Donner Metals Announces Results From Annual General and Special Meeting and Closing of Sale of Interest Transaction
13 December 2013 - 3:46PM
Marketwired
Donner Metals Announces Results From Annual General and Special
Meeting and Closing of Sale of Interest Transaction
MONTREAL, QUEBEC--(Marketwired - Dec 12, 2013) - Donner Metals
Ltd ("Donner" or "Company") (TSX-VENTURE:DON)(FRANKFURT:D4M)
reports that at its Annual General and Special Meeting ("AGM"),
held on December 10, 2013 in Montreal, Québec, Normand Champigny
and Kerry Sparkes were re-elected to the Board of Directors. Donner
has also appointed Normand Champigny as President and Chief
Executive Officer.
Finally, David A. Johnson was elected as director of the
Company.
Mr. David A. Johnson is an attorney and trade-mark agent with
his own law firm based in Montreal, Québec. Mr. Johnson specializes
in corporate law, commercial transactions and intellectual
property. He also practices across several industries. Mr. Johnson
has several years' experience at the senior management level in a
variety of companies and not for profit organizations. He is
presently the Chief Legal Officer and Corporate Secretary of Colt
Resources Inc., a director of Bitumen Capital Inc., and a director
and the Secretary-Treasurer of the International Law Association,
Canadian Branch, a registered charity. Mr. Johnson holds a Bachelor
of Arts (Hons.) from Queen's University, a Master of Urban Planning
(M.U.P.), a Bachelor of Common Law (LL.B.) a Bachelor of Civil Law
(B.C.L.) from McGill University and has the ICD.D certification
from the Institute of Corporate Directors.
David Patterson, Harvey Keats and Robin Adair have retired as
Chairman, Chief Executive Officer and Vice President Exploration of
Donner, respectively. Mr. Patterson, Mr. Keats and Mr. Adair have
been instrumental in the exploration success of zinc-copper
volcanogenic massive sulphide zones at the Bracemac-McLeod mine
located in the Matagami area of Québec. They will continue to
advise the Company on an as required basis. In addition Ken Thorsen
and Laurie Sadler did not stand for re-election as directors. The
invaluable contribution of the Company's former executive officers
and Board members is gratefully acknowledged.
In addition, shareholders approved the following three special
resolutions at the AGM:
- approval of the sale and extinguishment of the Company's
interests (the "Sale of Interest Resolution") in five Matagami
joint ventures under an Option and Joint Venture Agreement (the
"OJVA") with Glencore Canada Corporation ("Glencore") (see news
release dated October 30);
- approval of a change of the province in which the head and
registered office of the Company is situated from British Columbia
to Québec;
- approval of a consolidation of the share capital of the Company
on the basis of one (1) post-consolidation common share for every
sixty (60) pre-consolidation common shares.
Following the approval of the Sale of Interest Resolution, the
Company and Glencore have entered into an extinguishment and
transfer agreement whereby (a) the Company's interests in and to
the Property (as defined in the OJVA); (b) the Company's interest
in the joint ventures under the OJVA; (c) the Company's rights
under the OJVA; and (d) any of the Company's interests or rights
ancillary to the Property were each extinguished. The Company
confirms that Glencore satisfied the purchase price by the payment
of an amount of $2,395,200 in cash at closing. The Company has used
the proceeds from the transaction to repay $1.0 million of the
currently outstanding balance of $3.53 million under the loan with
the Quebec lenders. Following the repayment, the outstanding
balance of the loan is $2.53 million.
About Donner Metals
Donner is an exploration company focused on the development of
mineral exploration projects in Quebec.
ON BEHALF OF THE BOARD OF DONNER METALS LTD.
Normand Champigny, President and Chief Executive Officer
Donner Metals
Ltd.514.286.1565donner@bed-rock.comwww.donnermetals.com
(TSXV:DON)
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