Mayfair Gold Receives Shareholder Meeting Requisition
28 März 2024 - 3:01PM
Mayfair Gold Corp. (“
Mayfair” or the
“
Company”) (
TSX-V:
MFG; OTCQB:
MFGCF) today announced that it has received a
shareholder meeting requisition notice pursuant to section 167 of
the Business Corporations Act (British Columbia) (the
“
Requisition”) dated March 27, 2024 from MWCGOF
SPV III LP (the “
Requisitioning Shareholder”), a
fund controlled by Muddy Waters Capital LLC (“
Muddy
Waters”). The Requisitioning Shareholder purports to hold
in excess of five percent (5%) of the issued common shares of the
Company.
The shareholder meeting is being requisitioned
to consider: (a) a special resolution to remove all of the
directors of the Company (the “Director Removal
Resolution”); (b) if the Director Removal Resolution is
passed, an ordinary resolution fixing the number of directors at
four (4); (c) if the Director Removal Resolution is not passed, an
ordinary resolution fixing the number of directors at eight (8) or
such lesser number equal to the number of the directors of the
Company then in office plus four (4); and (d) electing four (4)
director nominees of the Requisitioning Shareholder.
The Company is reviewing the Requisition, with
the assistance of its professional advisors, and will respond
appropriately in due course. In the meantime, there is no need for
shareholders to take any action.
Mayfair’s President and CEO, Patrick Evans,
commented: “The Company is grateful for the many expressions of
support it has received from shareholders. It is unfortunate that
Muddy Waters has chosen to escalate its demands over-and-above
those set out in its news release of only a week ago, rather than
engage in constructive dialogue with the Company.”
As it has in the past, Mayfair welcomes the
perspectives of its shareholders and looks forward to an ongoing
dialogue with them about the Company’s governance, performance and
strategic direction. The board and management team will continue to
prioritize good governance, perform their duties in the best
interest of Mayfair and remain focused on advancing the Company’s
flagship asset, the 100% controlled Fenn-Gib gold project in the
Timmins region of Northern Ontario.
ON BEHALF OF THE BOARD OF DIRECTORS
About
MayfairMayfair Gold is a Canadian mineral
exploration company focused on advancing the 100% controlled
Fenn-Gib gold project in the Timmins region of Northern Ontario.
The Fenn-Gib gold deposit is Mayfair’s flagship asset and currently
hosts an updated NI 43-101 resource estimate with an effective date
of April 6, 2023 with a total Indicated Resource of 113.69M tonnes
containing 3.38M ounces at a grade of 0.93 g/t Au and an Inferred
Resource of 5.72M tonnes containing 0.16M ounces at a grade of 0.85
g/t Au at a 0.40 g/t Au cut-off grade (Source: NI 43-101 Technical
Report on Fenn-Gib Project, Ontario, Canada, prepared by Tim
Maunula, P. Geo., of T. Maunula & Associates Consulting Inc.,
dated April 6, 2023). Mr. Maunula is deemed a qualified person as
defined by NI 43-101. The Fenn-Gib deposit has a strike length of
over 1.5km with widths ranging over 500m. The gold mineralized
zones remain open at depth and along strike to the east and west.
Recently completed metallurgical tests confirm that the Fenn-Gib
deposit can deliver robust gold recoveries of up to 94%.
For further
information contact:
Patrick Evans, President and CEO Phone: (480) 747-3032Email:
patrick@mayfairgold.ca Web: www.mayfairgold.ca
Forward Looking
Statements
This news release contains forward-looking
statements and forward-looking information within the meaning of
Canadian securities legislation (collectively,
"forward-looking statements") that relate to
Mayfair’s current expectations and views of future events. Any
statements that express, or involve discussions as to,
expectations, beliefs, plans, objectives, assumptions or future
events or performance (often, but not always, through the use of
words or phrases such as "will likely result", "are expected to",
"expects", "will continue", "is anticipated", "anticipates",
"believes", "estimated", "intends", "plans", "forecast",
"projection", "strategy", "objective" and "outlook") are not
historical facts and may be forward-looking statements and may
involve estimates, assumptions and uncertainties which could cause
actual results or outcomes to differ materially from those
expressed in such forward-looking statements. No assurance can be
given that these expectations will prove to be correct and such
forward-looking statements included in this news release should not
be unduly relied upon. These statements speak only as of the date
of this news release.
Forward-looking statements are based on a number
of assumptions and are subject to a number of risks and
uncertainties, many of which are beyond Mayfair’s control, which
could cause actual results and events to differ materially from
those that are disclosed in or implied by such forward- looking
statements. Such risks and uncertainties include, but are not
limited to, the impact and progression of the COVID-19 pandemic and
other factors. Mayfair undertakes no obligation to update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise, except as may be required
by law. New factors emerge from time to time, and it is not
possible for Mayfair to predict all of them, or assess the impact
of each such factor or the extent to which any factor, or
combination of factors, may cause results to differ materially from
those contained in any forward-looking statement. Any
forward-looking statements contained in this news release are
expressly qualified in their entirety by this cautionary
statement.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this news release.
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