Donner Metals Announces Results From Annual General and Special Meeting and Closing of Sale of Interest Transaction
MONTREAL, QUEBEC--(Marketwired - Dec 12, 2013) - Donner Metals Ltd. ("Donner" or "Company") (TSX VENTURE:DON)(FRANKFURT:D4M) reports that at its Annual General and Special Meeting ("AGM"), held on December 10, 2013 in Montreal, Québec, Normand Champigny and Kerry Sparkes were re-elected to the Board of Directors. Donner has also appointed Normand Champigny as President and Chief Executive Officer.
Finally, David A. Johnson was elected as director of the Company.
Mr. David A. Johnson is an attorney and trade-mark agent with his own law firm based in Montreal, Québec. Mr. Johnson specializes in corporate law, commercial transactions and intellectual property. He also practices across several industries. Mr. Johnson has several years' experience at the senior management level in a variety of companies and not for profit organizations. He is presently the Chief Legal Officer and Corporate Secretary of Colt Resources Inc., a director of Bitumen Capital Inc., and a director and the Secretary-Treasurer of the International Law Association, Canadian Branch, a registered charity. Mr. Johnson holds a Bachelor of Arts (Hons.) from Queen's University, a Master of Urban Planning (M.U.P.), a Bachelor of Common Law (LL.B.) a Bachelor of Civil Law (B.C.L.) from McGill University and has the ICD.D certification from the Institute of Corporate Directors.
David Patterson, Harvey Keats and Robin Adair have retired as Chairman, Chief Executive Officer and Vice President Exploration of Donner, respectively. Mr. Patterson, Mr. Keats and Mr. Adair have been instrumental in the exploration success of zinc-copper volcanogenic massive sulphide zones at the Bracemac-McLeod mine located in the Matagami area of Québec. They will continue to advise the Company on an as required basis. In addition Ken Thorsen and Laurie Sadler did not stand for re-election as directors. The invaluable contribution of the Company's former executive officers and Board members is gratefully acknowledged.
In addition, shareholders approved the following three special resolutions at the AGM:
- approval of the sale and extinguishment of the Company's interests (the "Sale of Interest Resolution") in five Matagami joint ventures under an Option and Joint Venture Agreement (the "OJVA") with Glencore Canada Corporation ("Glencore") (see news release dated October 30);
- approval of a change of the province in which the head and registered office of the Company is situated from British Columbia to Québec;
- approval of a consolidation of the share capital of the Company on the basis of one (1) post-consolidation common share for every sixty (60) pre-consolidation common shares.
Following the approval of the Sale of Interest Resolution, the Company and Glencore have entered into an extinguishment and transfer agreement whereby (a) the Company's interests in and to the Property (as defined in the OJVA); (b) the Company's interest in the joint ventures under the OJVA; (c) the Company's rights under the OJVA; and (d) any of the Company's interests or rights ancillary to the Property were each extinguished. The Company confirms that Glencore satisfied the purchase price by the payment of an amount of $2,395,200 in cash at closing. The Company has used the proceeds from the transaction to repay $1.0 million of the currently outstanding balance of $3.53 million under the loan with the Quebec lenders. Following the repayment, the outstanding balance of the loan is $2.53 million.
About Donner Metals
Donner is an exploration company focused on the development of mineral exploration projects in Quebec.
ON BEHALF OF THE BOARD OF DONNER METALS LTD.
Normand Champigny, President and Chief Executive Officer
