VANCOUVER, Dec. 4, 2013 /CNW/ - Callinan Royalties Corporation ('Callinan', the 'Company') (TSXV: CAA) reports that all resolutions presented at the annual and special meeting of shareholders of Callinan Royalties Corporation held on December 3, 2013, with the exception of the Company's 2013 Stock Option Plan, were approved by shareholders. The resolution to approve By-Law number 4, "Advance Notice Policy" was withdrawn. The final voting results on each item of business and respective resolutions will be filed on SEDAR.
The shareholders have approved the election of the following individuals to serve as Directors:
||Chairman, Callinan Royalties Corporation|
||President and Chief Executive Officer, Callinan Royalties Corporation|
||President and Chief Executive Officer, Boswell Capital Corporation|
||Senior Mining Analyst and Vice President, Salman Partners Inc.|
||Professional Geologist, Interim President, CEO and Director, Kiska Metals Corporation|
||Retired Chartered Accountant and Corporate Director|
A summary biography of each elected director can be found at www.callinan.com under Investors / Upcoming Events / "Annual General Meeting" or at the following link: www.callinan.com/s/upcoming_events.asp.
Roland Butler, President and CEO of Callinan Royalties commented, "I wish to thank the former directors and am pleased to welcome the newly elected directors to Callinan. I also wish to thank shareholders who share our vision and have offered us unwavering support. It is a positive testament that the company is able to attract such reputable directors with unparalleled skills, knowledge and experience to contribute to the company and serve the best interests of all Callinan shareholders. We look forward to focussing on building our business and prudently managing expenses. Callinan is in excellent financial shape with a strong treasury and positive cash flow that allows us to sustain an attractive dividend to reward long term shareholders. The timing could rarely be better to seek exceptional royalty opportunities and I'm increasingly optimistic. While market conditions are challenging, I think it is an exciting time for Callinan."
At the meeting, a shareholder proposed the following six alternate director nominees:
- Stephen Shefsky
- Paul Brockington
- Solomon Pillersdorf
- William Ferreira
- Jamie Corrigan
- Paul Larkin
Votes were held and tabulated. The alternate nominees were defeated.
On Behalf of the Board of Directors,
Roland Butler, CEO
About Callinan Royalties
Callinan Royalties is a Canadian company that creates and acquires mineral royalties. The company uses its royalty income to provide alternative financing options to mineral exploration and development companies with attractive projects. Callinan's strategy is to create shareholder value over the long term by generating a portfolio of profitable mineral royalties.
The Corporation currently has two producing royalties. Callinan holds a 6⅔% net profits interest royalty and a $0.25 per ton production royalty on lands that include the 777 mine and 777 North mine owned by Hudbay Minerals Inc. located in Flin Flon, Manitoba, Canada. Callinan also holds the 777 Deeps (War Baby) property and an associated royalty option on the property, which is located adjacent to the 777 mine.
Callinan is a dividend paying Tier 1 company listed on the TSX Venture Exchange under the symbol CAA. The Corporation has a strong financial position with no debt, approximately $27 million in cash and approximately 49 million shares outstanding.
Cautionary Statement on Forward-Looking Information
Neither the 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. Certain of the information presented in this News Release may constitute "forward-looking statements" or "forward-looking information" within the meaning of Canadian securities legislation (together referred to as "forward-looking statements"). The forward-looking statements are subject to risks, uncertainties and other factors that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including any delays in the receipt of consents or approvals. Although Callinan Royalties has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. 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 contained in this News Release and in any document referred to in this News Release. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and Callinan Royalties undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.
SOURCE: Callinan Royalties Corporation
For further information:
please visit www.callinan.com or contact:
Roland Butler, CEO
Callinan Royalties Corporation
+1 709 535 3433
Tamara Edwards, CFO
Callinan Royalties Corporation
+1 604 605 0885
1110 - 555 West Hastings Street
Canada, V6B 4N4