TNR Gold Corp (TSX-V:TNR, FRA:TNW, OTC:TRRXF) said it has filed and begun mailing a shareholder letter urging investors to vote only the BLUE proxy for the company's nominees ahead of a proxy contest with Eucalyptus Resources Opportunities Fund 1.
The dissident group, led by Jon Christian Evensen and referred to by TNR as "Koala," is seeking to replace TNR's board.
In a statement, TNR said it believes the dissident has not made a compelling case to unseat a board that has delivered value creation and progress, and that the dissident slate raises questions about experience, independence, shareholder alignment and suitability to oversee TNR.
TNR said Koala has misled shareholders with various claims to keep its true agenda hidden, and has not disclosed all joint actors, offered a better plan, provided a premium for the control being sought, or shown the transparency shareholders should expect from a group seeking to replace an entire board.
"This vote is about who shareholders trust to protect TNR Gold and build long-term value," Kirill Klip, executive chairman of TNR Gold, said in a statement.
Shareholders face a choice between "seasoned, steady and professional hands with a proven track record" and "someone posing as a koala, posting frivolous things and backed by mysterious funds," Klip said.
"The facts are clear," he said, adding that TNR has delivered strong returns, eliminated an investment loan, brought in a major strategic investor and advanced its lithium, copper and gold assets.
Shares of TNR Gold were up around 3.7% on Tuesday morning.
