Standard Tolling Corp. Shareholders vote to Voluntarily Dissolve
White Rock - Standard Tolling Corp. (TSX-V: TON, Frankfurt: GA0, “Standard Tolling” or the “Company”) reports that its shareholders voted in favour of all resolutions brought before them at the Standard Tolling annual general and special meeting held Friday, March 31, 2017. A total of 7,491,667 common shares were voted representing 12.39% of the votes attached to all outstanding common shares as follows: | Ordinary resolution requiring affirmative votes of the majority of the votes cast | Votes For | % For | Votes Against | % Against |
| To authorize the board of directors of the Company to cause all debts and liabilities of the Company to be satisfied and to authorize the Company to voluntarily dissolve | 6,920,218 | 92.37% | 571,449 | 7.63% |
All of the other business put before the shareholders was also passed at not less than 99.63% in favour and Doris Meyer, Dan O’Brien and Luis Rodriguez-Mariátegui were elected as the directors of the Company, Davidson & Company LLP was elected as auditors and the renewal of the Company’s stock option plan was passed.
The Company has applied to de-list the shares of the Company from the TSX Venture Exchange (the “Exchange”). Subject to its application being accepted by the Exchange, it is expected that the Company’s shares will be delisted from the Exchange at the close of trading April 21, 2017.
The Company had reached conditional agreement with its creditors to forgive the majority of the amounts owed and to settle the remaining amounts in cash, subject to the shareholders approving the dissolution resolution using the cash remaining after all provisions for the costs of the shareholder meeting and final tax return preparation have been made which will leave the Company with no cash, the shares of its wholly-owned Peru subsidiaries which have no value and its liabilities at the parent level settled.
The Board of Directors expects that after the settlement of all the debts and obligations of the Company, it will on April 24, 2017 forward an application for immediate dissolution to the B.C. Registrar of Companies. The dissolution certificate will be filed on the Company’s profile on www.sedar.com. The Company will at that time be dissolved and it will cease being a reporting issuer in British Columbia and Alberta.
ON BEHALF OF THE BOARD
/s/ Doris Meyer
Doris Meyer, President and Interim Chief Executive Officer
For further information please contact:
tel: 604-536-2711 ext 6 for Doris Meyer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Source: Standard Tolling Corp. (TSX Venture:TON, FWB:GA0)