Business
Wesdome Gold Mines and Resolute Performance Fund announce agreement
TORONTO , Aug. 26, 2013 /CNW/ - Wesdome Gold Mines Ltd. (" Wesdome " or the " Company ")...
About this update from Wesdome Gold Mines Ltd.
[{"type":"text","content":"\n\n\nTORONTO, Aug. 26, 2013 /CNW/ - Wesdome Gold Mines Ltd. (\"Wesdome\" or the \"Company\") (TSX: WDO) and Resolute Performance Fund (\"Resolute\"), the holder of 19,324,000 common shares of the Company representing\n approximately 18.98% of the Company's outstanding shares, announced\n today an agreement to reconstitute the board of directors of the\n Company.\n\n\nAs a result of the agreement between the Company and Resolute, the board\n of directors of the Company has today been reconfigured such that\n Joseph A. Hamilton, Rowland Uloth, Rostislav C. Raykov and Barry Smith\n have been appointed as new directors of the Company and J.P. Chauvin,\n Will Bawden and Bill Stein have resigned from the board.  Donovan\n Pollitt has also resigned as President and Chief Executive Officer, and\n Mr. Uloth has been appointed to hold that office.  Mr. Chauvin has also\n resigned as Chairman of the Board, and Mr. Barry Smith has been\n appointed to hold that office.\n\n\nMr. Uloth previously served as President of the Company from May 2007 to\n December 2009, and was a director from 1999 to 2009, serving as\n Chairman from 2006 to 2009.  In 2008 and 2009, under Mr. Uloth's\n leadership, Wesdome enjoyed record profits, at a time when gold prices\n were substantially lower than current prices.  Mr. Uloth said today: \"I\n look forward to setting Wesdome on the path to superior returns on\n investment for all of our shareholders, and am grateful for the\n opportunity to serve at their behest.\"\n\n\nHemdat Sawh, Chairman of the Company's Compensation Committee, said: \"We\n are pleased to have reached this constructive resolution today and look\n forward to working with the new board members and with Rolly Uloth as\n CEO to increase value for all of Wesdome's shareholders.\"\n\n\nMr. Sawh continued: \"I also would like to take this opportunity to thank\n Donovan Pollitt for his service as Chief Executive Officer of the\n Company, as well as J.P. Chauvin, Will Bawden and Bill Stein for their\n considerable dedication to the Company while serving on its board of\n directors.  I wish to express my gratitude to each of these gentlemen\n for their tremendous efforts on behalf of Wesdome, and I wish them the\n best of luck in their future endeavours.\"\n\n\nTom Stanley, President and Chief Investment Officer of Resolute, ...