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Bison Gold faces unhappy investors over C$1.5M placement

A group of dissident shareholders in Bison Gold Resources Inc. are calling for the board of the TSX Venture Exchange-listed explorer to step down over a decision to conduct a private placement instead of a rights issue.

The shareholders requested to meet with CEO and President Amir Mousavi on Oct. 3 to discuss the replacement of the board, according to an Oct. 2 statement.

Bison revealed in late September that it will undertake a nonbrokered private placement of up to 5 million units at 30 Canadian cents apiece to raise up to C$1.5 million, despite earlier assuring shareholders that any capital raising going forward would be in the form of a rights issue.

The shareholders believe Bison has been unable to increase shareholder value and has not been transparent in its dealings.