|By Marketwired .||
|July 18, 2014 01:59 PM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 07/18/14 -- Troymet Exploration Corp. (TSX VENTURE: TYE) ("Troymet") is pleased to announce that all matters set forth in the management proxy and information circular dated June 16, 2014 (the "Circular") were approved by the shareholders of Troymet ("Shareholders") at Troymet's July 18, 2014 annual general and special meeting (the "Meeting") of Shareholders.
Annual General and Special Meeting
All directors as set forth in the Circular were re-elected with each director receiving at least 96% of the votes being cast at the Meeting for the election of the directors. The current directors of Troymet are Kieran M.J. Downes, Brian D. Cebryk, Richard Kusmirski, David Billard and Ronald Hugh McMillan. Deloitte LLP, Chartered Accountants, was re-appointed as the auditors of Troymet with over 99% of the votes being cast at the Meeting for the appointment of the auditors. The stock option plan of Troymet was re-approved with over 97% of the votes being cast at the Meeting for the re-approval of the stock option plan. The consolidation of the common shares of Troymet on the basis of one (1) new common share for up to every existing ten (10) common shares issued and outstanding immediately prior to the consolidation (the "Consolidation") was approved with approximately 84% of the votes being cast at the Meeting for the approval of the Consolidation. The amendment to Troymet's By-laws ratifying the Advance Notice Provisions was approved with over 97% of the votes being cast at the Meeting for the approval of the amendment implementing the Advance Notice Provisions.
Further disclosure on the matters approved at the Meeting can be found in the Circular which was filed on SEDAR on June 23, 2014.
Based on preliminary information, approximately 46.8 million common shares were voted, representing approximately 38.4% of the eligible common shares of Troymet.
The Consolidation that was approved as set forth above included the authorization of the Shareholders for Troymet to not proceed with the Consolidation at the sole discretion of the board of directors of Troymet. The board of directors of Troymet currently has not made any decision as to whether or not Troymet will implement the Consolidation, and if so, when and at what ratio. A further press release will be issued in the event that the board of directors of Troymet determines to implement the Consolidation, and if so, the ratio for the Consolidation.
TROYMET EXPLORATION CORP.
Kieran Downes, Ph.D., P.Geo.
President, CEO & Director
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 news release.
This press release may contain certain forward-looking information. In particular, this press release contains forward-looking information in respect of the potential Consolidation of the common shares of Troymet and whether or not Troymet will implement the Consolidation. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and that actual results and future events could differ materially from those anticipated in such information. This forward-looking information reflects Troymet's current beliefs and is based on information currently available to Troymet and on assumptions Troymet believes are reasonable. These assumptions include, but are not limited to, the current share price of Troymet's common shares, anticipated exploration costs and results of Troymet's projects and exploration and development of Troymet's projects, other costs and expenses of Troymet and possible financing scenarios. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Troymet to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the early stage development of Troymet and its projects; general business, economic, competitive, political and social uncertainties; commodity prices; the actual results of current exploration and development or operational activities; competition; changes in project parameters as plans continue to be refined; accidents and other risks inherent in the mining industry; lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting Troymet; timing and availability of external financing on acceptable terms; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. A description of other assumptions used to develop such forward-looking information and a description of other risk factors that may cause actual results to differ materially from forward-looking information may be found in Troymet's disclosure documents on the SEDAR website at www.sedar.com. Troymet does not undertake to update any forward-looking information except in accordance with applicable securities laws.
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