TSX-listed Midas Gold is reviewing the requisition notice from shareholder Paulson & Co. and said on Friday that it would “respond appropriately in due course”.
In a letter to employees and shareholders of Midas, Paulson said that it was “the appropriate time to start planning the next phase of the company” as it evolved from seeking permits to eventually taking the Stibnite gold project into production.
Paulson believes Midas Gold should be a “US company based in Idaho” and that by doing so, the company would “streamline its corporate structure and elevate and empower the Idaho-based team”.
Paulson has also called for a “refreshing” of the board to have more US, and specifically Idaho-based, directors.
Paulson, as manager of funds holding 209.4-million (44.1%) of the outstanding common shares of Midas Gold, requested a special meeting of shareholders to refresh the company’s board of directors.