A day before Noront Resources‘ (NOT-V) annual shareholders’ meeting — where a dramatic proxy contest was set to determine whether the junior’s board would be tossed out or not — the company has come to an agreement on a compromise board.
Noront, which had been facing a proxy war with dissident shareholder Rosseau Asset Management, has agreed that three Rosseau nominees, one current Noront director, and two other directors will lead the board as it searches for a new president and CEO.
As part of the agreement, current president and CEO Richard Nemis will step down on Oct. 28. However, Nemis will have permanent standing at Noront as the company’s chairman emeritus for life. Joseph Hamilton and Paul Parisotto will serve as co-CEOs until a permanent CEO can be found, who will also join the board as a director.
The new board will be comprised of Rosseau nominees Joseph Hamilton, president of Pickax International and a former director of Aurelian Resources; Patrick Anderson, former president and CEO of Aurelian; and Keith McKay, former chief financial officer of Aurelian. Current Noront director and former president and CEO of Arizona Star Resource, Paul Parisotto, plus two other directors — Darren Blasutti, Barrick Gold’s senior vice-president, corporate development; and Lorie Waisberg, a director of Chemtrade Logistics and Metalex Ventures, among other companies – will also join the board.
“Going forward, Noront will have a balanced joint slate of directors representing the interests of all shareholders,” Paul Parisotto, chairman of Noront’s special committee of independent directors, said in a press release. “It is important to know that the company’s management team, which was largely responsible for our discoveries in the Ring of Fire, will remain with Noront.”
The junior made the high-grade Eagle One copper-nickel-platinum group elements discovery in the McFauld’s Lake area of Ontario last year, founding a new exploration camp dubbed the “Ring of Fire” in doing so.
Warren Irwin, president and chief investment officer of Rosseau, thanked Nemis for his role in Noront’s development in the same release.
“We also thank Paul Parisotto. . . who was instrumental in finding this solution to recognize the interests of all shareholders,” Irwin said. “We are confident that the board proposed for election on Tuesday will bring together the expertise Noront requires for the next stage of its development.”
Rosseau, a Toronto-based hedge fund company, controls about 9.2% of Noront’s shares.
Be the first to comment on "Noront, Rosseau agree on compromise board"