A dissident group of shareholders has served notice of a meeting in order to elect new directors to the board of Macdonald Mines, the company says. The dissident group represents 10% of the shareholders of the company.
Macdonald Mines says it is unable to call a meeting because it has no funds. The company has been fighting a legal battle with its former lawyer, who claims that the company owes him $230,104 in legal fees. The fees were incurred during Macdonald’s legal fight with Noranda Inc., which has been settled.
Noranda holds a 51% stake in Les Mines Gallen, a company which has a 100% interest in a producing zinc-silver mine in Quebec. Macdonald holds the remaining 49% interest in the company. For the year ended Dec 31, 1985, Les Mines Gallen earned $1.36 million. Gross production revenue of more than $28 million was realized for the period.