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Junior gold company Guyana Goldfields is urging its shareholders to stick with its proposed slate of directors as it seeks to fend off a dissident shareholder group.
In documents filed on Monday detailing its attempts at a turnaround, Toronto-based Guyana said it has “turned the page” with a better mine plan in place, the right people in charge and improved financial controls.
Late last year, Guyana’s share price went into free fall when the company disclosed serious problems with its original mine plan, raising questions about the size and economics of its gold deposit.
Since January, Guyana has been locked in a proxy fight with a group led by the company’s founder, Patrick Sheridan, who is proposing replacing the company’s entire slate of seven directors. Guyana said in the documents that Mr. Sheridan, whom the company fired last year, “had to go” and “should stay away.”
But in an interview on Monday, Mr. Sheridan shot back and accused Guyana’s chief executive Scott Caldwell of misconduct, which he claims contributed to the meltdown at the company.
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