ROUYN-NORANDA, QC, June 28, 2013 /CNW Telbec/ - Visible Gold Mines Inc. (TSXV: VGD) (Frankfurt: 3V4) announced today that it has determined after consulting with legal
counsel that the requisition received from Mr. Daniel Wettreich to call
a special meeting of shareholders to consider removing all of the
current directors of Visible Gold Mines and replacing them with
nominees proposed by Zara Resources Inc. and Mr. Wettreich is invalid.
The requisition by Mr. Wettreich was not compliant with the
requirements of the Canada Business Corporations Act. If a valid shareholder requisition is received, the Board of Directors
of Visible Gold Mines will give such requisition due consideration.
Visible Gold Mines also announced the calling of its annual and special
meeting of shareholders. The meeting will be held on November 29, 2013
and the business to be transacted at the meeting will include the
presentation of the Corporation's annual consolidated financial
statements for the year ending July 31, 2013, the election of directors
proposed by management and the ratification of Visible Gold Mines'
stock option plan.
Mr. Martin Dallaire, President and Chief Executive Officer of Visible
Gold Mines, said "The Board of directors of Visible Gold Mines has
chosen to hold our annual meeting at an earlier date than usual. As
usual, the Board and management look forward to this opportunity to
meet with Visible Gold Mines shareholders".
The Board of Directors carefully considered the appropriate timing for a
shareholder meeting and concluded that a meeting in accordance with the
normal cycle is in the best interests of the Corporation, as it allows
shareholders time to consider the issues associated with a contested
Board election while avoiding the unnecessary and significant costs of
holding two meetings within a very short period of time.
Details of the meeting, including the record date, time and location of
the meeting will be announced in due course and a formal notice of
meeting and management information circular will be mailed to
shareholders of Visible Gold Mines and filed on SEDAR at www.sedar.com prior to the meeting.
About Visible Gold Mines
Visible Gold Mines Inc. is a dynamic company aggressively searching for
the next important gold deposit in northwestern Québec, an area
consistently ranked as one of the world's best jurisdictions for mining
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of the release.
SOURCE: Visible Gold Mines Inc.
For further information:
Martin Dallaire, President and Chief Executive Officer
Telephone: 819-762-0609, Fax: 819-762-0097