The meeting had remarkable shareholder participation, with almost 416 million of the outstanding 777.5 million shares having been voted on the resolutions put before the shareholders.
The meeting was adjourned to
Cliffs Natural Resources Inc. ("Cliffs") had served prior notice of its intention to seek a repurchase of its shares by the Company if either of these special resolutions is approved and adopted. Cliffs had similarly required that its shares be repurchased if the Company acted on the shareholders resolution adopted at their last meeting to approve a change of jurisdiction so that the law governing KWG's constitution will be the federal Canada Business Corporations Act ("CBCA"). In the result the Company has not yet acted on the resolution of the shareholders approving that change. Cliffs did not nominate anyone for election to the KWG Board of Directors, as it has the right to do under the Shareholder Agreement entered into in
About KWG: KWG has a 30% interest in the Big Daddy chromite deposit and the right to earn 80% of the Black Horse chromite where resources are being defined. KWG has also acquired interests in provisional patents including a method for the direct reduction of chromite to metalized iron and chrome using natural gas. KWG also owns 100% of
Shares issued and outstanding: 777,512,273
FOR FURTHER INFORMATION PLEASE CONTACT:
KWG Resources Inc. Bruce HodgmanVice-President 416-642-3575 firstname.lastname@example.org Source: KWG Resources Inc.