The board of Kensington Resources voted unanimously to keep David Stone as its president after the company failed to report insider trading in Kensington stock made by Stone between 1997 and 2000.
Stone reached a settlement in late January with the British Columbia Securities Commission that includes a $15,000 fine and a 4-year ban on insider trading. He also agreed to attend a course on the duties of a company director regarding the reporting of share transactions.
The regulatory agency did not call for Stone’s removal as part of the settlement.
According to BCSC documents, Stone paid a late fee of $2,150 for “bulk filing” 43 insider reports in January 2001 that covered transactions from the previous four years.
“The board has unanimous confidence for Mr. Stone to continue as president and director of the company as allowed under settlement agreement,” the company said in a release.
“We believe that this is in the best interests of the company and that its operations will not be affected by this settlement.”
Kensington is listed on the TSX Venture Exchange and based in Saskatoon, Sask. It is involved in a joint venture with De Beers Canada Exploration, a subsidiary of De Beers Consolidated Mines, on the Fort a la Corne kimberlite property, east of Prince Albert, Sask.
About $27 million has been spent in the past 10 years assessing the grade and quality of the diamonds there.
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