Donald Busby, a well-known promoter and financier, has resigned as a director of International Mahogany (TSE) and Kap Resources (VSE). International Mahogany holds a 70% interest in the Jolu gold mine in Saskatchewan as well as other mineral and oil and gas assets, while Kap Resources is involved in an iodine-nitrate project in Chile.
Alan Bayless, Vancouver bureau chief for Financial Times, reported in mid-January that British Columbia regulators were investigating possible securities violations relating to a document written by Busby which detailed a price-support trading program for Kap Resources.
Although Busby resigned as a director and officer of International Mahogany, he is continuing to provide services to the company on a consulting basis. Anton Hendriksz has assumed the positions vacated by Busby.
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