RE:RE:RE:Clarification WTF?!Definition of independant board of directors:
An independent board of directors is normally made of members who have no material interests in a company. Most companies with such boards are publicly
listed.
The purpose of an independent board is to make sure members are not influenced by interests in the company. So, they removed Matt Simpson and then as I read below, he was re-appointed to the board by Black Iron which is owned by Forbes and Manhattan. Is there something I'm missing? How can this board be considered 'indepedant'? Appointment Rights
The Company wishes to clarify a few matters referenced in its press release dated May 9, 2016 announcing the subscription of Forbes in a private placement of the Company. Firstly, the Company wishes to clarify that there currently exists no appointment rights in respect of directors of the Company. Secondly, although the press release said that Forbes would be entitled to appoint a majority of the Board, as negotiations in respect of the private placement progressed, Sulliden Mining Capital Inc. and Black Iron Inc. shared in the subscription amount originally attributed to Forbes and the appointment rights were amended such that each of them was entitled to appoint one director to fill vacancies on the Board, with each of these appointed directors being subject to election by all common shareholders at the Company’s next annual meeting, which occurred on August 4, 2016. Pursuant to the appointment right, Forbes appointed Mr. Stan Bharti, Sulliden Mining Capital Inc. appointed Mr. Peter Tagliamonte, and Black Iron Inc. appointed Mr. Matthew Simpson.
The points of clarification in this press release are as a result of a staff review by the Ontario Securities Commission.
An independent board of directors is normally made of members who have no material interests in a company. Most companies with such boards are publicly
listed.
The purpose of an independent board is to make sure members are not influenced by interests in the company.