VANCOUVER, Aug. 28, 2012 /CNW/ - Yesterday, August 27, 2012, Mundoro Capital Inc. (the "Company") held the Annual General and Special Meeting of the shareholders of the Company (the "Meeting"). Northern Minerals Investment Corp. ("NMI"), on behalf of concerned shareholders of the Company, received overwhelming support for its plan for a better Mundoro. NMI thanks all shareholders who voted for a better Mundoro for their support and for validating the plan put forward by the concerned shareholders.
The Meeting was chaired by John J. Hoey, an incumbent director and Company nominee for continued directorship at the Meeting. Requests by NMI for an independent chairman were repeatedly rejected by the Company.
As a result of the decisions made by the chair, approximately one million votes on the BLUE proxy that were received (after the incumbent's proxy cut-off but prior to the meeting) were disallowed with the result that many shareholders were disenfranchised. Had these votes been included, the minority shareholders would have been successful with greater than 50% of the votes cast at the meeting supporting NMI's positions!
Notwithstanding, the chairman, following polls, declared that there would be 4 directors and that the 4 incumbent nominees were re-elected. The concerned shareholders, having been denied access to management's proxies, will be reviewing the materials relied on by the incumbents and will consider their options upon completion of our inspection.
The motion to approve a special resolution authorizing the alteration of the Company's Notice of Articles and Articles to include advance notice provisions was soundly defeated by the shareholders. This was the matter that NMI has been fighting for some time and previously sought to have set aside through the court system. NMI's position has now been ratified by the shareholders.
The motion to appoint Ernst & Young LLP, as the auditor of the Company for the ensuing year at remuneration to be fixed by the directors, was passed.
The motion to approve an ordinary resolution authorizing, ratifying and confirming the Company's Shareholder Rights Plan, was passed.
For more information about the actions being taken by NMI, on behalf of concerned shareholders, to elect two shareholder nominees to the board and to protect shareholder rights, please visit www.mundororights.com.
SOURCE: Northern Minerals Investment Corp.