KWG Meeting of Shareholders Adjourned for Special Resolutions
TORONTO, ONTARIO--(Marketwired - Jul 2, 2014) - The Annual Meeting of the shareholders of KWG Resources Inc. (TSX VENTURE:KWG) was convened Monday morning and elected Cynthia Thomas, Douglas Flett, Thomas Pladsen, Donald Sheldon and Frank Smeenk as directors. The shareholders also appointed McGovern, Hurley, Cunningham LLP, Chartered Accountants, as the auditors of the Company. Frank Smeenk, Thomas Masters and Luce St. Pierre were then respectively re-appointed as the Company's President, Chief Financial Officer and Secretary and Douglas Flett was elected Chairman of the Board.
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 July 30, 2014 to then consider the special resolutions to amend the Company's articles to include the authority to issue preferred shares and to let all shareholders wishing to do so acquire with each fifty of their present shares one new multiple-voting share (provided that these may be converted back into the fifty subordinate voting shares at any subsequent time of their choosing).
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 March 2009.
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 Canada Chrome Corporation which has staked claims and conducted a $15 million surveying and soil testing program for the engineering and construction of a railroad to the Ring of Fire from Exton, Ontario.
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Shares issued and outstanding: 777,512,273