Wallbridge Mining Company Limited : Wallbridge Announces Results of Annual Meeting of Shareholders
05/13/2013 | 10:51am US/Eastern
Toronto, Ontario -- May 13, 2013 - Wallbridge Mining Company Limited (TSX: WM, FWB: WC7) ("Wallbridge") today reported results of its Annual General and Special Meeting of shareholders (the "Meeting") held May 9th, 2013.
A total of 83,552,193 shares were represented at the Meeting, representing 51.49% of the issued and outstanding shares of the Company. Shareholders voted in favour of all items of business before the meeting, including the election of all director nominees.
Each of the following directors were elected for a term of office of one year or until their successors are otherwise duly elected or appointed: Faramarz Kord; Alar Soever, Warren Holmes, Darryl Sittler, Parviz Farsangi, René Galipeau and Roland Horst. All of the proposed director nominees were elected by an overwhelming majority, each receiving more than 99% of the votes cast in respect of their individual election.
Commenting on the results of the Meeting, Marz Kord, the company's President and CEO stated: "We are extremely pleased with the confidence our shareholders have shown in the Company's management through their level of participation and their high degree of support for the company's various initiatives."
The shareholders also approved and authorized: (i) the adoption of an omnibus share based compensation plan for the company to replace the existing stock option plan, and (ii) a share consolidation of Wallbridge's common shares on the basis of one new post-consolidation share for up to a maximum of eight pre-consolidation shares. Wallbridge does not have any immediate plans for effecting the share consolidation, which was approved at the Meeting; shareholders will, however, be apprised of any future plans to implement this capital change. Further details on these matters are set forth in Wallbridge's Meeting materials accessible on the company's website and the report of voting results for these items and other resolutions proposed at the Meeting may be located on Wallbridge's SEDAR corporate profile page.
Wallbridge Mining Company Limited (WM:TSX) is an established junior company, formed in 1996, whose mission is to explore and develop platinum group elements (PGE's) in mining friendly jurisdictions of North America.
Wallbridge is currently exploring and developing a large package of properties in Sudbury, Ontario: Canada's premier mining district. These include the pre-feasibility stage Broken Hammer development project and significant exploration joint ventures with partners Lonmin Plc, Impala Platinum Holdings Limited and Xstrata Nickel.
In 2005, Wallbridge created Duluth Metals Limited (TSX:DM) to explore and develop projects in Minnesota, USA. Duluth Metals has since defined the world's largest undeveloped sulfide PGEs, copper and nickel deposit which it is developing through Twin Metals Limited, a joint venture with copper producer Antofagasta Plc. Wallbridge currently retains 10.1 million shares of Duluth Metals (8.1%).
In 2010, Wallbridge created Miocene Metals Limited (TSXV:MII) to explore and develop seven porphyry copper-gold-molybdenum projects in British Columbia, Canada, within a previously under-recognized belt of Miocene-age intrusions. These projects are early stage with large mineralized structures and alteration zones that are ready for drilling with potential for large tonnage deposits. Wallbridge currently retains 28.4 million shares of Miocene Metals (40.5%).