Mosquito Receives Reasons of B.C. Supreme Court Regarding 2011 AGM
09.08.2012 | The Newswire
Vancouver, B.C.- Mosquito Consolidated Gold Mines Limited (the “Company”) announces that it today received reasons of the British Columbia Supreme Court in the petition filed by International Energy and Mineral Resources Investors (Hong Kong) Company Limited, challenging the outcome of the Company’s Annual General Meeting held December 16, 2011.In its reasons, the Court held that there were shortcomings with respect to the voting and other procedures adopted at the AGM, principally with respect to the use by the Company’s proxy solicitation firm of a telephonic voting system. The Court held that, while there was no evidence of mala fides or bad faith, the effect of the voting and procedural irregularities was contrary to the dissident’s reasonable expectations with respect to the conduct of the AGM. The Court ordered that the AGM and the resolutions passed be set aside and that the Company reconvene an annual and special meeting, subject to certain conditions.
The Company is continuing with its review of the judgement and is seeking advice from its legal and other advisors as to the interpretation and consequences of the judgement, including with respect to an appeal thereof.
About Mosquito Consolidated Gold Mines Limited
Mosquito Consolidated Gold Mines Limited is a mining exploration and development company with a diverse portfolio of high potential precious and base metals projects, located in low political risk environments in North America. The Company's primary focus is developing its Idaho-based Cumo project, one of the world's largest molybdenum deposits with significant copper, silver and tungsten by-products. For more information about the company, please visit www.mosquitogold.com and www.cumoproject.com.
On behalf of the Board Mosquito Consolidated Gold Mines Limited
“Brian A. McClay”
Brian A. McClay, President
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