Business
Fancamp Exploration Ltd. Update: Activist Peter H. Smith’s Application Dismissed by Court
VANCOUVER, British Columbia / Sep 07, 2021 / Business Wire / Fancamp Exploration Ltd. (“Fancamp” or the “Corporation”) (TSX Venture Exchange: FNC) is pleased to
About this update from Fancamp Exploration Ltd.
[{"type":"text","content":"VANCOUVER, British Columbia / Sep 07, 2021 / Business Wire / Fancamp Exploration Ltd. (“Fancamp” or the “Corporation”) (TSX Venture Exchange: FNC) is pleased to announce that on Friday, September 3, 2021, the Supreme Court (British Columbia) (“SCBC”) dismissed all of Mr. Peter H. Smith’s remaining applications in relation to the Corporation’s annual general meeting (“AGM”). The SCBC had previously dismissed Mr. Smith’s application for the AGM to be held on July 26, 2021. As to Mr. Smith’s remaining applications, the SCBC: Dismissed the application to replace Mr. Mark Billings with an independent chair because Mr. Smith had failed to show any improper act or omission by the Board of Directors or Mr. Billings; Ruled that all votes collected through Broadridge QuickVote will be counted and that cancelling those votes – as Mr. Smith had requested – could disenfranchise those shareholders; and Dismissed the application that Fancamp be ordered not to close the ScoZinc transaction until any applications arising from the conduct of the meeting are resolved on the ground that Mr. Smith was required to show that there was a serious issue to be tried and had failed to do so; (collectively, the “Dismissed Applications”). AGM Date Fancamp is committed to holding the AGM as soon as possible and will advise shareholders of a new date in due course. The AGM, which was originally scheduled for June 29, 2021, was postponed to accommodate the court application. After stalling for a month, Mr. Smith, just two weeks before the meeting, filed a last-minute petition, making a fair hearing of the petition impossible. Fancamp wanted to ensure that, in spite Mr. Smith’s tactical games, there was a fair court hearing and postponed the AGM. In addition, the forensic investigation with KPMG into Mr. Smith’s past conduct is progressing. However, given Mr. Smith’s continued refusal to provide documentation (despite repeated demands) and history of poor or non-existent record keeping during his time as CEO, more time is required to complete the investigation. The Corporation looks forward to providing full updates as soon as possible. VOTE YOUR GOLD PROXY TODAY Shareholders are encouraged to continue voting on the GOLD proxy FOR Fancamp’s director nominees. If you have mistakenly voted on Mr. Smith’s green proxy or want to change your vote, you may do so by vo...