A group of dissenters seeking to gain control of Ursa Major Minerals was rebuffed June 23 after shareholders voted against introducing a new board of directors to the table.
In the leadup to the annual general meeting, the dissenters, including Inspiration Mining Corporation, Forbes & Manhattan and advisors Northern Shareholder Services, stated their lack of faith in the board. A poor showing on the TSX, fallen share prices and a lack of growth strategy were cited as contributing to their lack of confidence in the board.
However, during the AGM, shareholders voted to retain most of its current board, with the addition of two new members.
“I am pleased that Ursa Major can finally putt his unfortunate and costly distraction behind us and redouble our efforts to enhance Canada's only profitable junior nickel operation with a view to significantly grow our production,” Ursa Major president and CEO Richard Sutcliffe said in a news release.
Ursa Major operates the Shakespeare nickel-copper mine located 70 km west of Sudbury near the village of Webbwood.
It reported a $2.4-million operational profit for the year that ended January 31, 2011, following its first year of commercial production.
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