VANCOUVER, Feb. 21, 2013 /CNW/ - GoldMet B.V. ("GoldMet") is pleased to announce that following productive discussions with management representatives from Monument Mining Limited ("Monument") it will give its full support to Monument management and the current board of directors at the upcoming Annual General Meeting of shareholders.
GoldMet and its related parties have agreed to deliver a voting trust over their shares in favour of Monument's management in respect of shareholders' meeting for the next 12 months. GoldMet also agrees that the planned development of Monument's Mengapur Project is in the best interests of Monument's shareholders, and looks forward to working with management of Monument to ensure the continued development of Monument's assets is in the best interests of all shareholders.
With GoldMet's support, Monument has also agreed to reduce the CAD$80 million private placement financing announced on December 17, 2012 such that Monument will not issue more than 52,000,000 additional common shares pursuant to that financing. Monument has also agreed not to pursue any new private placement financings during the next twelve months without the consent of GoldMet. GoldMet will support Monument's plans to pursue other options to satisfy its capital expenditures requirements to advance the phased development of Monument's 100 percent owned Mengapur polymetallic project, including seeking a listing on the Bursa Malaysia Berhad, Malaysia's stock exchange.
Monument has also agreed that GoldMet may name a candidate for the board of directors of Monument, subject to approval of the nominee by Monument. GoldMet has chosen Jean Edgar Trentinian, who is already a director of Monument, as its nominee director until further notice.
Cautionary Note Regarding Forward Looking Statements
Certain statements contained herein are "forward looking statements" within the meaning of applicable securities laws. Often, but not always, forward-looking statements may be identified by their use of forward-looking terminology such as the words "plans", "expects", "expected", "projects", "believes", "anticipates", "intends", "estimates", "scheduled" or other similar words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to known and unknown risks, uncertainties and other factors which could cause actual results, performances or achievements to differ materially from future results expressed or implied by such forward looking statements. Factors related to such risks and uncertainties, and underlying estimates and assumptions include, among others, the Concerned Shareholder's assessment of the effect of the proposed changes on the Company and on the shareholders of the Company, the timing and prospects for the implementation thereof, general economic and market conditions, changes in law and the ability to implement business strategies and pursue business opportunities. Shareholders are cautioned that all forward-looking statements involve risks and uncertainties, including those risks and uncertainties detailed in the Company's filings with applicable Canadian securities commissions, copies of which are available at www.sedar.com. Accordingly, undue reliance should not be placed on forward looking statements or information. We do not expect to update forward-looking statements or information continually as conditions change, except as may be required by law.
"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: GoldMet B.V.
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