Cauldron Energy shareholder calls for director to be booted
Link copied to
Struggling uranium explorer Cauldron Energy is facing a push to have one of its directors evicted.
The minnow (ASX:CXU) has been handed a “249D” notice from major shareholder Starry World Investment requesting Cauldron call a meeting to vote on the removal of Nicholas Sage.
Cauldron, which has a $6.6m market cap and is trading at just 2c, had been planning to make the shift from uranium to lithium.
When the WA state government implemented a ban on most new uranium mines in 2017, Cauldron stopped work at its flagship Yanrey uranium project and began searching for advanced exploration plays in other commodities, mostly in Namibia and the Democratic Republic of Congo.
But they found something much closer to home, entering into an agreement to buy the Pippingarra and Marble Bar lithium projects from private explorer Mercury Resources Group.
In mid-November last year, Cauldron revealed it was unable to move forward with the planned acquisition of the Pilbara lithium projects.
Tony Sage resigned as chairman at around the same time Cauldron announced it wouldn’t be moving into lithium.
Over the past year, Cauldron’s share price has slumped 74 per cent from a high of 7.7c at the start of 2018.
The company has 21 days to call a meeting of shareholders.