ENP Newswire -
Release date- 13062014 -
fix the number of directors of the Company at four;
elect management's nominees
renew the Company's stock option plan and
ratify the Company's advance notice policy.
It was a condition of the SPA that the SPA be approved by a special resolution of the Company's shareholders requiring the affirmative vote of 66% of the shares voted at the meeting. While over 63% of the shares voted at the meeting voted in favour of the special resolution to approve the SPA, the resolution was not approved by the required majority. As this condition to the SPA was not satisfied, the SPA has been terminated.
Anticipating the possibility that the SPA might not be approved at the meeting, and given the continued urgency of addressing the Company's need for cash, the Company commenced negotiations with Forte for an alternative transaction that will allow the Company to preserve the value of its mineral licenses in
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