Capital Mining Limited: Response to Media Articles
13.07.2017 | ABN Newswire
Perth - Capital Mining Ltd. (ASX:CMY) ("Capital" or "the Company") acknowledges the recent media articles in relation to the Company and provides the following comments.The article published by The Sydney Morning Herald erroneously classifies payments to Chapmans Limited as directors' fees. Both Mr Dykes and Mr Dunlop are directors of ASX listed company, Chapmans Limited and all payments have been disclosed in Capital's financial statements. The Australian Financial Review incorrectly states the total director's fees.
The Directors of the Company reiterate that they have at all times complied with their obligations relating to continuous disclosure, including the remuneration disclosures in the Company's annual report. The remuneration report was most recently approved by shareholders at the 2016 AGM with 84% of votes in favour.
Notwithstanding this remuneration disclosures and shareholder approval, the directors have elected to reduce their fees by to 50%, as announced on 7 July 2017.
Capital has continued to inform the market of its efforts to review opportunities in the cannabis section, via its subsidiary company Capital Cannabis Limited. Despite The Sydney Morning Herald's comment that 'no such opportunities had appeared yet', the Company is making strong progress and is confident that it will finalise a potentially high value opportunity in the cannabis sector in the near future.
Mr Torney and Mr Dunlop are currently in the USA on business, related to these acquisition opportunities. Mr Dykes is also in the USA, on vacation at his own expense.
The Directors of Capital reserve their rights against publishers of inaccurate and misleading information in relation to the Company.
About Capital Mining Limited:
Capital Mining Ltd. (ASX:CMY) is an active ASX listed junior mineral resources company focused on the acquisition and exploration of key, demand driven commodities. Its project portfolio includes lithium prospective assets in Western Australia and the Republic of Ireland, plus gold and base metals projects in New South Wales.
Contact:
Capital Mining Ltd.
Peter Dykes, Director
T: +61-8-9481-0389
F: +61-8-9463-6103
www.capitalmining.com.au