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MGX Minerals issues clarification related to unauthorized press release sent by two board members

The company said Jared Lazerson continues to serve as CEO despite an errant release indicating he had been removed from the position

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The motion was ruled out of order due to procedural irregularities

MGX Minerals Inc (CSE:XMG) (OTCMKTS:MGXMF) told shareholders on Monday evening that Jared Lazerson continues to serve as CEO of the exploration company following an errant release sent by two board members indicating he had been removed from the position. 

According to the Vancouver-based company, at a board meeting on October 7, two directors attempted to move a resolution to remove Lazerson as CEO.

The motion was ruled out of order due to “procedural irregularities,” the company said in its clarification.

READ: MGX Minerals, Eureka Resources await shipment of world's first commercial rapid lithium recovery system

The two board members, Lyndon Patrick and Michael Reimann, tabled a motion to remove Lazerson from the CEO role. Patrick and Reimann voted in favour, while Lazerson and another director, Andris Kikauka, voted against.

As the meeting’s chair, Lazerson exercised the deciding vote in favour of his remaining as CEO. Patrick and Reimann were advised by the company’s legal council during the meeting that neither MGX’s articles nor the British Columbia Corporations Act prohibited Lazerson from voting on the motion.

MGX said in a release that Patrick and Reimann were notified that they are not authorized to issue any releases on behalf of the company and that the release sent earlier from financial news site Stockwatch was not sanctioned.

The unauthorized release was sent on Monday at 4:38pm, with the authorized release following a few hours later at 7:30pm.

The company said it plans to call a shareholders' meeting shortly.

Shares of MGX closed Monday in Canada at C$0.19 and at US$0.14 on the OTC market.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Quick facts: MGX Minerals Inc.

Price: 0.105 CAD

CSE:XMG
Market: CSE
Market Cap: $14.74 m
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