01:13 PM EDT, 05/11/2018 (MT Newswires) -- Zenyatta Ventures (ZEN.V) rose 2% Friday after the company's "concerned shareholders" group said they successfully replaced four of the company's directors over concerns over weak management and a lack of direction for the company.

The election of the four directors will give the concerned shareholders group control over the six-member board and let them enact a series of changes at the junior-mining company. In a proxy circular, the group said they will complete a pre-feasibility study for the company's Albany deposit, which they said had stalled under current management. They also plan to attract new investors and funding, review the company's finances, remove the chief executive from the audit committee and improve corporate governance.

The company's shares were up $0.01 to $0.51 at last look on the TSX Venture Exchange. The shares have dropped 46% over the past 12 months.

Price: 0.51, Change: +0.01, Percent Change: +2.00