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.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation