A group of disgruntled shareholders wants changes on the board of directors at Vancouver junior miner Mosquito Consolidated Gold Mines Ltd. (TSX-V:MSQ).
The group includes Mosquito chairman Hongxue Fu, Shaun Dykes (exploration manager, board member and technical expert for the CuMo project team), and Mosquito's largest shareholder, IEMR HK.
They believe a complete change is necessary for the true value of the CuMo deposit to be reflected in its share price. Mosquito's flagship asset, the CuMo project, is a copper-molybdenum deposit that, based on a 2009 economic analysis, has a value of approximately $16 billion.
Despite that valuation, the concerned shareholders allege Mosquito's share price languishes due to poor management.
The disgruntled shareholders claim they were in the minority and their suggestions and concerns were ignored by a board controlled by the president. As a result of raising these concerns, they claim they were deliberately excluded from nominations for the upcoming board at the AGM.
At the upcoming annual general meeting, they plan to call on Mosquito shareholders to elect a new board of directors and vote against certain other resolutions proposed by Mosquito management.
Jennifer Harrison
@JHarrisonBIV