The second most active stock on the TSX Venture was Guerrero Exploration Inc. It rose 40% and was trading at $0.07 after 2.6 million shares changed hands after the exploration mining company provided a development update on its Cerro Azul property located in Guerrero, Mexico. The company plans to start exploration in quarter three of 2013 pending permit approval by the Mexican Government.
MAG Silver Corp. announced that the nominees listed in the management information circular for the 2013 Annual General and Special Meeting of Shareholders held on June 18, 2013 were re-elected as directors of MAG. MAG’s shareholders also re-appointed Deloitte and Touche LLP as the Company’s auditor and approved the continuation of the Company’s Shareholder Rights Plan. Detailed results of the vote for the election of directors held at the Annual General and Special Meeting are set out below.
Kimber Resources Inc. announces that it has notified Sprott Resource Lending Partnership that it is exercising its right to obtain a six month extension of the maturity date of its $5 million loan credit facility with SRLP announced on July 18, 2012 by the issuance to SRLP of common shares of the Company having a value of $150,000. The number of Extension Shares issued to SRLP will be determined by dividing $150,000 by the 5-day volume weighted average price of the Company’s shares on the TSX for the five trading days preceding June 28, 2013, the date on which the Extension Shares are required to be issued to SRLP. As a result of such extension, the new maturity date of the Credit Facility will be December 28, 2013.
Formation Metals Inc. announced today that it brings to shareholder’s attention important details regarding the nominees proposed by dissident shareholder, Dundee Corporation, namely Messrs. Paul Carroll and David Christie, regarding Mr. Carroll’s governance and compensation record and Mr. Christie’s lack of relevant public company experience. Formation also announces the positive recommendation from leading proxy advisory firm, Institutional Shareholder Services Inc.
Organizational Changes4Two reports out last week from Ernst & Young show the difficulties being faced by mining and exploration companies currently, but also some ways that the industry is adapting to confront the new challenges.
As many of you know, Formation Metals has recently been challenged by a Dissident Shareholder regarding the recently announced proposed sale of the Company’s precious metals refinery and has sought to obtain injunctions restraining the Company and the buyer from proceeding with the sale of the refinery, and in addition, has commenced proceedings against the directors of the Company based on unfounded allegations of breach of fiduciary duty.
As you know, Formation Metals Inc. (“Formation”) is under attack by a dissident shareholder, Dundee Corporation (“Dundee”). At the upcoming meeting on Friday June 21, 2013 we ask for your support to re-elect the current directors for the ensuing year. Your board and management team have a clear and realistic vision that we believe puts Formation in the best position to create long-term shareholder value.
Geologix Explorations Inc. announced today that it intends to carry out a private placement of up to 10 million common shares at a price of $0.10 per share for aggregate gross proceeds of up to $1,000,000. Geologix may increase the size of the placement if warranted and priority in the placement will be given to existing shareholders. Eligible finders will be paid a 5% cash fee.
NWM Mining Corporation is pleased to announce that it has reached an agreement on terms for an extension of the due date on the Company’s current debt facility of $18,500,000 USD from June 2013 to September 2014 and reduced the effective interest rate on the principal from 15% to 12.5% per annum. The revised interest rate has the potential to reduce interest payments over the period by approximately $500,000 USD. In order to fully extend the loan until September 30, 2014, there are several conditions which must be satisfied by September 30, 2013.
Aurcana Corporation announces that the Company will be amending theterms of certain outstanding common share purchase warrants which were issued as part of a private placement of unitsthat closed in June and July of 2010. An aggregate of 293,750 Warrants are outstanding, each of which, on a pre-amendment basis,entitles the holder thereof to acquire one common share of theCompany at an exercise price of 3.20 until June 30, 2013.
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