04:21:17 EST Sun 26 Jan 2020
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MGX Minerals Inc
Symbol XMG
Shares Issued 140,385,960
Close 2019-12-11 C$ 0.07
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MGX's Patrick, Reimann ask judge to remove Lazerson

2019-12-12 11:06 ET - Street Wire

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by Mike Caswell

MGX Minerals Inc. directors Lyndon Patrick and Michael Reimann, who have been openly at odds with company president Jared Lazerson for months, have asked that a judge in the Supreme Court of British Columbia remove Mr. Lazerson from office. They say that they have many concerns about his actions as president. Among other things, he used the company's credit card for $10,000 per month in personal expenses, they claim.

The request from Mr. Patrick and Mr. Reimann is contained in a petition that they filed at the Vancouver courthouse on Dec. 5, 2019. The petition seeks an interim injunction that would bar Mr. Lazerson from taking any actions as president of MGX and a court order that would remove him from that position. The men are also asking that Mr. Reimann be appointed acting president until the company's board can vote for a new president.

The dispute, as set out in the petition, goes back to a contentious Oct. 7, 2019, board meeting. Mr. Patrick and Mr. Reimann called the meeting to consider removing Mr. Lazerson as president. Their reasons for removing Mr. Lazerson, as set out in the petition, are many. They say that he exposed MGX to tax and contractual liabilities by failing to use flow-through money for qualifying expenses. He also used MGX's corporate credit card for personal expenses, without seeking approval from the board, the petition states.

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