It’s tough to get anyone to pay attention when you’re running a four-cent stock. But then the name Sprott Inc. shows up. And Institutional Shareholder Services. And Glass Lewis. And Joe Groia, the lawyer. And Navigator, the crisis management firm. And a wagonload of mud slinging. And a full-on proxy fight with a voting deadline of this week.
All of which leads the reasonable person to ask: what the heck is going on here? The company in question: Alexandria Minerals Inc., a penny miner with dreams of gold. The agitator: geologist and ousted CEO Eric Owens, who founded the company more than a decade ago.
Owens found himself turfed from the firm in February four days after he publicly announced his intention to call a shareholder meeting to remove three board members, in what the chairman of the board calls a “costly and distracting proxy fight.” Continue Reading →