Armistice board survives

Dissident shareholders of Armistice Resources (ACI-M) have failed in a bid to unseat the board of directors at the company’s annual meeting.

The dissidents, led by Gordon Usher-Jones and Mark Diamond, both of Montreal, filed a Dissident Information Circular with regulatory authorities on Dec. 22. In it, they propose that the sitting Armistice directors be replaced with with a new board, which would include Usher-Jones, Diamond and former Armistice vice-president Guy Hinse. The circular cites a pending cash crunch, inappropriate loans to directors and poor mining decisions as reasons for replacing the board.

The company, which is exploring underground at a property near Virginiatown, Ont., adjacent to the old Kerr-Addison gold mine, had, at June 30, cash and short-term investments of $1.3 million and loans receivable of $1.5 million. With just over $100,000 in current liabilities, Armistice had working capital of $2.7 million.

The incumbent board, including Brian Davidson, Harvey Atkin, Gregory Smith, Steven Reiken and Guy Hinse, was re-elected at the annual meeting. The company has concluded a flow-through share offering to raise $196,000 for further exploration.