ENP Newswire -
Release date- 13062014 -
The amendments were made in response to comments from ISS Proxy Advisory Services, a branch of
Torex has amended the Plan to:
confine the definition of 'Associate' to include only familial relationships by removing corporations, trusts and persons who have direct or indirect control of more than 10% of the voting rights from the definition;
introduce a cap on 'Pro Rata Acquisitions' to prevent the acquisition of voting shares pursuant to the acquisition or exercise of rights pursuant to a rights offering which may result in a possible change of control without shareholder approval by means of a backstopped rights offering;
limit the Corporation's ability to supplement or amend the Plan prior to the Meeting where such actions would materially adversely affect the interests of the holders of rights generally and
narrow the board of directors' (the 'Board') discretion in administering the Plan, including with respect to the Board's exclusive ability to interpret the provisions of the Plan and making determinations for its administration.
Torex is a growth-oriented, Canadian-based resource company engaged in the exploration and development of precious metal resources with a focus on gold. It owns 100% of the Morelos Gold Property, which is located 180 kilometres southwest of
President and CEO
Tel: (647) 260-1502
Tel: (647) 260-1503
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
This press release contains 'forward looking statements' and 'forward-looking information' within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, information with respect to the recommendation of ISS with respect to the Plan and the future exploration and development plans concerning the Morelos Gold Property.
Generally, forward-looking information can be identified by the use of forward-looking terminology such as 'plans', 'expects', 'estimates', 'intends', 'anticipates' or 'believes' or variations of such words and phrases or state that certain actions, events or results 'may', 'could', 'would', 'might', or 'will be taken', 'occur', or 'be achieved'. Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made at the date that such statements are made.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including the risk factors disclosed elsewhere in the Company's public disclosure.
Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information contained herein is presented for the purposes of assisting investors in understanding the Company's plans and objectives and may not be appropriate for other purposes. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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