Oh boy, Noront Resources (NOT), by force of Rosseau Asset Management have agreed to a new board of directors and new CEO which include the controversial Patrick Anderson, former CEO of Aurelian Resources.
This concession came after Rosseau Management, which is a hedge fund company, became angry at the way Noront directors were running the company, so they recommended a new board of directors in a press release (Noront stock shot up 10% on the news). Noront responded by telling shareholders to reject Rosseau nominees and vote for their guys. Anyways it was getting a little ugly to watch it all so I'm glad they came to an agreement, but Anderson on the board? So for a little background on all of this, Rosseau was mad because Nemis, the CEO, was running joint ventures with everyone and their dogs out in the "Ring of Fire" area which is host to one of the most exciting Ni-PGM discoveries of our time, Noront made rediculous news with releases such as this showing 68.3m of 5.9%Ni, 3.1%Cu, 2.8g/t Pt and 9.8g/t Pd. The stock went from a 10-30 cents to 7 bucks and all of a sudden strong management became a very important issue. This is where Patrick Anderson comes in.
We all know the story of Aurelian, they had one of the biggest known gold deposits not currently being mined in the world. Stock is doing great, people are talking about aquisitions or possibly ARU going at it alone, this stock is a can't-lose bet...until the Ecuadorian mining law uncertainty kicks in and the stock crashes, Patrick Anderson and his board panick and sell a world class asset to Kinross for a few bucks. Canadians and investors around the world were floored, go to Agoracom, got to Inca Kola news, youtube, stockhouse and you'll find someone ranting about how much they hate P. Anderson. The man was so villified and hated for what he did to that company I would of never thought I'd see his face in Canadian mining stocks for a long time, I figured he'd be a good fit in Australia or Asia, but in Northern Ontario? ugh.
Update: The Financial Post picked up the story but they're a day late since they don't mention that a deal was reached for the new board.
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