Monday, April 1, 2019

 

GrowMax Resources Corp. (“GrowMax” or the “Company”) (GRO:TSX.V) announces the termination of Stephen Keith as Chief Executive Officer, effective immediately and will be replaced by Kal Malhi, Chairman of the Board of Directors (“Board”). Alfred Wong, a member of the Board, has been appointed to the position of President. All previous Board members of GrowMax have resigned.

The Board of Directors (“Board”) has also approved a number of resolutions aimed at increasing transparency, reducing expenditures and preserving capital.

  • Director’s compensation has been set to $2,000 per month
  • Chief Executive Officer’s compensation has been set to $7,000 per month
  • President’s compensation has been set to $4,000 per month
  • Formation of an Audit Committee and Compensation Committee, to be chaired by an independent director
  • Appointment of Michael Malana as Corporate Secretary to replace Gary Litwack
  • Appointment of McMillan LLP as legal counsel to replace McCarthy Tétrault LLP

The Company will pursue disposing of its Peru based phosphate and potash  assets and has hired a Peru based consultant to provide an exit strategy.

GrowMax currently has working capital of approximately $25M and is working to identify the best way to deploy this capital and provide the best returns to shareholders.  Once a thorough review of the company’s assets and liabilities is complete, GrowMax will provide further guidance on the future direction of the company.

About GrowMax Resources Corp.

GrowMax Resources Corp is a publicly listed Canadian company currently undergoing restructuring.

On behalf of the Board,

Kal Malhi
Chairman

Growmax Resources Corp
kal@bullruncapital.ca
 

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