Vancouver-based Blue Moon’s stock shed a penny by mid-Friday in Toronto to C$0.33 apiece, valuing the company at C$17.4 million. It’s advancing a first-resource-stage zinc-silver project in California.
A minority group of shareholders led by Michael McClintock said in August they had expected McGrath, who remains on the board for the time being, to step down as CEO. The group increased pressure on McGrath after he approved a 10-to-one share roll back last year and several defensive capital raisings at below-market values. Documents show the financings diluted shares and benefited only a few shareholders.
“Mr. McGrath’s continued presence may divert focus from the company’s strategic objectives and potentially impact shareholder confidence,” McClintock said by email on Friday. “We remain hopeful that Blue Moon’s leadership will prioritize restoring investor and stakeholder confidence, which is…
