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Viva Gold Corp (TSX-V:VAU, OTCQB:VAUCF) has received a requisition from a dissident shareholder group led by Humewood Ventures and Dumont Capital, collectively holding about 5.35% of voting shares. The requisition calls for a special shareholders' meeting to vote on resolutions to remove four directors and reduce the board size to three. The board will review this requisition and provide updates accordingly. Notably, Humewood and Dumont have not participated in equity financings since before 2017.
Positive
None.
Negative
Shareholder dissension could lead to instability in the board governance.
Potential removal of key directors may affect strategic direction and investor confidence.
VANCOUVER, BC / ACCESSWIRE / May 9, 2021 /Viva Gold Corp. (TSX-V:VAU)(OTCQB:VAUCF) (the "Company" or "Viva") announces that it has received a requisition (the "Requisition") from a dissident shareholder group led by Humewood Ventures Corp. and Dumont Capital Corp., holding approximately 5.35% of the Company's outstanding voting shares, for a meeting of its shareholders pursuant to section 167 of the Business Corporations Act (British Columbia) (the "Act"). The shareholders who made the Requisition request that a special meeting of Viva's shareholders be called to consider the approval of special resolutions pursuant to s. 128(3) of the Act to remove Christopher Herald, James Hesketh, Edward Mahoney and David Whittle as directors of the Company; and to consider the approval of an ordinary resolutions to reduce the number of directors of the Board of Directors to three, and to appoint Geoff Goodall and Jim Mustard, both of Vancouver, BC, to the Board. The Board of Directors will review the requisition and provide an update in due course. Neither Humewood Ventures nor Dumont Capital have participated in any equity financings of Viva since before the Company become active on the TSX Venture Exchange in November 2017. Dumont Capital is represented by Ms. Kathrine (Kelly) MacDonald, sister to Mr. Gary MacDonald, Viva's longest serving director. Humewood Ventures is represented by Mr. Robert Baker.
About Viva Gold
Viva Gold is a gold exploration and project development company with a focus on Nevada. Viva holds 100% of the advanced Tonopah Gold Project, a large land position of approximately 8,800 acres with demonstrated high-grade measured, indicated and inferred gold resources, located on the prolific Walker Lane gold trend in Nevada, about 30 kilometers south-east of the Round Mountain mine of Kinross Gold and 20 kilometers north from the Town of Tonopah. Viva's management team has extensive experience in mining exploration, development and production and are supported by a Board of Directors and advisors who are proven mine finders, deal makers and financiers. Viva trades on the TSX-V as "VAU", on the OTCQB in the US as "VAUCF" and on the Frankfurt exchange under "7PB". For additional information on Viva Gold and the Tonopah Gold Project, please visit our website: www.vivagoldcorp.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
