(via TheNewswire)
Vancouver, B.C. / TheNewswire / April 25, 2019 - Montego Resources Inc. (CSE: MY; FRA: 4MO1) (the "Company" or "Montego") wishes to set the record straight about the Company's upcoming AGM, the inaccurate and misleading press release issued personally by Anthony Jackson on April 18, 2019 and the current status of its investigation into the conduct of Mr. Jackson while CFO of Montego up to March 1, 2019.
Jackson's April 18, 2019 press release should be disregarded
Mr. Jackson's press release dated April 18, 2019, though issued in the name of Montego, was instead issued personally by Mr. Jackson, without consultation with Montego's current Board or management. Mr. Jackson had no authority to issue this release, and investors are urged to use caution in considering any disclosure disseminated by Mr. Jackson in the circumstances.
To be perfectly clear, Mr. Jackson is not Montego's CEO. Montego appointed Adam Cegielski CEO on September 1, 2018, and he remains in that role. As is reflected in the public registry, Montego's Board is comprised of Mr. Cegielski, Jim Greig, Rakesh Malhotra and Mr. Jackson.
The Company will be holding an AGM on July 23, 2019. That meeting date was selected by Montego and ratified by the BC Supreme Court. Mr. Jackson had sought a Court order compelling the Company to hold its AGM earlier, but that petition was denied, in large part because of the investigation that Mr. Cegielski and Montego are undertaking into the financial dealings of Mr. Jackson until he was terminated as Montego's CFO on March 1, 2019. Montego will be disseminating its Management Information Circular to shareholders in due course.
Montego's internal investigation shows numerous questionable payments
Montego's investigation has already produced significant and concerning results. Montego has determined that Mr. Jackson presided over the distribution of large amounts of money raised by the Company through private placements to persons who are respondents in the BridgeMark proceedings initiated by the BC Securities Commission in November 2018. Mr. Jackson has been asked to account for these payments as part of this investigation, but has elected to provide no support justifying how these payments could be in Montego's best interest thus far.
Montego's investigation continues and will be reported to the Court in due course. So far, it has determined that the Company has very little to show for the issuance of tens of millions of shares that took place while Mr. Jackson was CFO and the controlling mind behind Montego's affairs.
Jackson found by CSE to be unsuitable to act as director or officer
Trading of Montego's shares was halted on April 23, 2019. Montego understands that the basis for the halt in trading was a direct product of Mr. Jackson's April 18, 2019 press release purporting to terminate Mr. Cegielski, which incorrectly indicated that the Company had too few directors. As noted above, the press release was baseless. Montego intends to work with the CSE to undo the halt in trading caused by Mr. Jackson's improper release.
Montego has also received formal notification from the CSE that the CSE will object to Mr. Jackson's association with the Company as an officer, director or consultant.
As a result of the CSE's decision, Montego expects Mr. Jackson will be tendering his resignation immediately and will relinquish control over the Company's bank accounts immediately.
About Montego Resources Inc.
Montego's flagship property is the Taylor silver project located 16 miles southeast of Ely, Nev. The Taylor project is an advanced-stage silver-gold target located southeast of Ely, Nev., with access from a maintained mine road. Mineralization there is a Carlin-style, bulk silver-gold epithermal, high-silica, low-sulphide replacement deposit in flat-lying Devonian-age silty carbonate rocks. The land package comprises 131 unpatented lode claims, five unpatented mill site claims and four patented claims, all covering approximately 2,166 acres.
ON BEHALF OF THE BOARD OF MONTEGO RESOURCES INC.
"Adam Cegielski"
Chief Executive Officer
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
This press release includes "forward-looking statements" including forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. The Company does not assume the obligation to update any forward-looking statement, except as required by applicable law.
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