Marble, columns and stairs
Jul 20, 2022
McMillan acted for Sun Valley Investments LLC (“Sun Valley”) in connection with its opposition to the management and business direction of Canagold Resources Ltd. (TSX: CCM) (“Canagold”) and its proxy fight to change the board of directors by nominating a slate of three independent directors for election at Canagold’s Annual and Special General Meeting. McMillan was retained following the proxy fight’s beginnings because Sun Valley wanted a stronger and more experienced legal team to complete the matter.

Sun Valley delivered a notice of nomination of the three candidates to the board of directors of Canagold on May 20, 2022. On July 20, 2022, all three of its nominees were successfully elected to the board of directors at the Annual and Special General Meeting held on July 19, 2022. Following the leadership change, Canagold will be well-positioned to prioritize value creation for the benefits of all shareholders.

Sun Valley is a private equity firm focused on the precious metals industry with portfolio companies and branch offices in the Americas, Europe and Asia. Sun Valley seeks to invest in sustainable development projects and operations with growth potential, low cash costs of production, or the operating flexibility to insulate against volatility in the commodity markets.

McMillan’s national team, led by Desmond Balakrishnan and Paul Davis and with support from Sandra Zhao, Arjin Choi, Ishita Kashyap and Ouvedi Rama Naiken, expertly navigated the cross-jurisdictional frameworks between Canada and the United Arab Emirates to ensure the delivery of a favourable outcome for our clients.

By addressing our clients’ needs and objectives, McMillan’s Capital Markets & Securities Group helps them stay ahead as they reach their goals. Our legal teams are skilled at structuring and closing complex transactions in Canadian, US and international capital markets, and providing innovative transactional advice and solutions. Our understanding of business imperatives and our relationships with the regulators helps us deliver unmatched value to our clients.