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Calibre Mining Corp (2)
Symbol CXB
Shares Issued 441,590,638
Close 2022-03-21 C$ 1.47
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Calibre disputes former CEO's $600,000 claim

2022-03-21 20:45 ET - Street Wire

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by Mike Caswell

Calibre Mining Corp. denies that it did anything wrong when it fired its former chief executive officer, Russell Ball. The company says that it was entitled to dismiss Mr. Ball after it determined that his continued employment was "no longer sustainable." Calibre offered him one year of severance, as specified in his employment contract, but Mr. Ball refused the offer.

The company is responding to a lawsuit that Mr. Ball filed in the Supreme Court of British Columbia on Feb. 28, 2022. Mr. Ball complained that Calibre fired him from his $300,000-per-year job after just 16 months, and that it did so for no reason. He said that his dismissal was part of a deliberate effort to avoid having to issue his share-based compensation, which would have been worth about $600,000. His firing came the day that he was to receive 155,172 restricted share units and an option to buy 376,712 shares, he complained.

For its part, Calibre denies doing anything wrong. In a response filed on March 17, 2022, the company says that it dismissed Mr. Ball after determining that "the employment relationship was no longer sustainable." The company offered Mr. Ball severance pay that was specified in his employment agreement, amounting to one year of salary. Mr. Ball declined the offer, refusing to sign a release that was part of the deal, the response states.

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I guess they will operate in the future without a CEO.

"the employment relationship was no longer sustainable. What does that mean?

Posted by mrhappyone at 2022-03-22 05:23