Shorecrest Group, a Toronto-based advisor representing the Concerned Shareholders of Snow Lake, accuses Gross and the board of directors of enriching themselves with more than C$6 million for just seven months of service, according to company documents. The board tried to raise millions more in cash by diluting shares by 55% in a proposed stock sale in September that was blocked by a provincial court injunction.
“The existing collaborating directors have continued to burn through millions of dollars of the company’s money to keep their jobs,” Shorecrest wrote in a proxy circular for the aborted meeting.
“They have hired multiple expensive law firms and proxy advisory firms to purposefully delay this meeting for over four months, to entrench themselves and try to stop shareholders from having a fair and democratic say in imposing proper governance and making management accountable.”
At stake is a project for what may be…
