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Gold Basin Resources Corporation ( (TSE:GXX) ) has provided an update.
Gold Basin Resources Corporation has dismissed former president and interim CEO Charles Straw for cause after an internal investigation alleged serious misconduct, including conversion of company funds for personal use, misappropriation of corporate opportunities and self-interested transactions on unfair terms. The company also alleges that Straw caused breaches of Canadian securities laws, corporate legislation, stock exchange requirements and a Supreme Court restraining order, and it notes that none of these findings have yet been proven in court.
The board has reserved all rights against Straw and plans to pursue appropriate steps or proceedings to recover alleged losses and any gains he may have realized from the disputed conduct. Gold Basin further disclosed that a material fraud event involving a business email compromise, which Straw acknowledged in writing, had not been reported to the TSX Venture Exchange, British Columbia Securities Commission or shareholders, and the new management is now formally notifying regulators and investors as it seeks to stabilize governance and restore compliance.
More about Gold Basin Resources Corporation
Gold Basin Resources Corporation is a mineral exploration company focused on its 42 square kilometre Gold Basin Project in Mohave County, Arizona. The project targets near-surface oxide gold mineralization along large mineralized trends, with more than 800 historic and current drill holes testing deposits up to 1.7 kilometres in length.
Technical Sentiment Signal: Buy
Current Market Cap: C$5.86M
Learn more about GXX stock on TipRanks’ Stock Analysis page.