Kirkland Lake, Ontario--(Newsfile Corp. - September 17, 2019) - Mistango River Resources Inc. (CSE: MIS) ("Mistango") wishes to respond to Orefinders Resources Inc.'s ("Orefinders") news release dated September 11, 2019 and its continuing misinformation campaign.
As previously announced, on September 10, 2019, Mistango convened and then adjourned its annual general meeting (the "AGM") until October 1, 2019. The adjournment was voted on and approved by over 67% of the votes cast at the AGM. The reason for the adjournment was to enable shareholders more time to submit proxies or otherwise vote their shares at the AGM.
Mistango had in the period leading-up to the AGM heard from several shareholders that they were having difficulty obtaining information about the AGM or navigating the proxy and electronic voting processes. Given that the AGM is a contested shareholder meeting that amounts to a contest between differing visions of Mistango's future, Mistango believes it is crucial that shareholders be given the utmost opportunity to vote, and that being given more time to do so is fair and appropriate.
Contrary to Orefinders' incorrect and misleading news release dated September 11, 2019, the AGM did not yet vote on any business matters. These matters will be decided at the resumption of the meeting on October 1, 2019. Therefore, Mistango cannot publish any alleged "vote results" until the vote has actually occurred.
Adjournment of a shareholders' meeting is a legitimate procedural decision that is well-defined under Canadian corporate law. The possibility of adjournment is routinely contemplated in public company management information circulars and proxy forms, and Mistango's information circular and proxy form were standard in this regard. The Canada Business Corporations Act also clearly recognizes the concept of adjournment. Shareholder rights are preserved at an adjourned meeting. Shareholders will be given opportunity to vote on the business of the AGM and, if they wish, to speak to any matter raised at the AGM, at procedurally appropriate times when the AGM resumes.
The adjournment is intended to maximize the right of shareholders to obtain access to clear instructions and methods of voting, and will not prejudice any shareholder. Given the significance of this contested AGM, Mistango's future should be decided by the votes of the many rather than the few. We encourage shareholders to review Mistango's information circular in anticipation of the resumed AGM.
For details concerning the business of the Meeting, please see Mistango's notice of meeting and management information circular dated August 5, 2019 and form of proxy, filed on SEDAR.
Mistango wishes to further respond to Orefinders' complaint concerning its having to travel to Kirkland Lake to attend the AGM. Shareholders should be well aware that mineral exploration occurs in Ontario's north, not in Toronto, which is why Mistango's headquarters is in Kirkland Lake.
Mistango is a Canadian-based exploration and development company focusing on its Omega Mine project, with other properties in Ontario. For additional information about Mistango and its mining properties, please visit Mistango's website:
For further information please contact:
Donald Kasner, COO
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/47850