Just making sure you get to read this. Next time some mining company thinks about hiring Keith Piggott, they may want to take into consideration that he thinks the company’s treasury is his own plaything and that he’ll spill the beans on non-public material information anytime it suits him.
Apart from that, carry on.
VANCOUVER, British Columbia, March 19, 2019 (GLOBE NEWSWIRE) — Core Gold Inc. (“Core Gold” or the “Company”)
(TSXV: CGLD, OTCQX: CGLDF), in response to stakeholder inquiries,
wishes to clarify the circumstances surrounding the recent termination
of its former President & CEO, Mr. Keith Piggott, for cause.Mr.
Piggott was initially put on notice by the Company in November 2018
for, among other things, incurring new debt at the subsidiary level
without notice to, or approval of, the Board of Directors (“Board”),
and for conducting activities at the Company’s projects in Ecuador that
were in breach of Core’s contractual obligations that were then in
effect. These activities were not disclosed to the Board or other
members of senior management. In response, the Board required that Mr.
Piggott not exceed certain expenditure limits without Board approval and
that he cease undertaking activities that would cause Core to breach
its contractual commitments. In addition, the Board required that Mr.
Piggott cease using his personal email for Company activities.Mr.
Piggott did not abide by these directives from the Board. Subsequently
and in addition, he also misappropriated for his personal use what the
Board believes was approximately $50,000, as well as causing the
disclosure of confidential information related to the merger discussions
with Titan Minerals Limited (“Titan”) to persons outside of the Company.Accordingly
the Board made the decision to terminate Mr. Piggott for cause for
these reasons. While Mr. Piggott was the only director who was not
supportive of the amendment made to the proposed merger with Titan (as
announced on March 11, 2019), the circumstances of Mr. Piggott’s
termination are unrelated to the Titan merger. Mr. Piggott, as a
director, did vote in favour of the Titan merger as originally announced
on February 24, 2019.Full details of the
decision-making process undertaken by the Board in determining to
proceed with the Titan merger, as well as the Board’s rationale for its
recommendation will be set forth in Core’s management information
circular for its shareholder meeting to approve the Titan merger, which
Circular will be available in late April.About Core Gold Inc.