Orosur Mining AGM Report of Voting and Management Streamlining
28 November 2018 - 6:00PM
UK Regulatory
TIDMOMI
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 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.
For further information:Orosur Mining IncIgnacio Salazar, Chief
Executive OfficerRyan Cohen, VP Corporate Development & Interim
CFOinfo@orosur.caTel: +1 (778) 373-0100
Cantor Fitzgerald Europe - Nomad & Joint BrokerDavid
Porter/Keith DowsingTel: +44 (0) 20 7894 7000
Numis Securities Limited - Joint BrokerJohn Prior / James Black
/ Paul GillamTel: +44 (0) 20 7260 1000
View source version on businesswire.com:
https://www.businesswire.com/news/home/20181127005845/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
November 28, 2018 02:00 ET (07:00 GMT)
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