VANCOUVER, Aug. 25 /CNW/ - EurOmax Resources Limited (TSX-V: EOX) (“EurOmax”
or, the “Company”) announced that its annual general
meeting (the “Meeting”) has been adjourned in order
to resolve allegations made that the integrity of the vote to be
conducted at the Meeting has been compromised.
Allegations have been made that Anthony Patriarco has not complied with
applicable securities laws with respect to the reporting and disclosure
of his shareholdings in EurOmax and that he may have acquired
shareholdings of a predecessor to the Company and, as a result of law,
EurOmax, in excess of 20% without complying with the provisions of
applicable securities law relating to take-over bids. With respect to
the votes expected to be represented by proxies at the Meeting,
allegations were made that, in light of the concerns regarding Mr.
Patriarco's holdings in EurOmax, shareholders receiving the dissidents'
circular were not fully informed as to the nature or the extent of
Patriarco's shareholdings. Allegations were also made that one of the
dissident nominees delivered material to EurOmax shareholders soliciting
their opinion as to the removal of all or some of the current directors
of EurOmax prior to delivery of the dissidents' circular. Finally, it
was alleged that the former CEO of the company engaged in solicitation
of proxies from a number of EurOmax shareholders and without providing
information to all shareholders.
The Meeting was adjourned by the Chair, Mr. Robert Power, in order to
ensure that shareholders are able to make a fully informed decision. In
order to maintain the integrity and propriety of the voting procedure,
the Chair exercised his discretion under the Company’s Articles, and
adjourned the Meeting. He then requested that Management, with immediate
dispatch, seek directions on behalf of the Company from a Judge of the
British Columbia Supreme Court. If no such application is made by
September 1, 2010, the Chair will consider the objections to have been
abandoned and will reconvene the Meeting for September 3, 2010.
The Company expects to apply shortly to both the British Columbia
Supreme Court and the British Columbia Securities Commission for
directions as to the further conduct of the Meeting and/or other relief.
Further news releases will be issued by the Company when these
applications are made.
On Behalf of the Board of Directors
"Christopher A. Serin"
Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
This news release contains “forward-looking information” within the
meaning of applicable Canadian securities legislation. Forward-looking
statements include, but are not limited to, statements with respect to
the expected outcome and conduct of the Company’s applications to the
British Columbia Securities Commission and the British Columbia Supreme
Court. Forward-looking statements are subject to known and unknown
risks, uncertainties and other factors that may cause the actual
results, level of activity, performance or achievements of EurOmax to be
materially different from those expressed or implied by such
forward-looking statements. There can be no assurance that such
statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on
forward-looking statements. EurOmax does not undertake to update any
forward-looking statements that are incorporated by reference herein,
except in accordance with applicable securities laws.
SOURCE EurOmax Resources Ltd.
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For further information about EurOmax Resources Limited please visit the Company's website: www.EurOmaxresources.com.