Bison Gold Resources Dissident Shareholders Seek to Protect Shareholder Rights
TORONTO, ONTARIO--(Marketwired - Oct 2, 2016) - A group of dissident shareholders of Bison Gold Resources Inc. ("Bison")(TSX VENTURE:BGE) announced today that they have requested a meeting on Monday October 3, 2016 at 11:00 am with Bison CEO and President Amir Mousavi to discuss replacing the board and Bison's most recent decision to complete a private placement financing without respecting a prior commitment to conduct a rights offering on any subsequent financing to protect existing shareholder's interest. Shareholders of Bison recently approved a 1 for 25 share roll back, and subsequently obtained confirmation from the current board that the board had approved a resolution requiring any financings moving forward would be in the form of a rights offering.
The dissident group of Bison shareholders have been disappointed in management's inability to increase shareholder value, coupled with a lack of transparency in its dealings, and these shareholders are asking the board of Bison to resign to be replaced by a new board supported by the dissident shareholders, subject to compliance with all regulatory requirements. Once in place, the new board's immediate priority will be a review of current management and its strategies for adding shareholder value. Following this review the new board will decide whether it needs to implement changes to management.
The dissident group of Bison shareholders have advised the TSX Venture Exchange about their concerns, especially in light of the recently announced intent of Bison to complete the private placement financing, and will hold the Board of Bison and its management responsible for proceeding with any financing under the circumstances.