ROUYN-NORANDA, QC, Feb. 1 /CNW Telbec/ - Visible Gold Mines Inc. (VGD: TSX Venture Exchange) is pleased to announce the voting results from its annual and special meeting of shareholders held on January 29, 2010. At the meeting, the shareholders elected Martin Dallaire, Sylvain Champagne, Pierre Vézina and Patrice Dionne as directors of the Corporation and approved the Shareholder Rights Plan which was previously adopted by the Board of Directors on December 22, 2009. Following the shareholders' meeting, the Board of Directors re-appointed Martin Dallaire as President and Chief Executive Officer of the Corporation and Sylvain Champagne as Secretary and Chief Financial Officer of the Corporation.
The purpose of the Shareholder Rights Plan is to provide the shareholders and Board of Directors of the Corporation with adequate time to consider and evaluate any unsolicited take-over bid, provide the Board of Directors with adequate time to identify, develop and negotiate value-enhancing alternatives, and encourage the fair treatment of the Corporation's shareholders in connection with any take-over bid made for the Corporation's shares. The Shareholder Rights Plan will also prevent any person from acquiring beneficial ownership of, or the right to vote, more than 20% of the outstanding common shares of the Corporation while the Board of Directors' process is ongoing, or from entering into arrangements or relationships that have a similar effect.
In addition, shareholders also approved a resolution ratifying and confirming the Corporation's stock option plan and re-appointed Raymond Chabot Grant Thornton LLP, Chartered Accountants, as the auditors of the Corporation.
About Visible Gold Mines Inc.
Visible Gold Mines is a corporation focused on gold in the prolific Abitibi Gold Belt in Canada. The Corporation has 25,469,929 common shares outstanding, no debt and cash liquidity of approximately of $1 million, representing $0.04 per share.
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 the release.
SOURCE Visible Gold Mines Inc.
For further information: For further information: Martin Dallaire, President and Chief Executive Officer, (819) 762-0609, Fax: (819) 762-0097, firstname.lastname@example.org; www.visiblegoldmines.com