TORONTO, Oct. 16, 2013 /CNW/ - A group of concerned shareholders of Oremex Silver Inc. led by Concept Capital Management Ltd. and Sprott Asset Management LP, call for removal of all the current directors of Oremex due to lack of adequate oversight and mismanagement. The concerned shareholders collectively own or control through affiliates approximately 18.9% of the issued and outstanding shares of Oremex.
As previously announced on September 27, 2013, the concerned shareholders have formally requisitioned a meeting of shareholders with the intention of replacing all of the current directors with three highly qualified and experienced nominees who will act in the best interests of the company and its shareholders.
The current board's lack of oversight has led to a dismal track record in advancing key projects, the collapse of the stock price, and blatant conflicts of interest. The incumbent's lack of shareholder focus is demonstrated by the stock remaining halted on the TSX Venture Exchange and Frankfurt Stock Exchange. This is the second extended trading halt by both exchanges in the last five months and symptomatic of the board and management's disregard for basic governance procedures.
Oremex is in need of an independent board of directors that can address governance concerns, control company funds, and protect shareholder interests. The concerned shareholders are proposing the nomination of Allan Folk, Frank Högel and Keith Stein at the upcoming annual general and special meeting of shareholders on November 26, 2013.
As two of Oremex's largest shareholders, the concerned shareholders' interests are fully aligned with those of other shareholders. It is time for Oremex to have a board of directors that is aligned with shareholders' interests and focussed on the preservation of the company's key assets and value creation.
SOURCE: Oremex Silver Inc. Shareholders
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