TORONTO, Nov. 26, 2013 /CNW/ - The concerned shareholders of Oremex Silver Inc., led by Concept Capital Management Ltd. and Sprott Asset Management LP, are pleased to announce the appointment of all their director nominees to the board of Oremex at the requisitioned meeting held today, November 26, 2013.
The new directors received overwhelming support from Oremex shareholders, who echoed the concerned shareholders' call for change. Based on company's own management discussion and analysis, finally filed on November 25, the company admits to spending $985,783 in administrative expenses and only $18,352 on exploration for a 9 month period. This follows several years without advancing projects or enhancing asset values. The company's mismanagement will now finally come to an end as the new directors lead the company in a positive direction.
"We are very pleased with the outcome of the meeting," said Frank Högel, of Concept Capital Management. "It's obvious that Oremex shareholders agree that a change is needed. The company's interests were never aligned with us, its shareholders, and finally we can move forward for the benefit of all shareholders. On behalf of the concerned shareholders, we'd like to thank all of our supporters as we get Oremex back to business."
The concerned shareholders are taking the necessary steps in validating today's requisitioned meeting to ensure the new directors take their new position immediately.
SOURCE: Concept Capital Management Ltd.
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