QUITO, Ecuador , March 21, 2019 (GLOBE NEWSWIRE) -- Keith Piggott, Director of Core Gold Inc. (TSXV: CGLD, OTCQX: CGLDF) (“Core Gold”) today responded to alleged misleading and incomplete disclosure by Core Gold.
Core Gold directors allegedly improperly terminated Mr. Piggott as CEO of Core Gold in alleged retaliation for his opposition to the proposed merger with Titan Gold. The Core Gold board failed to disclose a less dilutive competing proposal approved by the board while concurrently increasing the Titan break fee to $3 million and eliminating the Titan 60 day go shop provision. At the board meeting held March 9, 2019 directors and advisors of Core Gold allegedly explicitly threatened to terminate Mr. Piggott allegedly for cause unless Mr. Piggott voted for the Titan amendments and agreed to vote all his shares in favour of the Titan merger. Mr. Piggott refused.
“I brought to the board a less dilutive, shareholder friendly proposal sourced and agreed as a result of the go shop opportunity, a provision included as a condition of my earlier approval” Mr. Piggott said. “As soon as the reality of a less dilutive proposal actually materialized the board sabotaged the alternative and sacked me for trumped up reasons” asserted Mr. Piggott.
Mr. Piggott has advised Core Gold board he will not be voting in favour of the Titan merger proposal at the Core Gold shareholder meeting and he may exercise his rights as a dissenting shareholder.
About Keith Piggott.
Keith Piggott is a seasoned mining developer and operator with over 50 years of experience in Africa, Australia, Mexico and South America. Mr. Piggott as CEO, rescued Dynasty Metals and Mining from certain bankruptcy and the loss of all its assets in 2016. He has worked diligently for over two years to take the company, as Core Gold Inc., from a $5 million market capitalization to over $40 million market capitalization before the Titan proposal. He can be contacted at kpiggott100@gmail.com, phone: 520-247-5753.