TORONTO, May 13, 2013 /CNW/ - Wallbridge Mining Company Limited (TSX: WM, FWB: WC7) ("Wallbridge") today reported results of its Annual General and Special Meeting of
shareholders (the "Meeting") held May 9th, 2013.
A total of 83,552,193 shares were represented at the Meeting,
representing 51.49% of the issued and outstanding shares of the
Company. Shareholders voted in favour of all items of business before
the meeting, including the election of all director nominees.
Each of the following directors were elected for a term of office of one
year or until their successors are otherwise duly elected or appointed:
Faramarz Kord; Alar Soever, Warren Holmes, Darryl Sittler, Parviz
Farsangi, René Galipeau and Roland Horst. All of the proposed director
nominees were elected by an overwhelming majority, each receiving more
than 99% of the votes cast in respect of their individual election.
Commenting on the results of the Meeting, Marz Kord, the company's
President and CEO stated: "We are extremely pleased with the
confidence our shareholders have shown in the Company's management
through their level of participation and their high degree of support
for the company's various initiatives."
The shareholders also approved and authorized: (i) the adoption of an
omnibus share based compensation plan for the company to replace the
existing stock option plan, and (ii) a share consolidation of
Wallbridge's common shares on the basis of one new post-consolidation
share for up to a maximum of eight pre-consolidation shares.
Wallbridge does not have any immediate plans for effecting the share
consolidation, which was approved at the Meeting; shareholders will,
however, be apprised of any future plans to implement this capital
change. Further details on these matters are set forth in Wallbridge's
Meeting materials accessible on the company's website and the report of
voting results for these items and other resolutions proposed at the
Meeting may be located on Wallbridge's SEDAR corporate profile page.
Wallbridge Mining Company Limited (WM:TSX) is an established junior company, formed in 1996, whose mission is to
explore and develop platinum group elements (PGE's) in mining friendly
jurisdictions of North America.
Wallbridge is currently exploring and developing a large package of
properties in Sudbury, Ontario: Canada's premier mining district. These
include the pre-feasibility stage Broken Hammer development project and
significant exploration joint ventures with partners Lonmin Plc, Impala
Platinum Holdings Limited and Xstrata Nickel.
In 2005, Wallbridge created Duluth Metals Limited (TSX:DM) to explore
and develop projects in Minnesota, USA. Duluth Metals has since defined
the world's largest undeveloped sulfide PGEs, copper and nickel deposit
which it is developing through Twin Metals Limited, a joint venture
with copper producer Antofagasta Plc. Wallbridge currently retains
10.1 million shares of Duluth Metals (8.1%).
In 2010, Wallbridge created Miocene Metals Limited (TSXV:MII) to explore
and develop seven porphyry copper-gold-molybdenum projects in British
Columbia, Canada, within a previously under-recognized belt of
Miocene-age intrusions. These projects are early stage with large
mineralized structures and alteration zones that are ready for drilling
with potential for large tonnage deposits. Wallbridge currently retains
28.4 million shares of Miocene Metals (40.5%).
SOURCE: Wallbridge Mining Company Limited
For further information:
Please visit the company's website at www.wallbridgemining.com, or contact:
Wallbridge Mining Company Limited
Vice President Corporate Communications
Tel: (705) 682-9297 ext. 263