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CALGARY, ALBERTA -- (Marketwired) -- 05/10/13 -- Petrominerales (TSX: PMG)(BVC: PMGC) is pleased to announce the voting results from our annual general and special meeting of shareholders held on May 9, 2013.
Election of Directors
By resolution passed via ballot, each of the six nominees proposed as a director and listed in our management proxy circular dated April 1, 2013 ("Circular") were elected as directors of Petrominerales to serve until the next annual meeting of shareholders, or until their successors are elected or appointed. The results of the ballot were as follows:
Director Elected Votes For Votes Withheld---------------------------------------------------------------------------- Number Percent Number Percent ----------------------------------------------------Alastair Macdonald 29,236,885 84.01% 5,563,346 15.99%Kenneth R. McKinnon 34,516,924 99.19% 283,307 0.81%Ernesto Sarpi 34,620,872 99.48% 179,359 0.52%Enrique Umana-Valenzuela 34,578,648 99.36% 221,583 0.64%John D. Wright 26,114,579 75.04% 8,685,652 24.96%Geir Ytreland 34,552,479 99.20% 277,752 0.80%
Appointment of Auditors
Deloitte LLP was appointed as auditor of the Corporation to hold office until close of the next annual meeting of shareholders or until their successors are duly appointed, and the directors were authorized to fix their remuneration. Proxies were received on this matter as follows:
Votes For Percent Votes Withheld Percent---------------------------------------------------------------------------- 42,768,241 99.77% 98,095 0.23%
Reconfirmation and approval of Shareholder Rights Plan
Shareholders voted to reconfirm and approve Petrominerales' Shareholder Rights Plan as described in the Circular. Proxies were received on this matter as follows:
Number Votes Number Votes For Percent Against Percent---------------------------------------------------------------------------- 34,439,385 99.04% 332,775 0.96%
Approval of Amendment to Articles to Implement a Share Dividend Program
Shareholders voted to approve amendments to articles of incorporation to allow for the implementation of a share dividend program, as more particularly described in the Circular. Proxies were received on this matter as follows:
Number Votes Number Votes For Percent Against Percent---------------------------------------------------------------------------- 34,616,529 99.55% 155,631 0.45%
Amendments to the bylaws of the Corporation
By resolution by ballot, shareholders did not approve the amendments to the bylaws of the Corporation to provide for advance provisions. As a note to our shareholders, we proposed the amendments to our bylaws to provide for advance notice provisions as we are of the view that allowing reasonable time for our shareholders to consider proposed director nominees is good governance. However, our provisions did not conform in minor ways with the forms recently suggested by proxy advisory firms. We plan to make conforming minor amendments to these provisions and adopt amended bylaws. The results of the ballot were as follows:
Number Votes Number Votes For Percent Against Percent---------------------------------------------------------------------------- 15,700,444 45.12% 19,099,787 54.88%
Petrominerales Ltd. is an international oil and gas company operating in Latin America since 2002. Our high-quality land base and multi-year inventory of exploration and development opportunities in Colombia, Peru and Brazil provide long-term growth potential for years to come.
Contacts:
Petrominerales Ltd.
Corey C. Ruttan
President and Chief Executive Officer
+1.403.705.8850 or +571.629.2701
Petrominerales Ltd.
John Koch
Chief Operating Officer
+1.403.705.8850 or +571.629.2701
Petrominerales Ltd.
Kelly D. Sledz
Chief Financial Officer
+1.403.705.8850 or +571.629.2701
ir@petrominerales.com
www.petrominerales.com
