Virgin Extends Proxy Submission Deadline
12 April 2014 - 7:25AM
Marketwired Canada
NOT FOR DISSEMINATION IN THE UNITED STATES
Virgin Metals Inc. (the "Company") (TSX VENTURE:VGM) is today providing an
update regarding its upcoming special meeting on April 16, 2014 (the "Special
Meeting"). The Company has determined to extend the proxy submission deadline to
Tuesday April 15, 2014 at 12:00 Noon.
The background to today's announcement relates to a voting agreement dated
September 21, 2011 (the "Voting Agreement") entered into by two parties (the
"Parties") and the Company. Pursuant to the Voting Agreement, the Parties are
obligated to irrevocably and unconditionally vote their shares at every
shareholder meeting as the board of the Company specifies in the management
information circular prepared in connection with the particular meeting. The
Parties are further obligated to deliver a proxy entitling a Company designee to
vote the shares at a particular shareholder meeting in accordance with the
recommendations of the board of the Company as set forth in the management
information circular to which the proxy relates.
The Company understands that the Parties, who the Company believes represent
11,952,575, or 20.23%, of the issued and outstanding shares of the Company, do
not currently intend to fulfill their obligations under the Voting Agreement as
a result of which, the potential outcome of the shareholder vote at the Special
Meeting on the special business remains uncertain. The Company is considering
legal action against the Parties.
In light of these developments, the Company has determined that it would be
appropriate to extend the deadline by which it will accept the submission of
proxies from 48 hours before April 16, 2014 to Tuesday, April 15 at 12:00 Noon.
About Virgin Metals
Virgin Metals is a junior exploration and development company; its projects
include the Los Verdes copper-molybdenum porphyry project in Sonora, northern
Mexico which is currently the subject of a pre-feasibility study.
Forward-Looking Statements
This news release contains forward-looking statements. The use of the words
"may", "believe", "could", "would", "might", or "will be taken", "occur" or "be
achieved" and similar expressions identify forward-looking statements.
Forward-looking statements are necessarily based upon a number of estimates and
assumptions that, while considered reasonable by the Company as of the date of
such statements, are inherently subject to significant business, economic and
competitive uncertainties and contingencies. The forward-looking statements set
forth in this news release are subject to various risks and other factors which
could cause actual results to differ materially from those expressed or implied
in the forward-looking statements. Known and unknown factors could cause actual
results to differ materially from those projected in the forward-looking
statements.
You should not place undue importance on forward-looking information and should
not rely upon this information as of any other date. The Company disclaims any
intention or obligation to update or revise any of the forward-looking
statements in this news release, whether as a result of new information, future
events or otherwise, or to explain any material difference between subsequent
actual events and such forward-looking statements, except to the extent required
by applicable law.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM
IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR
THE ADEQUACY OR ACCURACY OF THIS RELEASE.
FOR FURTHER INFORMATION PLEASE CONTACT:
Virgin Metals Inc.
Chris Frostad
(416) 306-0990
www.virginmetals.com
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