VANCOUVER, July 8, 2013 /CNW/ - Sunward Resources Ltd. ("Sunward" or the "Company") (TSX: SWD; OTCQX: SNWRF) announced today that its Board of Directors has approved an advance notice policy (the "Advance Notice Policy") effective June 27, 2013. The Company intends to seek ratification of the Advance Notice Policy by the shareholders of the Company at the Company's next general meeting of shareholders.
The Advance Notice Policy includes, among other things, a provision that requires advance notice to be given to the Company in circumstances where nominations of persons for election to the Board are made by shareholders of the Company other than pursuant to either a requisition of a meeting made pursuant to the provisions of the Business Corporations Act (British Columbia) (the "Act") or a shareholder proposal made pursuant to the provisions of the Act.
The Advance Notice Policy sets a deadline by which shareholders must submit to the Company nominations (the "Notice") for the election of directors prior to any annual or special meeting of shareholders, sets forth the information that a shareholder must include in the Notice to the Company, and establishes the form in which the shareholder must submit the Notice.
In the case of an annual meeting of shareholders, a Notice must be provided to the Company not less than 30 days and not more than 65 days prior to the date of the annual meeting. In the event that the annual meeting is to be held on a date that is less than 50 days after the date on which the first public announcement of the date of the annual meeting is made, a Notice must be provided to the Company not later than the close of business on the 10th day following such public announcement. In the case of a special meeting of shareholders (which is not also an annual meeting) notice to the Company must be made not later than the close of business on the fifteenth day following the day on which the first public announcement of the date of the special meeting is made.
Philip O'Neill, CEO of the Company commented "By adopting this Advance Notice Policy, the Company seeks to establish an orderly and efficient process for electing directors at annual general or, if applicable, special meetings of the shareholders and ensure all shareholders receive adequate notice of the director nominations. It is important for the shareholders to have sufficient information with respect to all nominees to make an informed decision with respect to the election of directors after having been afforded reasonable time for appropriate deliberation. The Company believes this Policy is in the best interests of the Company, its shareholders and other stakeholders."
The full text of the Advance Notice Policy is available under the Company's profile on SEDAR at www.sedar.com.
Sunward Resources is a Canadian-based company focused on the exploration and development of the 100%-owned Titiribi Project in Colombia. The Titiribi Project is located approximately 70 kilometres southwest of the city of Medellin, Colombia, in Antioquia department, within the historical Titiribi mining district (estimated total production of 1.5 to 2 million ounces gold equivalent). Access is by paved highway from Medellin.
Titiribi hosts NI 43 101-compliant Measured and Indicated Resource of 4.6 million ounces of gold contained within 275.4 million tonnes grading 0.52 grams/tonne and Inferred Resource of 6.4 million ounces of gold contained within 359.6 million tonnes grading 0.56 grams/tonne. All Titiribi resources were assessed using a cut-off of 0.3 grams/tonne gold. Titiribi also hosts 279,131 tonnes of copper in the Measured and Indicated Resource and 176,205 tonnes of copper in the Inferred Resource. For more information, please see the Company's press release dated June 4, 2012 as published on SEDAR and on the Company's website, as well as the technical report by Behre Dolbear & Company (USA), Inc. dated June 1, 2012.
Cautionary Statement Regarding Forward Looking Information
This news release contains forward-looking information within the meaning of Canadian securities legislation. All statements included herein, other than statements of historical fact, are forward-looking information. Forward-looking information may include, but is not limited to, statements with respect to future activities of the Company; the Company's plans for its mineral properties; the Company's business strategy, plans and outlook; the merit of the Company's properties; exploration results; mineral resource estimates; work plans and timelines; completion of transactions; shareholder value; projections and targets; the future financial or operating performance of the Company, its subsidiaries and its projects; operating and exploration expenditures and costs of future exploration and other activities; and approvals, permits and licenses. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "possible", "budget", "scheduled", "strategy", "goal", "objective", "potential", "estimates", "assumes", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company and/or its subsidiaries to be materially different from any results, performance or achievements expressed or implied by the forward-looking statements. Such uncertainties and factors include, among others, inherent risks involved in the exploration of mineral properties; risks associated with foreign operations; risk relating to title to the Company's properties; the uncertainties involved in resource estimates and in interpreting drilling results and other geological data; fluctuations in currency exchange rates and commodity prices; uncertainties regarding the issuance of approvals, licenses and permits; risks related to competition; risks related to the Company's ability to acquire additional mineral properties; the availability of and costs of required financing; economic, political and social uncertainties; accidents and labour disputes; and political instability, insurrection or war; as well as those factors discussed under "Risk Factors" in the Company's Annual Information Form. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.
Forward-looking statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including but not limited to that the Company's exploration of its properties and other activities will be in accordance with the Company's public statements and stated goals, that there will be no material adverse change affecting the Company or its properties, anticipated costs and timing for the Company's activities and such other assumptions as set out herein. Forward-looking statements are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
SOURCE: Sunward Resources Ltd.
For further information: