|By Marketwired .||
|May 16, 2014 05:02 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/16/14 -- GFM Resources Limited (the "Corporation") (TSX VENTURE:GFM.H) is pleased to announce that it will hold an annual general meeting of shareholders (the "AGM") on June 24, 2014. The record date for shareholders entitled to vote at the AGM is May 8, 2014.
The Corporation also announces that the board of directors of the Corporation (the "Board") has approved a new by-law to provide for advance notice provisions (the "Advance Notice By-Law") which require that advance notice be provided to the Corporation in circumstances where nominations of persons for election to the Board are made by shareholders of the Corporation other than pursuant to: (i) a requisition of a meeting of shareholders made pursuant to the provisions of the Business Corporations Act (Yukon); or (ii) a shareholder proposal made pursuant to the provisions of such Act.
The purpose of the Advance Notice By-Law is to foster a variety of interests of the shareholders and the Corporation by ensuring that all shareholders, including those participating in a meeting by proxy rather than in person, receive adequate notice of the nominations to be considered at a meeting and can thereby exercise their voting rights in an informed manner. In addition, the Advance Notice By-Law should assist in facilitating an orderly and efficient meeting process, provides shareholders, directors and management of the Corporation with a clear framework for nominating directors. Among other things, the Advance Notice By-Law fixes a deadline by which shareholders must submit director nominations to the Corporation prior to any meeting of shareholders and sets forth the minimum information that a shareholder must include in the notice to the Corporation for the notice to be in proper written form.
In the case of an annual meeting of shareholders, notice to the Corporation must be made not less than 30 days nor more than 65 days prior to the date of the annual meeting; provided, however, that in the event the annual meeting is to be held on a date that is less than 50 days after the date on which the first public announcement of the date of the annual meeting was made, notice may be made not later than the close of business on the 10th day following such public announcement. In the case of a special meeting of shareholders (which is not also an annual meeting), notice to the Corporation must be made not later than the close of business on the 15th day following the day on which the first public announcement of the date of the special meeting was made.
The Advance Notice By-Law has been approved by the Board and will be placed before shareholders at the AGM for ratification. For purposes of the AGM, in accordance with the terms of the Advance Notice By-Law, the Board has determined that notice of nominations of persons for election to the Board at the AGM must be made by June 2, 2014. Such notice must be in the form, and given in the manner, prescribed by the Advance Notice By-Law, and the President of the Corporation has stipulated [email protected] as an email address for receipt of such a notice.
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 press release.
GFM Resources Limited
Chief Financial Officer
+1 604 806-6110
+1 604 806-6112 (FAX)
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