Business
Mayfair Gold Announces that Certain Employees May Withdraw Notices of Termination under Change of Control to Continue Employment with the Company
MATHESON, Ontario, May 31, 2024 (GLOBE NEWSWIRE) -- Mayfair Gold Corp. (“Mayfair” or the “Company”) (TSX-V: MFG; OTCQB: MFGCF) announces that it has received co
About this update from Mayfair Gold Corp.
[{"type":"text","content":" MATHESON, Ontario, May 31, 2024 (GLOBE NEWSWIRE) -- Mayfair Gold Corp. (“Mayfair” or the “Company”) (TSX-V: MFG; OTCQB: MFGCF) announces that it has received correspondence from all Terminating Employees (as defined below) except Patrick Evans, that they may be willing to rescind their Terminating Notices (as defined below) and direct that their respective portions of the Change of Control Payment (as defined below), totaling approximately $2.47 million, be returned to the Company if acceptable settlement terms are reached. Terminating Employees and Change of Control Payments As previously disclosed by the Company, on May 1, 2024, Patrick Evans (CEO), Justin Byrd (CFO), Howard Bird (VP Exploration) and certain other employees (the “Terminating Employees”) delivered notices (the “Terminating Notices”) to the board of directors of the Company (the “Board”) terminating their respective employment agreements pursuant to change of control provisions in their respective employment agreements. On May 6, 2024, the Company, having received independent legal advice, entered into a settlement agreement (the “Settlement Agreement”) with the Terminating Employees, whereby the Terminating Employees agreed to hold in abeyance their Terminating Notices and continue their employment with the Company up to the Company’s annual and special general meeting of shareholders (the “Meeting”) to be held on June 5, 2024. Pursuant to the Settlement Agreement, the Company delivered approximately $4.0 million (the “Change of Control Payment”) into trust until completion of the Meeting. On May 27, 2024, Muddy Waters Capital LLC (“Muddy Waters”) obtained an ex parte order from the Supreme Court of British Columbia restricting the distribution of the Change of Control Payment. The Company announces that it has received correspondence from all Terminating Employees except Patrick Evans that they may be willing to rescind their Terminating Notices, continue their employment relationship with the Company and direct that their respective portions of the Change of Control Payment, totaling approximately $2.47 million, be returned to the Company if acceptable settlement terms are reached. Such settlement terms include a release and waiver from the Company in favour of such Terminating Employees. There is no assurance a settlement will be reached between the parties...