RR.TSX
TORONTO, March 22, 2013 /CNW/ - Rainy River Resources Ltd. ("Rainy
River" or the "Company" (RR.TSX)) announced today the approval by its
Board of Directors of an Advance Notice Policy (the "Policy"), which
Policy includes a provision that requires advance notice to the Company
in circumstances where nominations of persons for election to the Board
of Directors are made by shareholders of the Company (the
"Shareholders") other than pursuant to: (i) a requisition of a meeting
made pursuant to the provisions of the Business Corporations Act
(British Columbia) (the "Act"); or (ii) a shareholder proposal made
pursuant to the provisions of the Act.
The Advance Notice Policy fixes a deadline by which holders of record of
Common Shares must submit director nominations to the secretary of the
Company prior to any annual or special meeting of Shareholders and sets
forth the specific information that a Shareholder must include in the
written notice to the secretary of the Company for an effective
nomination to occur. No person will be eligible for election as a
director of the Company unless nominated in accordance with the
provisions of the Policy.
In the case of an annual meeting of Shareholders, notice to the Company
must be made not less than 30 nor more than 65 days prior to the date
of the annual meeting; provided, however, that in the event that 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 Company 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 Policy is effective and in full force and effect. In accordance
with the terms of the Policy, the Policy will be put to Shareholders
for approval at the annual meeting of Shareholders (the "Meeting") to
be held in May of 2013. If the Policy is not confirmed at the Meeting
by resolution of Shareholders, the Policy will terminate and be of no
further force and effect following the termination of the Meeting.
The full text of the Policy will be available via SEDAR at www.sedar.com.
About Rainy River
Rainy River Resources Ltd. is a Canadian precious metals exploration
company whose key asset is the Rainy River Gold Project, a large gold
system centred in Richardson Township (part of Chapple Township). As of
December 31, 2012, the Company had approximately $102 million in cash
and cash equivalents and short-term investments, and remains well
funded for its ongoing activities, including: 1) completion of a
feasibility level study on the RRGP; 2) continuing to grow the existing
resource through exploration; 3) conducting a condemnation program in
areas identified for potential mine facilities; and 4) continuing
regional exploration. RRGP is very well located in northwestern
Ontario. It is accessed by a network of roads and is close to
hydro-electric infrastructure. The Rainy River district has a skilled
labour force and is one of the lowest-cost areas for mineral
exploration and development in Canada. Ontario has low political risk
and, according to the annual Fraser Institute global survey of the
mining industry, has consistently ranked as one of the top
jurisdictions embracing mineral development.
RAINY RIVER RESOURCES LTD.
Raymond W. Threlkeld
President and CEO
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This release includes certain statements that may be deemed to be
"forward-looking statements". All statements in this release, other
than statements of historical facts, that address events or
developments that management of the Company expects, are
forward-looking statements. These statements include the possible
conversion of inferred resources into higher confidence categories of
resources. Although management believes the expectations expressed in
such forward-looking statements are based on reasonable assumptions,
such statements are not guarantees of future performance, and actual
results or developments may differ materially from those in the
forward-looking statements. The Company undertakes no obligation to
update these forward-looking statements if management's beliefs,
estimates or opinions, or other factors, should change. Factors that
could cause actual results to differ materially from those in
forward-looking statements, include market prices, exploration and
development successes, continued availability of capital and financing,
and general economic, market or business conditions. Please see the
public filings of the Company at www.sedar.com for further information.
SOURCE: Rainy River Resources
<p> Indi Gopinathan<br/> Director, Investor Relations <br/> Telephone: 416-645-7289<br/> E-mail: <a href="mailto:igopinathan@RainyRiverResources.com" cr="true">igopinathan@RainyRiverResources.com</a> </p>