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,
Growmax Resources Corp