Company Continues to Ignore Shareholders
TORONTO, Nov. 8, 2013 /CNW/ - The meeting of Oremex Silver Inc. (Oremex or Company) called by the Company for November 26, 2013 in response to the valid requisition of concerned shareholders will continue and the record date will remain October 25, 2013. The meeting will now be held at the office of Heenan Blaikie LLP, 333 Bay Street, Suite 2900, Bay Adelaide Centre, Toronto, Ontario, Canada at 10:00 am Eastern Standard Time on November 26, 2013. Cut-off for proxy voting will be 10:00 am EST on November 22, 2013.
On September 27, 2013 the concerned shareholders of Oremex issued a valid meeting requisition to the Company and its directors. The Company has not challenged the validity of the meeting request which complies with all statutory requirements. On September 27, 2013 the Company responded by setting a meeting date of November 26, 2013 and record date of October 25, 2013. On November 6, 2013 the Company failed in its statutory duty to send to shareholders and file a notice of the meeting and a management information circular. On November 7, 2013 the Company ignored the requisitioned meeting and notified an intention to have a meeting on December 31, 2013. This is yet another example of the Company's blatant disregard for statutory and fiduciary responsibilities and the concerned shareholders will not tolerate it.
The concerned shareholders of Oremex led by Concept Capital Management Ltd. and Sprott Asset Management LP, who collectively own or control through affiliates approximately 18.9% of the issued and outstanding shares of Oremex, called for removal of all the current directors of Oremex due to lack of adequate oversight and mismanagement. The concerned shareholders are committed to maintaining the requisitioned meeting and intend to file an information circular very soon and will be soliciting all shareholders to support much needed change at the board.
"This is just another example of Oremex board of directors' complete disregard for shareholder concerns," said Bernd Högel, president of Concept Capital Management Ltd. "It's time for a new independent board that can address governance concerns, control company funds, and protect shareholder interests.
"We fully intend to take all steps necessary to protect the interests of all shareholders from any further abuse by the current board and will take any action to hold them accountable for the company's destruction."
SOURCE: Oremex Silver Inc. Shareholders
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