Padbury Mining has called a general meeting for September 8 after a group of dissident shareholders, led by Denis McInerney, gained the support of enough shareholders to force the meeting and push for a board spill.
On July 1, the shareholders requested the meeting by issuing a 249E notice, to replace Luke Innes and Colin Stirling on Padbury's board.
Mr McInerney had written to shareholders prior to this and explained that a group of shareholders spoken to Tony Sage, geologist Mark Gwynne and Paul Kelly who had all agreed to stand for election to the company's board.
Mr McInerney outlined his concerns about the management of the company including the issue of 714 million unlisted options by Padbury last year.
Padbury shares at around the time of the option issue were trading at 3.4 cents and in May 2010 had fallen to a low of 1.1 cents.
A letter has today been issued to shareholders notifying them of the meeting and urging them to vote for the board changes.
It states group is seeking the removal of Mr Stirling and Mr Innes because, "apart from their directorship of Padbury Mining, neither Mr Innes nor Mr Stirling have any recent experience s directors of listed companies, which in our view is important for small cap companies in the resource industry."
Padbury's flagship asset is the Peak Hill iron ore project, about 100km north of Meekatharra, where it is aiming to confirm a major magnetite iron resource of 3-5 billion tonnes.
It hopes to announce an initial resource by the end of the year.
