TORONTO, Oct. 16, 2013 /CNW/ - A group of concerned shareholders of
Oremex Silver Inc. led by Concept Capital Management Ltd. and Sprott
Asset Management LP, call for removal of all the current directors of
Oremex due to lack of adequate oversight and mismanagement. The
concerned shareholders collectively own or control through affiliates
approximately 18.9% of the issued and outstanding shares of Oremex.
As previously announced on September 27, 2013, the concerned
shareholders have formally requisitioned a meeting of shareholders with
the intention of replacing all of the current directors with three
highly qualified and experienced nominees who will act in the best
interests of the company and its shareholders.
The current board's lack of oversight has led to a dismal track record
in advancing key projects, the collapse of the stock price, and blatant
conflicts of interest. The incumbent's lack of shareholder focus is
demonstrated by the stock remaining halted on the TSX Venture Exchange
and Frankfurt Stock Exchange. This is the second extended trading halt
by both exchanges in the last five months and symptomatic of the board
and management's disregard for basic governance procedures.
Oremex is in need of an independent board of directors that can address
governance concerns, control company funds, and protect shareholder
interests. The concerned shareholders are proposing the nomination of
Allan Folk, Frank Högel and Keith Stein at the upcoming annual general
and special meeting of shareholders on November 26, 2013.
As two of Oremex's largest shareholders, the concerned shareholders'
interests are fully aligned with those of other shareholders. It is
time for Oremex to have a board of directors that is aligned with
shareholders' interests and focussed on the preservation of the
company's key assets and value creation.
SOURCE: Oremex Silver Inc. Shareholders
For further information:
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