TGA Management, a private company that owns a controlling 19.5% stake in Parlake Resources (TSE), is preparing to tighten its hold on the Toronto-based junior exploration company. Under an agreement with TGA, Parlake directors Charles Wagstaff and Jerry Janecka will vote their own shares with TGA for three years. TGA is controlled by Parlake Chairman Gordon Metcalfe, the founder and former president of the O’Toole’s Group Inc. while Wagstaff and Janecka together hold about 4.4% of Parlake’s 2.5 million issued common shares.
Also, Parlake is making some changes within its boardroom which has been expanded to five from four members. President Mark Geenen and Bernard Grybowski were recently named directors to fill vacancies created by the resignation of Denis McGrath and David Sisco.
Pending The Toronto Stock Exchange’s approval, Wagstaff will fill the vacant seat on the Parlake board. While Geenen says Parlake’s exploration properties in British Columbia, Saskatchewan and Ontario will remain intact for the moment, there is no money available for exploration.
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