Mosquito Consolidated Gold Mines Ltd
Developing CUMO-The World's Largest Un-mined Open Pit Molybdenum Deposit: Permitting Stage
Message: NR sue directors annual meeting
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May 01, 2012 Mosquito Sues Former Directors |
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Vancouver, May 1, 2012 -- Mosquito Consolidated Gold Mines Limited (the "Company") announces that it has filed a response opposing IEMR's petition seeking to overturn the votes of the majority of shareholders at the 2011 Annual General Meeting held on December 16, 2011 (the "Meeting"). The Company's response alleges that IEMR and the other dissidents' entire proxy solicitation was illegal and the result of a breach of fiduciary duty by former directors Shaun Dykes and Hongxue Fu. The Company's response states that the Meeting was properly run and proceeded in an orderly fashion, and that the Company's proxy solicitation and other actions before and at the Meeting were appropriate. The results of the Meeting reflect the shareholders' wishes. The Company has filed a claim in the British Columbia Supreme Court against IEMR, Shaun Dykes and Hongxue Fu seeking damages for various breaches of duties to the Company, and for conspiring against the Company. Through an internal investigation the Company discovered that Shaun Dykes, Hongxue Fu and IEMR, who called themselves the "Concerned Shareholders" secretly and improperly copied confidential Company information and used this information to communicate with shareholders in their failed bid to gain control of Mosquito. Mosquito takes this breach of duty, which occurred while Mr. Dykes and Mr. Fu were directors of the Company, very seriously and is taking this action to stop the ongoing efforts of Mr. Dykes and Mr. Fu to overturn the results of the Meeting and to recover damages for their breaches of duty to the Company. |
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