Business
Supreme Court of British Columbia Confirms Pelham’s Director Nominations Are Invalid and Nickel 28 Provides Update on Board and Committee Independence
TORONTO / Jun 05, 2023 / Business Wire / Nickel 28 Capital Corp. (“Nickel 28” or the “Company”) (TSXV: NKL) (FSE: 3JC0) announces that the Supreme Court of Brit
About this update from Nickel 28 Capital Corp
[{"type":"text","content":"TORONTO / Jun 05, 2023 / Business Wire / Nickel 28 Capital Corp. (“Nickel 28” or the “Company”) (TSXV: NKL) (FSE: 3JC0) announces that the Supreme Court of British Columbia (the “Court”) today granted a petition brought by Maurice Swan, an independent director of Nickel 28 and the chair of Nickel 28’s annual general and special meeting (the “Meeting”) of shareholders, scheduled for June 12, 2023 at 10:00 a.m. (Toronto time). As requested by Mr. Swan, the Court confirmed that the purported advance notice of Pelham Investment Partners LP (“Pelham”), to nominate directors for election at Meeting, did not comply with the advance notice provisions in the Company’s articles (the “Advance Notice Provisions”). Accordingly, Pelham’s purported nomination of directors will not be considered at the Meeting. The Court also awarded Nickel 28 and Mr. Swan their costs of the proceeding against Pelham. At the same time, the Court also dismissed a petition by Pelham seeking, among other things, an order waiving Pelham’s non-compliance with the Advance Notice Provisions, and the appointment of an independent chair of the Meeting. The Court also ordered Pelham to pay to Nickel 28 costs of Pelham’s proceeding. In seeking relief from the Court, and in opposing Mr. Swan’s petition, Pelham offered no explanation other than inadvertence for its failure to comply with the Advance Notice Provisions. Pelham’s failure was consistent with its conduct throughout the course of its pursuit of Nickel 28, in which Pelham has acted without regard for rules that apply to all of the Company’s shareholders. The Board reminds shareholders to remain vigilant against Pelham’s repeated attempts to take control of the Company. The Company is also providing further disclosure in respect of the Company’s director nominees set forth in the Company’s management information circular (the “Circular”) dated May 10, 2023 and the supplement to the Circular dated May 27, 2023 (the “Supplement”), which was filed on SEDAR on May 29, 2023, and is available under the document type “Other”. Philip Williams was previously disclosed as the lead independent director of the Company in the Circular and the Company’s other continuous disclosure documents; however, as a result of Anthony Milewski’s service on the compensation committee of Consolidated Uranium Inc. (“CUR”), of which Mr. William...