Shares of Adyton Resources Corporation (OTCMKTS:ADYRF) have been consolidating over the past month.
Market Reaction
On Wednesday , ADYRF stock ended flat at $0.0315 with 10k shares, compared to its average volume of 1k shares. The stock has moved within a range of $0.0315 – 0.0315 after opening trade at $0.0315.
Adyton Resources Announces Corporate Changes and Financing Update
Focused on the development of gold and copper resources in world-class mineral jurisdictions, Adyton Resources Corporation (OTCMKTS:ADYRF) on December 22, 2021, announced that the firm’s Chairman, CEO, and President, Mr. Frank Terranova, has been expelled without cause and also resigned as company director starting from December 24, 2021.
Furthermore, independent directors Nick Tintor, Jason Kosec, Fred Leigh, and Peter DuPlessis, besides Mr. Rod Watt, director and Chief Geologist of the firm, have given resignation as director by December 31, 2021.
Terranova’s resignation and termination are due to irreconcilable differences with Mayur Resources Limited, the company’s largest shareholder having 43% of the Company’s shares. This is about the firm’s proposed C$4 million brokered private placement confirmed by Eight Capital on December 3, 2021.
Mayur has said that it aims to have a requisition meeting of shareholders for implementing changes to the Board of Directors. Adyton has finished programs it set out on its initial listing on TSX Venture Exchange in February 2021. The firm has completed considerable operational success with exploration programs on Feni Island projects and Fergusson Island, resulting in a tremendous increase of total mineral resources across the projects.
Terranova and Resigning Directors believe that achieving share price appreciation for Adyton shareholders is moving ahead on exploration activities.
