TORONTO, June 4, 2012 /CNW/ - Oremex Silver Inc. ("Oremex" or the "Company") (TSX Venture: OAG) (OTCQX: ORAGF) (Frankfurt: OSI) announces that the Company's board of directors has set Friday, June 29, 2012 at 10:00 am EST as the rescheduled date and time for its annual and special meeting of shareholders (the "Meeting") to be held at the offices of Wildeboer Dellelce LLP located at Suite 800, 365 Bay Street, Toronto, Ontario.
In addition, the Company announces that it has put forth an additional item of special business for consideration by shareholders at the Meeting. As a result of the historically high stated capital amount attributable to the common shares of the Company, the Company would, as at the date hereof, be precluded from effecting a dividend-in-kind payment to holders of its common shares in accordance with certain statutory restrictions. As such, at the Meeting, shareholders will be asked to vote on a special resolution authorizing the Company to reduce the stated capital of the common shares of the Company to $10 million, or such other amount as may be determined by the board of directors of the Company, for the reasons as further described in the amended notice of meeting and supplement to management proxy circular dated June 4, 2012 (the "Supplemental Circular"). In addition, the Board of Directors may determine not to proceed with the reduction in stated capital or the payment of the dividend-in-kind, even though the shareholders have approved the resolution to reduce the stated capital of the Company.
The record date for the meeting continues to be May 1, 2012. The deadline for the deposit of proxies with respect to the rescheduled Meeting has been extended to 10:00 am EST on Wednesday, June 27, 2012. Any proxy deposited with respect to the original Meeting date will continue to be valid at the rescheduled Meeting, unless revoked by the shareholder.
Shareholders are encouraged to read the Supplemental Circular, to be delivered to shareholders within the next few days, and to deposit a proxy with respect to the new special matter described in the Supplemental Circular. A copy of the Supplemental Circular is available under the corporate profile of Oremex on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.
About Oremex Silver Inc.
Oremex Silver Inc. is a Canadian company focusing on the exploration and development of silver projects along the highly productive mineralized belt in Mexico. The Company has a portfolio of silver projects including a mineral resource of 50.8 million ounces of silver at its Tejamen deposit. The Company's projects are located in mining-friendly jurisdictions and the management team has successful track record of mine-building in Mexico.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this news release may constitute forward-looking information, (collectively "forward-looking information") within the meaning of Canadian securities laws. Forward-looking information may relate to this news release and other matters identified in Oremex Silvers' public filings, anticipated events or results and can be identified by terminology such as "may", "will", "could", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "projects", "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts and include, but are not limited in any manner to, those with respect to capital and operating expenditures, economic conditions, availability of sufficient financing, receipt of approvals, satisfaction of closing conditions and any and all other timing, development, operational, financial, economic, legal, regulatory and/or political factors that may influence future events or conditions. Such forward-looking statements are based on a number of material factors and assumptions, including, but not limited in any manner, those disclosed in any other public filings of Oremex Silver, and include the ultimate availability and final receipt of required approvals, sufficient working capital for development and operations, access to adequate services and supplies, availability of markets for products, commodity prices, foreign currency exchange rates, interest rates, access to capital markets and other sources of financing and associated cost of funds, availability of a qualified work force, availability of manufacturing equipment, no material changes to the tax and regulatory regime and the ultimate ability to execute its business plan on economically favourable terms. While we consider these assumptions to be reasonable based on information currently available to us, they may prove to be incorrect. Actual results may vary from such forward-looking information for a variety of reasons, including but not limited to risks and uncertainties disclosed in other Oremex Silver filings at www.sedar.com and other unforeseen events or circumstances. Other than as required by law, Oremex Silver does not intend, and undertakes no obligation, to update any forward looking information to reflect, among other things, new information or future events.
Neither the TSX Venture nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture) accepts responsibility for the adequacy or accuracy of this release.
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