Microsoft Word - 2014.11.28 - Results of AGM ASX Announcement

28 November 2014

AGM RESULTS: VOTING INDICATES S HA R EHOLDER SUPPORT

Notice is hereby given, in accordance with Listing Rule 3.13.2 and Corporations Law Section 251AA(2) that at the Annual General Meeting ("AGM") of the Company held today that the resolutions as set out below were passed by a show of hands without amendment.
In respect of the resolutions a breakdown of the proxies received is set out below:

Resolution

For

Against

Discretion

Abstain

#1 ‐ Adoption of Remuneration Report

116,882,866

140,421

44,045,254

8,327,376

#2 ‐ Re‐election of Mr John Bovard

120,285,232

15,850

44,134,265

4,960,570

#3 ‐ Re‐election of Mr Kevin Tomlinson

120,879,232

21,850

44,134,265

4,360,570

#4 ‐ Performance Rights Plan Approval

92,961,700

30,122,763

44,634,265

1,677,189

#5 ‐ Approval of Rights Issue

119,476,177

9,545,655

40,218,196

155,889

#6 ‐ Ratification of Feb‐14 Placement Shares

86,687,608

14,366,025

44,134,265

24,208,019

#7 ‐ Approval of 10% Placement Capacity

93,880,622

30,630,820

44,134,265

750,210

Strong Endorsement from Shareholders

The Board of Orbis Gold Limited ("Orbis Gold" or "the Company") received a strong endorsement from
Shareholders at today's Annual General Meeting with all Resolutions being passed.
Of particular note was Orbis Gold shareholders' support of Resolution 5, which authorises Orbis Gold to conduct a $20 million pro‐rata non renounceable rights issue priced at $0.60 per share.
John Bovard, Chairman of Orbis Gold, said:
"By supporting the proposed Rights Issue, Shareholders have voted overwhelmingly in favour of allowing Orbis Gold to pursue all available options to maximize value including the possibility of a materially improved offer to sell the Company. The results of the AGM further validate the Board's rejection of SEMAFO's current offer and view on the company's fundamental value. We look forward to shareholders continuing support as Orbis Gold transitions from an appraisal and development company to a gold producer."
Whilst approval to proceed with the Rights Issue has been obtained, the timing for launch of the issue is yet to be determined and will be subject to market conditions, working capital requirements and consideration of other financing alternatives and potential corporate transactions.
On behalf of the board, P Harding‐Smith
Company Secretary

ASX Code: OBS 1 www.orbisgold.com

For more information please contact:

Mr Peter Spiers

Managing Director

Ph: +61 (0)7 3198 3042

Mob: +61 (0)409 407 265

Mr Peter Harding‐Smith

Company Secretary

Ph: +61 (0)7 3198 3043

Mob: +61 (0)488 771 588

Merrill Lynch Markets (Australia) Pty Limited Nick Chappel

Director

Ph: +61 (0)2 9226 5347

Mob: +61 (0) 427 406 670

Maxit Capital LP

D. Bob Sangha

Chief Executive Officer

Ph: +1 416 646 7877

MAGNUS Corporate and Financial Communication John Gardner

Ph: +61 (0)413 355 997

Matthew Gerber

Ph: +61 (0)419 423 405

Further information on Orbis Gold can also be found on our website www.orbisgold.com


ASX Code: OBS 2 www.orbisgold.com

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