Guyana Goldfields CEO to exit as company reaches proxy fight settlement with founder – by Niall McGee (Globe and Mail – April 30, 2019)

Troubled junior gold company Guyana Goldfields Inc. has agreed to replace its chief executive officer and is parting ways with three board members, as it reached a proxy settlement with a dissident shareholder group.

A week ago, Guyana said it was standing behind its CEO, while painting a picture of dissident ringleader Patrick Sheridan as an irresponsible rogue.

But on Monday, Toronto-based Guyana said it is now looking for a replacement for Scott Caldwell, who had led the miner since 2013. Guyana also said that long-time board members Jean-Pierre Chauvin, Michael Richings and David Beatty are stepping down immediately.

The developments are a partial victory for a dissident shareholder group led by Guyana’s founder, Mr. Sheridan, who launched a campaign in January with the objective of ousting Mr. Caldwell and tossing out the entire board of directors.

In a revised director slate unveiled on Monday, Guyana proposed that Alan Pangbourne, former SSR Mining executive and originally a dissident nominee, should join the board. The company also nominated Allen Palmiere, onetime CEO of Hudbay Minerals Inc., as a board member. Ian Robertson, a spokesperson for Mr. Sheridan, said that Mr. Palmiere was approved by both the company and Mr. Sheridan.

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