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 November 13, 2015 - 4:24 PM EST
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Metalore Resources Limited Announces Shareholder Approval of All Matters at Annual Meeting, Filing of Information Circular Supplement

Metalore Resources Limited Announces Shareholder Approval of All Matters at Annual Meeting, Filing of Information Circular Supplement



Toronto, Ontario (FSCwire) - Metalore Resources Limited (“Metalore” or the “Company”) (TSX: MET) is pleased to announce that the nominees listed in its management information circular dated August 4, 2015 (the “Circular”) were elected as directors of the Company at its annual meeting of shareholders held in Port Dover, Ontario on September 12, 2015 (the “Meeting”). Additionally, NPT LLP, Chartered Accountants, was reappointed as the Company’s auditors. The detailed results of the management proxy votes received for each director were as follows:

 

Nominee for Director

Votes For

% of Votes

Withheld

% of Votes

George W. Chilian

1,247,887

99.90%

1,300

0.10%

Timothy J. Cronkwright

1,248,887

99.98%

300

0.02%

Michael A. Dehn

1,248,887

99.98%

300

0.02%

John A. Ryan

1,247,887

99.90%

1,300

0.10%

Bruce A. Davis

1,248,887

99.98%

300

0.02%

John C. McVicar

1,248,887

99.98%

300

0.02%

 

 

The Company also announces that it has filed a supplement (the “Supplement”) to the Circular, which provides disclosure relating to the representation of women on the Company’s board of directors (the “Board”) and in executive positions, in accordance with new disclosure requirements under National Instrument 58-101 - Disclosure of Corporate Governance Practices. Information is also provided on how the Company identifies and considers candidates in order to encourage a range of perspectives from the Board and executive team with diverse backgrounds and expertise.

 

The Company has not adopted a written policy relating to the identification and nomination of women directors, a target regarding the representation of women on the Board or executive officer positions, or a policy with respect to the consideration of the representation of women in executive officer positions when making executive officer appointments. As at the date hereof, no members of the Board or executive officers of the Company are women.

 

Potential nominees for the Board and candidates for executive officer positions are evaluated on the basis of experience, skill and ability, and capacity to contribute to the effective functioning of the Board and the management of the Company, as applicable. The Company is an equal opportunity employer, committed to treating people fairly, with respect and dignity, and to offer employment opportunities based upon an individual’s qualifications, character and performance, and not upon gender or membership in any social group.

 

The formal report on the voting results from the Meeting and the Supplement are available under the Company’s profile on SEDAR at www.sedar.com.

 

 

About Metalore Resources Limited

 

Metalore has been active in mining exploration for over sixty-five years and in Natural Gas development for over fifty years. The company participated in early development of the Provost gas field in Alberta from 1956 through 1961 and has been the major player in developing the Norfolk gas field in Southwestern Ontario since 1964, pioneering technologically advanced completion and fracturing techniques. The Ontario Natural Gas operations constitute the “core business” of the Company and is its principal source of revenue. The Cash Flow from production and investments is prioritized and allocated between (1) maintaining capital liquidity, (2) drilling new wells to sustain and/or increase production, (3) fielding select mining exploration projects and (4) paying dividends from profits to Shareholders.

 

Metalore is a most unique company in the junior resource sector. It has the lowest number of shares outstanding of any resource stock listed on the Toronto Stock Exchange (“MET” on TSX). The Company has protected the equity of shareholders for the past 40 years by financing all exploration and development costs with cash flow from operations. Metalore inaugurated payment of its first cash dividend to shareholders in the year 2000 and has since paid its tenth consecutive annual dividend from operating profits.

 

Metalore manages a large portfolio of undrilled petroleum and natural gas leases and sustains production by the systematic drilling of new wells. The Company has consistently located its wells on ultra wide spacing patterns to minimize the year to year decline in deliverability and maximize the longevity of production – which can be verified by its forty-five year production record. For the past decade Metalore has been consistently selling the majority of its gas production at forward “strip contract” prices that have been substantially higher than the current NYMEX (New York Mercantile Exchange) price at time of delivery. Management of the Company has also established a record of discovering and outlining precious metal deposits (Brookbank, Fox Ear, Cherbourg and Irwin are NI 43-101 compliant). The majority interests in these resources were sold in 1998, subject to joint venture participations and/or royalty payments.

 

For further information please contact:

 

George Chilian

President & Chief Executive Officer

Tel.: (519) 428-2464

E-mail: info@metaloreresources.com

www.metaloreresources.com

 

The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this press release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained in this press release.



To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/metalore11132015.pdf

Source: Metalore Resources Limited (TSX:MET)

 

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Source: FSCwire (November 13, 2015 - 4:24 PM EST)

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