KWG Shareholders' Meeting Concludes
MONTREAL, QUEBEC -- (Marketwired) -- 06/26/13 -- The postponed meeting of the shareholders of KWG Resources Inc. (TSX VENTURE: KWG) was concluded this morning. Cynthia Thomas, Douglas Flett, Thomas Pladsen and Frank Smeenk were re-elected as directors and Frank Smeenk and Thomas Masters were then respectively re-appointed as the Company's President and Chief Financial Officer.
The meeting had remarkable shareholder participation, with almost 380 million of the outstanding 691 million shares having been voted on the resolutions put before the shareholders. The proposal to amend the Company's articles to let all shareholders wishing to do so acquire with each fifty of their present shares one new multiple-voting share (provided that these may be converted back into the fifty subordinate voting shares at any subsequent time of their choosing), was defeated.
Shareholders were asked to approve a change of jurisdiction so that the law governing KWG's constitution will be the federal Canada Business Corporations Act ("CBCA"). This resolution was passed by the required majority exceeding two-thirds of the shares voted. Management must now determine whether to proceed with the continuance to the CBCA as Cliffs Natural Resources Inc. had served prior notice of its intention to seek a repurchase of its shares by the Company if the continuance is approved and adopted.
The other matters before the meeting were passed by the necessary majorities.
About KWG: KWG has a 30% interest in the Big Daddy chromite deposit and the right to earn 80% of the Black Horse chromite where resources are being defined in a drilling program now under way. KWG also owns 100% of Canada Chrome Corporation which has staked claims and conducted a $15 million surveying and soil testing program for the engineering and construction of a railroad to the Ring of Fire from Exton, Ontario.
This news release may contain "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of United States federal securities legislation (collectively, "forward-looking statements"). All statements other than statements of historical facts included in this press release, including statements regarding our industry and our prospects, plans, financial position and business strategy may constitute forward-looking statements. These forward-looking statements are based on current expectations, estimates, forecasts and projections about the industries in which we operate as well as beliefs and assumptions made by our management. Such statements include, in particular, statements about our plans, prospects, financial position and business strategies. Words such as "may," "will," "expect," "continue," "intend," "estimate," "anticipate," "plan," "foresee," "believe" or "seek" or the negatives of these terms or variations of them or similar terminology are intended to identify such forward-looking statements. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these statements, by their nature, involve risks and uncertainties and are not guarantees of future performance. Such statements are also subject to assumptions concerning, among other things: our anticipated business strategies; anticipated trends in our business; and our ability to continue to control costs. We can give no assurance that these estimates and expectations will prove to have been correct. Actual outcomes and results may, and often do, differ from what is expressed, implied or projected in such forward-looking statements, and such differences may be material. For additional information regarding some important factors that could cause actual results to differ materially from those expressed in these forward-looking statements and other risks and uncertainties, and the assumptions underlying the forward-looking statements, you are encouraged to read statements concerning risks located in the Corporation's Management Discussion and Analysis for the year ended December 31, 2012 and the other factors contained in our filings with the Canadian securities regulators. Each of these forward-looking statements speaks only as of the date of this press release. We will not update these statements unless applicable securities laws require us to do so.
Neither 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 this release.
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Shares issued and outstanding: 691,577,273
Contacts:
KWG Resources Inc.
Bruce Hodgman
Vice-President
416-642-3575
info@kwgresources.com
