01:47 PM EDT, 03/19/2024 (MT Newswires) -- Mayfair Gold Corp. ( MFGCF ) on Tuesday responded to an announcement by Muddy Waters Capital LLC of their intention to solicit proxies from securityholders to reconstitute its board of directors at its upcoming 2024 annual general meeting. Muddy Waters had released a statement on March 19, stating that it has "lost confidence in the board of directors of Mayfair Gold Corp. ( MFGCF )"

Mayfair emphasized that it has an experienced and engaged Board with "considerable" expertise in the mineral exploration industry. Board and management team have a proven track record of evaluating a broad range of options.

The Board is working to identify suitable candidates for board recruitment, which has been ongoing for several months. However, according to Mayfair Gold ( MFGCF ), on the afternoon of Thursday, March 14, Muddy Waters "demanded" the Board immediately halt the Recruitment Process and instead appoint its nominee, Darren McLean, to the Board and also as Chair. Muddy Waters also "demanded" the right to have a second , unidentified, nominee appointed to the Board, Mayfair reports. Mayfair Gold ( MFGCF ) was given until 3 p.m. Pacific Time on Monday, March 18 to respond to its demand.

According to Mayfair, "the failure of Muddy Waters to provide nominating materials or credentials concerning Mr. McLean was of special concern to the Board as, to the knowledge of the company, Mr. McLean has never served as a director or executive officer of a Canadian public company."

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