Galway Metals Inc. Announces Cancellation of Shareholder Meeting Scheduled for June 10, 2015
TORONTO, ONTARIO--(Marketwired - Jun 8, 2015) - Galway Metals Inc. (TSX VENTURE:GWM) ("Galway") advises that under the laws of New Brunswick, which is Galway's jurisdiction of incorporation, shareholders have "cumulative voting rights". Pursuant to these rights, each shareholder entitled to vote at an election of directors, has the right to cast a number of votes equal to the number of votes attached to the shares held by him multiplied by the number of directors to be elected, and he may cast all such votes in favour of one candidate or distribute them among the candidates in any manner. This right was not disclosed in the amended management information circular or accompanying amended proxy, previously sent to shareholders.
In light of the fact that the number of directors nominated for election at the annual and special meeting of shareholders that was to have taken place on June 10, 2015 exceeds the number of board positions available, the management and Board of Directors of Galway believe that it is in the best interests of the shareholders to cancel the meeting of shareholders and provide updated materials to the shareholders in order to ensure that all shareholders have an opportunity to express their wishes in respect of the election of directors in a fully informed manner.
As a result, Galway is regrettably cancelling the meeting to be held on June 10, 2015 and will set a new shareholder meeting date shortly. The announcement of the new date will be followed by revised materials being sent to all shareholders.
CAUTIONARY STATEMENT: 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 of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes statements made herein with respect to, among other things, the Company's objectives, goals or future plans, potential corporate and/or property acquisitions, exploration results, potential mineralization, exploration and mine development plans, timing of the commencement of operations, and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, exploration results being less favourable than anticipated, capital and operating costs varying significantly from estimates, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, and other risks involved in the mineral exploration and development industry, as well as those risks set out in the Company's public disclosure documents filed on SEDAR. Although the Company believes that management's assumptions used to develop the forward-looking information in this news release are reasonable, including that, among other things, the Company will be able to identify and execute on opportunities to acquire mineral properties, exploration results will be consistent with management's expectations, financing will be available to the Company on favourable terms when required, and commodity prices and foreign exchange rates will remain relatively stable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information contained herein, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
