Major Minfocus Exploration Corp. shareholder GreenBank Capital Inc. requisitioned a shareholder meeting to restructure the company's board, according to a March 1 release.
GreenBank, which recently completed the acquisition of a 19.62% interest in Minfocus, seeks to remove all the current directors of the company as well as elect Paul Cullingham as chairman and CEO, and Paul Ankcorn and Garth Douglas as independent directors.
The shareholder claims the existing directors engaged in actions that do not serve the interests of the company's shareholders, including issuing a significant number of stock options to themselves and not complying with basic corporate governance requirements.
Minfocus earlier disputed certain allegations by GreenBank related to the miner's recent director appointment and agreement to acquire a property from Kapuskasing Gold Corp.
