rejoined the company's board.
In addition, the Janet Lee-Sheriff has returned as Golden Predator's CEO and Greg Hayes as acting chief financial officer.
In August, the entire Golden Predator management team and five of its directors left the company.
The resignations follow a notice that Till Capital Ltd. intends to nominate and vote for a slate of existing Till Capital directors to the Golden Predator board at the company's annual general meeting.
Till Capital, a Bermuda-domiciled insurance company, which held 58.9 percent of Golden Predator' issued and outstanding shares.
Till has now agreed to withdraw its slate of nominees in favor of Fentie, Hayes, Lee-Sheriff, William Sheriff, Piers McDonald, Jesse Duke, Bradley Thiele and Barry Rament.
Additionally, Sheriff has resigned his position as chairman and CEO of Till.
In lieu of the cash settlement to which he is entitled under his employment contract with Till, Sheriff has elected to receive 7.1 million Golden Predator shares held by Till, or 22 percent of Golden Predator's outstanding shares.
Sheriff now owns 26.9 percent of the Golden Predator shares and Till's ownership of the company has been reduced to 37.3 percent.
Sheriff also has been granted two assignable options, each with a term of 18 months, to acquire the balance of Till's Golden Predator shares.
Golden Predator and Till have worked out an extended schedule to repay the C$3.7 million balance of a promissory note due to Till.
Under the reworked schedule, the first annual payment of C$500,000 is due June 1, 2016 and subsequent annual payments of principal plus interest extending through to June 2019.
Till has agreed to a 0.5 percent net smelter royalty on the Brewery Creek project in central Yukon Territory and a 1 percent NSR on the Sonora Gulch property in Yukon, originally granted to Till in connection with the loan to Golden Predator.
Interest will accrue on the outstanding principal amount at annual rate of 6 percent to June 1, 2016, 8 percent to June 1, 2017, 10 percent to June 1, 2018 and 12 percent thereafter.
All payments are due in cash.
As security for repayment of the loan, Golden Predator has granted Till a security interest in its Brewery Creek and 3 Aces properties.
3Aces is located in southern Yukon.
Over his more than 16 years of covering mining and mineral exploration, Shane has become renowned for his ability to report on the sector in a way that is technically sound enough to inform industry insiders while being easy to understand by a wider audience.
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