Metalore Resources Limited ~ Reports
16.11.2015 | FSCwire
- Shareholder Approval of All Matters at Annual Meeting- Filing of Information Circular Supplement (Revised)
- Reduced Natural Gas Revenues
Toronto - Metalore Resources Limited (“Metalore” or the “Company”) (TSX: MET) is pleased to announce that the nominees listed in its management information circular dated August 4, 2015 (the “Circular”) were elected as directors of the Company at its annual meeting of shareholders held in Port Dover, Ontario on September 12, 2015 (the “Meeting”). Additionally, NPT LLP, Chartered Accountants, was reappointed as the Company’s auditors. The detailed results of the management proxy votes received for each director were as follows:
Nominee for Director Votes For % of Votes Withheld % of Votes
George W. Chilian 1,247,887 99.90% 1,300 0.10%
Timothy J. Cronkwright 1,248,887 99.98% 300 0.02%
Michael A. Dehn 1,248,887 99.98% 300 0.02%
John A. Ryan 1,247,887 99.90% 1,300 0.10%
Bruce A. Davis 1,248,887 99.98% 300 0.02%
John C. McVicar 1,248,887 99.98% 300 0.02%
New Disclosure Requirements
The Company also advises that it has filed a supplement (the “Supplement”) to the Circular, which refers to the “Consideration of the Representation of Women in Director and Executive Officer Appointments” in accordance with new disclosure requirements under National Instrument 58-101 – “Disclosure of Corporate Governance Practices”.
Diversity Considerations and Objectives
The Company has not adopted a written policy relating specifically to the identification and nomination of women on the Board or Executive Officer positions. The Board believes that having written policies governing the selection of Board nominees could unduly restrict the Board’s ability to select the most capable candidates that are free from conflicts of interest or other considerations that may impede the ability of the person to serve as a Director. Potential nominees for the Board of Directors and candidates for Executive Officer positions are being evaluated by the Company’s “Nominating and Corporate Governance Committee(s)” evaluated on the basis of experience, skill, ability and capacity to contribute to the effective function of the Board and Management of the Company.
Metalore is a 72 year old, “Equal Opportunity” employer establishment. The Company has been committed to treating people fairly, with respect, dignity and empathy and to offer positions and employment opportunities primarily based upon qualifications (as applicable), character, skill, ability, performance and diversity and not upon gender, race, creed or alliance with any social group.
Status Quo is 4.0 (for now)
Metalore’s re-elected Board is skilled and experienced in the non-renewable, natural resource field and they are keyed-in on the Company’s core objectives. Finding dedicated, specifically qualified people for any directive position can be a daunting challenge. In any event, the Company does not presently have any target time for the replacement or addition of any Director or Officer.
Historical Record Precedent
It should also be noted that Metalore enjoyed the distinct honour and benefit of having a highly skilled, technical Woman (1) serve on the Board, as well as Executive Officer (Vice President, Public Relations) for thirty-five years running (Oct/1975-Oct/2010) until her untimely death. The Company also had a Woman (2) geologist, employed full time, in the field for 8 years (1981 – 1988). Furthermore, the Company has employed women at secretarial and accounting staff positions for over 50 years.
1. Mrs. Patricia Shelander, M.Sc., St. Paul, Minnesota
2. Miss Barbara Kowalski, M.Sc., Brantford, Ontario
Reduced Natural Gas Revenues
Declining Natural Gas prices throughout 2015 have resulted in net Income for the 6 month period ending September 30, 2015, was $35,285.00, compared to $285,503 in the corresponding period of the previous year (2014). NYMEX Natural Gas prices have trended sharply lower during the entire 2015 calendar year, from a “spiked” high of $3.19 USD per Mm, in January to a cratered low of $2.02, early in November (current month). The entire 5 month winter strip (Nov/15 – Mar/16) forward market, with spot market in stride, has settled at the lowest price since 1998.
Considering these circumstances the Board has unanimously voted to defer the decision regarding the Shareholder annual Dividend payment until later in the fiscal year (ending March 31, 2016), depending upon the price of gas and our production revenues over the next 4 winter months.
For further information contact:
Metalore Resources Limited
George Chilian, CEO, Director
Tel.: (519) 428-2464 or
John Ryan, CFO Director
Cell (519) 428-7887
E-mail: info@metaloreresources.com
www.metaloreresources.com
The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this press release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained in this press release.