Trading Symbol: MAR
TORONTO, Oct. 31, 2013 /CNW/ - Marret Resource Corp. (TSX: MAR) (the "Company") announced today it has mailed to shareholders of record as of the close of business on October 25, 2013, a management information circular ("Circular") and related materials in connection with the special meeting (the "Meeting") of the holders of common shares of the Company ("Common Shares") to be held on November 25, 2013 to consider a special resolution ("Special Resolution") to approve amendments to the articles of the Company, which provide for (i) the creation of Class A shares ("Class A Shares") and a one time right of holders of Common Shares to convert their Common Shares into Class A Shares (the "Class A Shares Amendment"), and (ii) an annual liquidity right (commencing in 2015) in respect of both the Common Shares and the Class A Shares.
The implementation of the amendments is subject to the approval of the Special Resolution by at least 66 2/3% of the votes cast in person or by proxy at the Meeting. If the Special Resolution is approved, the amendments are expected to be implemented on or about November 28, 2013, and the date upon which holders of Common Shares who have elected to convert such shares into Class A Shares (the "Common Share Conversion Date") is expected to be on or about November 29, 2013. Notwithstanding the approval of the amendments by shareholders, the board of directors of the Company reserves the right, in its sole discretion, not to elect to implement the amendments at any time before the Special Resolution is acted upon without further approval from the shareholders of the Company.
Shareholders who wish to convert any or all of their Common Shares into Class A Shares must do so by following the procedures set out in the Circular and the accompanying letter of transmittal by 5:00 p.m. on November 21, 2013 (the "Election Deadline"). Shareholders who do not properly elect to convert their Common Shares into Class A Shares prior to the Election Deadline will continue to hold Common Shares following the Common Share Conversion Date.
The board of directors of the Company and Marret Asset Management Inc., the manager of the Company, unanimously recommend that shareholders vote in favour of the amendments. Full details of the amendments are included in the Circular, which will be posted on www.sedar.com under the Company's profile.
About Marret Resource Corp.
The Company is focused on natural resource lending. The Company's business is primarily directed to investing in public and private debt securities of and making term loans (including bridge and mezzanine debt) to issuers in a broad range of natural resource sectors, including energy, base and precious metals and other commodities, and issuers involved in exploration and development, and may also include financing other resource related businesses and investing in public and private equity and quasi-equity securities. The Company seeks to generate income mainly from its lending activities, while taking advantage of additional upside through equity participation in the companies which it finances. Marret Asset Management Inc. is responsible for implementing Company's investment strategy and managing its investment portfolio.
About Marret Asset Management Inc.
Marret Asset Management Inc. is an employee owned credit fixed income manager based in Toronto. Marret's experienced team of investment professionals led by Barry Allan specialize exclusively in fixed income and, particularly, in high yield debt strategies.
This news release includes certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, the implementation of the amendments. Forward-looking information is necessarily based upon a number of assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Such risks include, but are not limited to, market conditions and the other risks identified in the Company's annual information form under the heading "Risk Factors". There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE: Marret Resource Corp.
For further information:
For further information about Marret Resource Corp. and its ongoing business, please contact:
Marret Investor Services at 416 241 5800 or [email protected].