UPDATE 2pm: Gryphon Minerals has confirmed the sale of its 7.28 per cent stake in Renaissance Minerals to institutional shareholders for $1.56 million.
The 22.3 million shares were sold at an average price seven cents.
As a result, Gryphon's representative on Renaissance's board, Mel Ashton, would resign as a non-executive director.
Renaissance chairman Alan Campbell thanked Mr Ashton, who was a founding director of the company, for his contribution and commitment.
"The company believes the current structure of the Board, comprising of two independent non-executive directors (including the non-executive chairman) and the managing director, is suitable for the company's current position," Renaissance said in a statement.
Gryphon shares closed steady at 17.5 cents while Renaissance shares were up 0.1 cent, or 1.06 per cent, at 9.5 cents.