MEDELLIN, Colombia -- (Business Wire)
Orosur Mining Inc. (“Orosur” or “the Company”) (TSX: OMI) (AIM: OMI)
announces that at the Company’s Annual General Meeting (“AGM”) held at
4:00 p.m. GMT today, all resolutions put to shareholders were duly
passed. Additionally, the Company announces the streamlining of its
senior management team to better align itself to the current situation
and plans of the Company.
Management Streamlining
Considering the need to preserve cash during the current reorganization
proceedings in Uruguay, and the exploration focus in Colombia, Ms.
Alejandra Lopez, the Company’s Uruguayan-based Chief Financial Officer,
has agreed to step down from her CFO position effective November 30,
2018. Ms. Lopez will assist the Company in conducting an orderly
transition and has agreed to remain available to the Company in the
coming months on an as needed basis.
Ms. Lopez has been CFO since 2016 and a highly valued member of the
Company’s management team. The Board wishes to thank Ms. Lopez for her
considerable service and dedication to the Company in challenging times
and wishes her the very best in her future endeavours.
Mr. Ryan Cohen, who has been the Company’s Vice President of Corporate
Development since January 2014, will be acting as the Interim Chief
Financial Officer until a suitable replacement has been found. The
Company will, as soon as practicable, commence the search for a
permanent CFO with expertise more aligned with capital markets and
exploration and development activities.
AGM Voting Results
At the AGM, a total 45,566,818 common shares of the 146,800,091 shares
outstanding as at the October 23, 2018 record date were voted at the
meeting, representing approximately 31.04% of the issued and outstanding
common shares of the Company. The Company presently has 150,277,672
shares issued and outstanding. The nominees listed in the Company’s
management proxy circular were re-elected as directors as follows:
|
|
|
|
|
|
|
|
|
|
|
Nominee |
|
|
| Votes For |
| % Votes For |
| Votes Withheld |
| % Votes Withheld |
John Walmsley
|
|
|
|
43,142,201
|
|
97.05%
|
|
1,311,234
|
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2.95%
|
Ignacio Salazar
| | | |
37,810,701
| |
85.06%
| |
6,642,734
| |
14.94%
|
Robert Schafer
| | | |
43,509,506
| |
97.88%
| |
943,929
| |
2.12%
|
Horng Dih Lee
| | | |
43,509,502
| |
97.88%
| |
943,933
| |
2.12%
|
| | | | | | | | | |
|
Uruguay Reorganisation Update
The Company has been working diligently to reach a fair and balanced
solution in Uruguay in the interests of all its stakeholders. As
previously announced, as part of the Loryser reorganisation procedures,
the Uruguayan Court has scheduled a meeting of creditors for December
17, 2018. In parallel with ongoing discussions with third parties, the
Company has started negotiating a payment plan proposal agreement with
creditors. The Company will require the support of more than 50% of
creditors by value prior to the creditors’ meeting on December 17, 2018
in order to proceed with the agreed plan to avoid other options such as
the liquidation of Loryser S.A.
About Orosur Mining Inc.
Orosur Mining Inc. (TSX: OMI; AIM: OMI) is a precious metals developer
and explorer focused on identifying and advancing gold projects in South
America. The Company operates in Colombia and Uruguay.
Forward Looking Statements
All statements, other than statements of historical fact, contained in
this news release constitute "forward-looking statements" within the
meaning of applicable securities laws, including but not limited to the
"safe harbour" provisions of the United States Private
Securities Litigation Reform Act of 1995 and are based on
expectations estimates and projections as of the date of this news
release. Forward-looking statements include, without limitation, the
search for a permanent CFO and the negotiation and approval of a
reorganization plan with creditors. There can be no assurance that such
statements will prove to be accurate. Actual results and future events
could differ materially from those anticipated in such forward looking
statements. The Company’s continuance as a going concern is dependent
upon its ability to obtain adequate financing and to reach profitable
levels of operations. These material uncertainties may cast significant
doubt upon the Company’s ability to realize its assets and discharge its
liabilities in the normal course of business and accordingly the
appropriateness of the use of accounting principles applicable to a
going concern. Although the Company has been successful in the past in
obtaining financing there is no assurance that it will be able to obtain
adequate financing in future or that such financing will be on terms
advantageous to the Company. The Company disclaims any intention or
obligation to update or revise any forward-looking statements whether as
a result of new information, future events and such forward-looking
statements, except to the extent required by applicable law.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation ("MAR"). Upon the publication of this
announcement via Regulatory Information Service, this inside
information is now considered to be in the public domain. If you
have any queries on this, then please contact Ryan Cohen, VP
Corporate Development and Interim CFO of the Company (responsible
for arranging release of this announcement on behalf of the
Company) on: +1 (778) 373-0100. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20181127005842/en/
Contacts:
For further information:
Orosur Mining Inc
Ignacio
Salazar, Chief Executive Officer
Ryan Cohen, VP Corporate
Development & Interim CFO
info@orosur.ca
Tel:
+1 (778) 373-0100
Cantor Fitzgerald Europe – Nomad & Joint Broker
David
Porter/Keith Dowsing
Tel: +44 (0) 20 7894 7000
Numis Securities Limited – Joint Broker
John Prior / James
Black / Paul Gillam
Tel: +44 (0) 20 7260 1000
Source: Orosur Mining Inc.
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