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Nordex Explosives Announces Results of Annual and Special Meeting of Shareholders; Termination of Shareholder Rights Plan; Amendment of Stock Option Plan

Jul 8 2013 12:00AM

Marketwire

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KIRKLAND LAKE, ONTARIO -- (Marketwired) -- 07/08/13 -- NORDEX EXPLOSIVES LTD. (TSX VENTURE: NXX) ("Nordex" or the "Company") announced the results of its annual and special meeting of shareholders held in Timmins on June 27, 2013 (the "Meeting"). The Company is pleased to report that the shareholders re-elected Dr. Lee Michael Luciani, Thor E. Eaton, James O'Reilly, Peter Crossgrove and Joseph Hunnisett to the Board. In addition, the shareholders approved Bylaw No. 2 of the Company as described in the press release of the Company dated April 30, 2013.

Nordex also announced that the shareholder rights plan (the "SRP") of the Company, which was announced in the press release dated May 24, 2013, was not put forward as an item of business at the Meeting and it has terminated in accordance with its provisions. As a result, the SRP and all outstanding Rights (as such term is defined in the SRP) thereunder are null and void and of no further force and effect effective June 27, 2013.

The Company further announced that its existing 10% rolling stock option plan (the "Plan") was not approved by shareholders at the Meeting. Since the TSX Venture Exchange ("TSXVE") requires that all listed issuers (other than capital pool companies) must implement a stock option plan, the Company further announced that, subject to the approval of the TSXVE, the Board of Directors has approved amending the Plan from a "rolling" plan to a "fixed number" plan in accordance with applicable TSXVE policies. The amended Plan provides that the number of options available for grant will be fixed at 2,031,483 options, or equal to approximately 10% of the currently issued and outstanding common shares of the Company as of the date of the amendment in accordance with the provisions of the TSXVE. As the number of options available for grant is a fixed number, such number will not increase as the Company's issued and outstanding share capital increases. All previously granted stock options currently outstanding will continue to be subject to the amended Plan.

Further to its press release of June 11, 2013, the Company announced that, subject to the approval of the TSXVE, Capital Ideas Investor Relations has been granted a total of 300,000 stock options priced as follows: 150,000 options priced at $0.50 per share and 150,000 options priced at $0.75 per share. These options will vest in accordance with applicable TSXVE policies and will expire the earlier of 5 years from the date of grant or 30 days after investor relations services terminate.

ABOUT NORDEX EXPLOSIVES: LES EXPLOSIFS NORDEX LTEE./NORDEX EXPLOSIVES LTD. is a manufacturer and distributor of explosives for the mining, quarry and road construction industries since 1970. Its manufacturing operations and distribution centre is strategically located in one of the world's largest mining regions near Kirkland Lake, Ontario. Nordex is the exclusive supplier of the Econotrim and Ezicharge Johnex Explosives products in Canada. Nordex trades on the TSX Venture Exchange under the symbol "NXX".

OTHER INFORMATION

Additional Information relating to the Company is available on SEDAR at www.sedar.com.

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.



Contacts:
Nordex Explosives Ltd.
Jim Taylor
President & Chief Executive Officer
(705) 642-3265 #4
jtaylor@nordexexplosives.com
www.nordexexplosives.com





Source: Marketwire


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