URUMQI, XINJIANG, PEOPLE'S REPUBLIC OF CHINA, Nov. 27, 2015 /CNW/ - New Era Minerals Inc. (the "Company") announces that Lin Guang Ju and Li Guoqing have been appointed to the Board of Directors of the company until the next annual general meeting of the shareholders of the Company.
Mr. Lin has also entered into a share purchase agreement (the "Share Purchase Agreement") with the controlling shareholder and former Chairman of the Company, Cheng Kam On, to purchase all of the issued and outstanding common shares of Haijin Group Limited ("HGL"), a British Virgin Islands company 100%-owned by Mr. Cheng, which holds 51,333,333 common shares of the Company, of which 41,066,666 common shares (the "Escrowed Shares") are being held in escrow pursuant to the requirements of the TSX Venture Exchange ("TSXV"). The transfer of beneficial ownership of the Escrowed Shares is subject to approval from the TSXV. A request for approval has been submitted.
As a result of the above, the Company has received the consents of the British Columbia Registrar of Companies and the TSXV to extend the date upon which to hold its 2015 annual general meeting from December 31, 2015 to April 30, 2016. The Company has tentatively scheduled its annual general meeting on April 29, 2016 in Vancouver, B.C., Canada. The specific time and location of the annual general meeting will be announced in the Company's Notice of Annual Meeting of Shareholders at a later date.
About New Era Minerals Inc.
New Era Minerals Inc., through its wholly-owned subsidiary, Haijin International Group Limited, owns 95% of Xinjiang Yongkun Mining Co. Ltd. ("Yongkun"). Yongkun's principal activities are the exploration, evaluation and development of mineral property interests in the PRC, including Yongkun's 100%-owned Suyeke North nickel property located in Tuoli County, Tacheng Area, Xinjiang-Uyghur Autonomous Region, PRC.
On behalf of the Board of Directors of
NEW ERA MINERALS INC.
Sun Tian Xiang
Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE New Era Minerals Inc.
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