JTO... SEC filing below.
- they intend to fill vacant director position
- and as of Jan 1 2012: "The Registrant has agreed to increase Mr. O'Neil's compensation from a rate of $250,000 per year to $300,000 per year."
Surely they wouldn't increase CEO compensation while boiler problems (which started in Dec) were going to lead to imminent catastrophic diaster? Maybe they do have an easy out here. It is a simple fix compared to what they have been through to date. They have juggled everything this far. 1 month to go before mining/high-grade ore FINALLY being placed on the pad.
What happened to the days of an internally (i.e insider) funded lifeline? If this is such a sure thing then let's see JTO et al exercise their options and/or do minimal financing here to get through this? That would finally show someone has faith in equity here.
red911
Form 8-K for GRYPHON GOLD CORP
7-Jan-2013
Change in Directors or Principal Officers, Regulation FD Disclosure
Item 5.02 Departure of Directors or Certain Officers; Election of Directors, Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On January 1, 2013, Mr. Terence J. Cryan resigned as a member of the Company's Board of Directors. Mr. Cryan was a member of the Audit Committee, Governance and Nominating Committee and the Compensation Committee of the Board of Directors. The Company intends to fill the vacancy created by Mr. Cryan's departure as soon as possible.
Effective January 1, 2013, Gryphon Gold Corporation (the "Registrant") changed the compensation of James T. O'Neil Jr., Chief Executive Officer and Interim Chief Financial Officer.
The Registrant has agreed to increase Mr. O'Neil's compensation from a rate of $250,000 per year to $300,000 per year.
The Registrant is not aware of any family relationships, by blood, marriage, or adoption, between Mr. O'Neil and any other director or executive officer of the Registrant. The Registrant knows of no transactions involving the Registrant during the last two years in which Mr. O'Neil had a direct or indirect interest. To the Registrant's knowledge, there is no arrangement or understanding between any of its directors, officers and Mr. O'Neil pursuant to which he was selected to serve as Chief Executive Officer and Interim Chief Financial Officer.