Vote For A Better Mundoro
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AND NOW WE CAN ADD A NEED FOR GREATER INTEGRITY!
VANCOUVER, Aug. 17, 2012 /CNW/ -
Dear Fellow Shareholders,
In anticipation of the annual general and special meeting of Mundoro Capital Inc. ("Mundoro" or the "Company"), to be held on August 27, 2012 (the "Meeting"), Northern Minerals Investment Corp. ("NMI"), a Mundoro shareholder, is seeking support, on behalf of all concerned shareholders, to vote to give the board of directors of the Company depth and assistance by restoring the size of the board to five persons and electing two shareholder nominees to the board.
This week, NMI issued an information circular, form of proxy and letter to shareholders detailing its positions and providing fellow shareholders with reasons why Mundoro can change for the better.
Yesterday, Mr. Hoey, the incumbent Chairman of the Board as well as Ms. Dechev, the Chief Executive Officer and President, issued a press release on behalf of your Company that purported to be a response to the materials disseminated by NMI but was really a poorly founded position statement that lacked integrity (the "Release")! Then today they issued a defamatory press release libelling NMI's Mr. Allen Li.
In the Release, the Company's current leadership makes many misstatements about NMI, the position of the concerned shareholder, and the shareholder nominees.
MINORITY PARTICIPATION ON THE BOARD ONLY! (2/5 = 40%)
NMI, on behalf of concerned shareholders, is seeking to only elect two shareholder nominees to a five person board of directors. This is MINORITY representation on a board that has always held five positions, five positions, that, have been previously approved by your votes. While Mundoro is seeking change to a 4 member board, NMI is proposing 5 directors, and will be voting to achieve that goal. Should it turn out that there are only 4 spaces, that is by the incumbent's action, not ours!
NMI, on behalf of concerned shareholders, have outlined, in both their information circular and letter to shareholders (both of which are available online at www.mundororights.com), the specific value that the shareholder nominees can add to the Company, including the identification and pursuit of multiple potential projects, each of which presents a real opportunity to provide value to the shareholders and resurrect a stock price that has plummeted under current management.
MR. BURNS WAS THE COMPANY'S PRIOR SELECTION FOR DIRECTOR
The shareholder nominees, Mr. John King Burns and Mr. John Han, are both excellent candidates for election to the Mundoro board. The Company's current leadership, including John J. Hoey, had previously offered Mr. Burns a position on the board of Mundoro.
In an e-mail from your CEO to Mr. Han on May 21, Ms. Dechev raised Mr. Burns as a candidate for director, and recommended Mr, Burns "due to the core competencies of the current mix" of directors. She went on to describe Mr. Burns:
|"Mr. Burns is on the board of China Gold International Resources and has extensive experience in the global resource sector and is currently Managing Director of NuCoal Energy Corp. a private Saskatoon based energy company. Mr. Burns is a former Vice President and Chief Financial Officer of the Drexel Burnham Lambert Commodity Group in New York, London and Chicago, a former Managing Director and Global Head of the Derivative Trading and Finance Group of Barclays Metals Group, Barclays Bank PLC in London and a former Managing Director and an Associated Person of FRM Risk Management Inc. in Chicago. He has also acted as an independent Director, Audit Committee member and lead Director or a number of publicly listed resource companies."|
The Company's current leadership agreed with our selection of the shareholder nominees. We are shocked, as are many concerned shareholders, that now that Mr. Burns has declared his independence rather than being a partisan nominee of the incumbents, the Company is now trying to distance themselves from their endorsement of Mr. Burns.
While Mr. Han has no public company experience, what the Company needs is (as was stated by Ms. Dechev) to supplement the existing board "due to the core competencies of the existing mix", not duplicate their skill set, or replace them. Mr. Han is a world-class project management professional. The current board should welcome the addition of board members of complimentary expertise.
NMI, on behalf of concerned shareholders, has voiced many concerns with specific issues surrounding the Company's current leadership. These concerns continue to prove themselves out as management and the current board make continuous misstatements. They gaze into their crystal ball and get it wrong. We want this to stop.
In the Release, the Company's current leadership claims our position is all "unfounded allegations", but do not support this assertion by stating any fact whatsoever.
NMI has made repeated attempts to engage the incumbents in settlement discussions. These discussions have digressed because the Company's current board and management have refused to offer reasonable terms that address NMI's concerns about minority board representation and shareholder rights. The incumbents' view of reasonable seems to be that minority shareholders need to give up their rights to participate - we disagree!
Despite the Company's costly approach, NMI remains committed to reaching a settlement with the incumbents, if they are willing to take the steps necessary to change Mundoro for the better. NMI calls on the Company's current leadership to renew settlement discussions with concerned shareholders. This will avoid the Company's current leadership wasting more shareholder money to try to silence their shareholders.
The Company's leadership continues to suggest that the concerned shareholder's effort to supplement the board of directors is being intentionally delayed. Once again, this is wrong. As was disclosed by Mundoro itself, Mr. Hoey visited Mr. Li in China last weekend at Mr. Li's invitation, as Mr. Li had hopes that the incumbents would be reasonable and an agreed board could be created without having to go through the process that the shareholders now find themselves in. Once Mr. Li's overtures were rejected by Mr. Hoey, upon his apparent personal determination that the concerned shareholders could not garnish sufficient votes to be successful, NMI prepared their circular and promptly distributed it in accordance with all applicable requirements.
Given Mr. Hoey's clear partiality to the outcome of this process and obvious lack of independence, (most recently shown through his personal defamation of Mr. Li) NMI has asked the Company for an independent chairman in order to ensure that the Meeting is run properly and fairly and that all shareholders who have chosen to vote at the Meeting will be entitled to do so. This overture has been blatantly rejected by the Company on several occasions.
We agree with the tenets of direction for the Company that management had set out in their initial information circular:
Pursuing appropriate strategic relationships through mergers and
acquisitions, joint ventures and similar transactions for purposes of
growing the Company's portfolio of properties and enhancing its access
Continuing to evaluate advanced stage projects for acquisition in order
to bring the Company closer to its long-term production goal of 100,000
ounces per year; and
- Otherwise increasing liquidity for Mundoro shareholders.
It is not the wish of NMI to take the Company in a different direction, rather to ensure that we are following the direction to which we all, as shareholders, are committed, and that it is executed to the best standard available. We also believe that the Company should continue with the exploration of its significant holdings and should also move towards the addition of advanced projects.
Please visit www.mundororights.com today.
Please read the information circular, letter to shareholders and form of proxy for more information.
YOUR VOTE IS EXTREMELY IMPORTANT - VOTE YOUR BLUE PROXY TODAY!
SOURCE: Northern Minerals Investment Corp.For further information:
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