A special meeting of shareholders has been deferred one week to Nov. 30 by Parlake Resources (TSE). In August, Parlake directors voted to issue one million treasury shares to T.G.A. Management at 23 cents per share by way of a private placement. The special meeting was called in part to allow shareholders to consider the private placement.
At a board meeting in mid- November, the directors voted not to proceed with the placement because of shareholder opposition. The company is now considering other means of raising capital, including a rights offering.
T.G.A. owns 19.5% of Parlake, an interest acquired from Denison Mines (TSE) in August. Parlake says T.G.A. paid about 81 cents per share.
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