11:51 AM EDT, 05/06/2024 (MT Newswires) -- Nickel 28 Capital ( CONXF ) was last seen up 6.8% after the company on Monday said reporting it terminated the employment of Anthony Milewski as chief executive officer, Justin Cochrane as president, and Conor Kearns as chief financial officer for cause, while the fired executive denied the allegations..

The company said a special committee of the cobalt miner's board found evidence of "serious misconduct, breach of duties and obligations, repeated lack of judgment, care and diligence, and non-compliance with various of Nickel 28's policies and procedures".

The company said its findings have not been proven in court. The board has tapped Christopher Wallace to serve as interim CEO.

Brett Richards, also a current board member, will provide certain transition consultancy services to the company in the coming months to support the company's ongoing business and operations until the vacant leadership roles have been filled.

Martin Vydra, executive vice president of strategy, and Craig Lennon, head of Asia Pacific, remain with the company.

In a separate release, the fired executives denied the allegations, calling them "unfounded and highly misleading", while claiming the actions were part of a "year-long contest for control of Nickel 28".

"While the legal representatives of the Founding Management Team are prepared to engage in dialogue with Nickel 28 to address these concerns and work towards an amicable resolution, we will not hesitate to pursue our legal remedies," they said in a statement.

Nickel 28 shares were last seen up C$0.04 to C$0.63 on the TSX Venture Exchange,

Price: 0.63, Change: +0.04, Percent Change: +6.78