VANCOUVER, BC / ACCESSWIRE / January 23, 2020 / MGX Minerals Inc. ('MGX' or the 'Company') (CSE:XMG)(FKT:1MG)(OTCQB:MGXMF) reports at a meeting of the directors of MGX on October 7, 2019, two of the Company's directors, Lyndon Patrick and Michael Reimann, put forward a motion to remove Jared Lazerson as the Company's President, CEO and signing authority. Messrs. Patrick and Reimann voted in favour of the motion. The Company's other two directors, Andris Kikauka and Mr. Lazerson voted against the motion. Mr. Lazerson also exercised a casting vote against the motion, as authorized by the Company's articles. The motion was declared defeated.
Following the October 7, 2019 board meeting, Mr. Reimann issued news releases suggesting that Mr. Lazerson had been removed as the Company's President, CEO, and signing authority. Messrs. Patrick and Reimann took the position that Mr. Lazerson was prohibited under the Company's articles and the 'disclosable interest' provisions of the British Columbia Business Corporations Act from voting on the motion to remove him as President, CEO, and signing authority.
On December 5, 2019, Messrs. Patrick and Reimann filed a Petition with the Supreme Court of British Columbia seeking, among other things, a declaration that the motion of October 7, 2019 to remove Mr. Lazerson as the President, CEO and signing authority of MGX had been duly passed.
Lawyers representing MGX, Mr. Lazerson, and Messrs. Patrick and Reimann appeared in court on January 17, 2020 to argue whether Mr. Lazerson was entitled to vote on the October 7, 2019 motion, and by extension, whether Mr. Lazerson is still the President, CEO, and signing authority of MGX.
Madam Justice Fitzpatrick of the Supreme Court of British Columbia delivered her decision on January 17, 2020 at the conclusion of the legal arguments. The Court ruled that Mr. Lazerson was not prohibited by the Company's articles or the Business Corporations Act from voting on the October 7, 2019 motion. The Court also ruled that Messrs. Patrick and Reimann must pay legal costs to both MGX and Mr. Lazerson.
The Court decision of January 17, 2020 confirms that Mr. Lazerson is, and at all times since October 7, 2019 has been, the Company's President, CEO, and signing authority.
The remaining aspects of the Petition filed by Messrs. Patrick and Reimann were adjourned generally.
MGX Minerals is a diversified Canadian resource and technology company with interests in global advanced material, energy and water assets.
President and CEO
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains forward-looking information or forward-looking statements (collectively 'forward-looking information') within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: 'believe', 'expect', 'anticipate', 'intend', 'estimate', 'potentially' and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors. The reader is referred to the Company's public filings for a more complete discussion of such risk factors and their potential effects which may be accessed through the Company's profile on SEDAR at www.sedar.com.
SOURCE: MGX Minerals Inc.
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