Maximus urges rejection of Kesli motion; sells Burbanks for A$5.8m
PERTH (miningweekly.com) – Junior gold company Maximus Resources has urged shareholders to vote against a motion by shareholder Kesli Chemicals to remove three of the company’s directors.
Kesli, which owns more than a 5% interest in Maximus, in March issued the gold miner with a notice demanding a general meeting to consider replacing three of the company’s directors with its own nominees.
The shareholder meeting has been called for May 10, with Maximus on Friday urging shareholders to vote against the resolution to replace its directors, saying Kelsi was seeking control of the company and its board at a time when Maximus was pursuing growth projects and finalising agreements to extinguish its debts.
Meanwhile, Maximus on Friday also announced the sale of its Burbanks mill to privately-held Adaman Resources for A$5.8-million.
A gold-in-circuit calculation will also be completed at the end of the due diligence period, with Maximus to be paid the value of the gold-in-circuit.
Further, the company has also secured a minimum two-year milling capacity at Burbanks of 5 000 t/m from January 2020, with the option to extend the term by mutual agreement. The company told shareholders that securing the milling capacity with an improved financial capacity ensured the company could continue the development of its Spargoville projects and accelerate the approvals process, while also pursuing projects for acquisitioning.
If Adaman elected not to proceed with the acquisition following the due diligence period, the two companies have agreed to enter a toll milling agreement for a minimum of two years.
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