Sounds Familiara
Valgold's battle with Wilkinson becomes testier
2016-01-15 10:40 ET - Street Wire
The battle in the Supreme Court of British Columbia between Valgold Resources Ltd. and its former president, Stephen Wilkinson, has become even testier, with Mr. Wilkinson accusing current management of having a plan to strip the company of valuable assets. Those assets include the company's Tower Mountain property in Ontario and a royalty on the Garrison mine, also in Ontario. He says two current directors, Rod Whyte and Kevin Snook (who is the chairman and chief executive officer), are behind the plan.
The allegations by Mr. Wilkinson are contained in a response to counterclaim that he filed on Jan 6, 2016, at the Vancouver courthouse. The problems, as described by Mr. Wilkinson, began around July, 2013, when the company found itself in need of money. After the appointment of a new board, the company's working capital dropped to under $100,000, the response states. Mr. Wilkinson, who was president at the time, says that he actively sought to raise money, but his efforts were blocked by Mr. Whyte and Mr. Snook.