Were shareholder interest paramount in this appoin Metanor is pleased to announce the nomination of Mr. Claude Imbeault as the General Manager of the Bachelor Project. Mr. Imbeault reintegrated the company in October 2012 after leaving the company in October 2010.
Claude Imbeault, Mine General Manager, stated: "The competence together with the hard work of all our workers has enabled the company to accelerate the safe development of our underground infrastructure and the ramp up of many stopes allowing a steady tonnage at the mill."
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Press release 9 November 2010
Metanor's management wishes to thank Mr J.-Claude Imbeault for his contribution to the development and the growth of the Company and wishes him well in his retirement. Mr Imbeault will remain available on certain files and to share his experience with Mr. Hamelin. The board of directors adopted a resolution prolonging the expiry date of his stock options for another two years following his departure. Further, stock options of 100,000 reserved shares each were granted in favour of Misters Imbeault and Hamelin, at an exercise price of $0.50, the expiry date of Mr Imbeault's options is two years and ten years for Mr Hamelin options. These options will vest at a rate of 25% per quarter.
This could easily appear to be a contrived appointment for the benefit of a former colleague. By way of the timing of his departure as VP Operations in 2010, Mr Imbeault seems to have reduced the glare of publicity arising from the 2009 accident, away from the COO and director (Ghislain Morin). However, Mr Imbeault may not have become disenchanted that his “retirement” grant of 100,000 stock options and his employee share option extension, would become valueless by November 2012. The time line of events is as follows:-
- November 9 2010 – J-Claude Imbeault (“JCI”) retired and his employee stock options were extended by board resolutions for another two years [taking it to November 2013. In addition, JCI was granted a further 100,000 stock options, exercisable at $0.50, also with a 2 year expiry date in November 2013.
- We are today informed that JCI was “reintegrated [in] the company in October 2012”
- …… the outcome is that it is possible that all his employee stock options may have been reactivated by this appointment.
- …….. also, the special 100,000 reserved shares that he was offered when he retired, may also have been given a new lease of life.
At the time of his 2010 resignation, JCI was ……
Claude Imbeault - Vice President, Operations, Bachelor Lake - Barry Complex
Mr. Imbeault is a recognized professional active in the mining industry for almost 40 years, involved in the production startup of numerous mining projects. Mr. Imbeault was recently general manager of Camroc, a mining development division of Cambior-Iamgold with a hundred employees.
…… which was when Ghislain Morin was director and Chief Operations Officer. Therefore, it could be perceived that his resignation had the, possibly unintended consequences, of directing attention away from the COO (now CEO).
It should be incumbent upon Ghislain Morin’s to assure shareholders that, after appointing Pascal Hamelin as a replacement for JCI in 2010, that there were no undisclosed reasons why JCI was reinstated from retirement after 40 years in the industry, with a new title on the company payroll. This is reappointment is questionable, as his reintegrations in the company was only one month before all his options were about to expire.
Therefore, was this demonstrably a commercially prudent reappointment, approved by CEO Ghislain Morin, in the interests of shareholders generally.