KWG Shareholder Meeting Concluded
29.03.2012 | Marketwire
MONTREAL, QUEBEC -- (Marketwire - March 29, 2012) - The adjourned meeting of the shareholders of KWG Resources Inc. (TSX VENTURE:KWG) was concluded in Toronto yesterday.The proposed resolution to amend the Company's Articles to provide shareholders with an ongoing option to consolidate each 50 of their common shares into one 50-vote share, re-convertible at any time into 50 single-vote shares, was passed by the majority of the minority ballot. In this ballot, all shares held by insiders who voted at the meeting were excluded and 215.3 million shares were voted for the resolution while 28.5 million shares were voted against.
However, the ballot requiring the approval of two-thirds of all shares voted at the meeting failed when 233.2 million shares were cast in favour but 140.3 million shares were voted against.
The Company also advises that its Board of Directors has granted to its directors options to purchase a total of 7.1 million shares at a price of $0.10 each in the ensuing five years, under the provisions of the Company's Incentive Stock Option Plan.
About KWG:
KWG has a 28% interest in the Big Daddy deposit and is presently earning an additional 2% interest in it under an option agreement to create a joint venture with Cliffs Natural Resources Inc. (Project Operator) on April 1, 2012. 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 where the Trans Canada line of the Canadian National Railway can be connected.
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Shares issued and outstanding: 673,918,941
Neither 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.
Contact
KWG Resources Inc.
Bruce Hodgman, Vice-President
416-642-3575
info@kwgresources.com
www.kwgresources.com