TSXV: CAA
VANCOUVER, Dec. 4, 2013 /CNW/ - Callinan Royalties
Corporation ('Callinan', the 'Company') (TSXV: CAA) reports that
all resolutions presented at the annual and special meeting of
shareholders of Callinan Royalties Corporation held on December 3, 2013, with the exception of the
Company's 2013 Stock Option Plan, were approved by shareholders.
The resolution to approve By-Law number 4, "Advance Notice Policy"
was withdrawn. The final voting results on each item of business
and respective resolutions will be filed on SEDAR.
The shareholders have approved the election of the following
individuals to serve as Directors:
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Chairman, Callinan Royalties Corporation |
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President and Chief Executive Officer, Callinan Royalties
Corporation |
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President and Chief Executive Officer, Boswell Capital
Corporation |
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Senior Mining Analyst and Vice President, Salman Partners
Inc. |
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Professional Geologist, Interim President, CEO and Director,
Kiska Metals Corporation |
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Retired Chartered Accountant and Corporate Director |
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A summary biography of each elected director can be found at
www.callinan.com under Investors / Upcoming Events / "Annual
General Meeting" or at the following link:
www.callinan.com/s/upcoming_events.asp.
Roland Butler, President and CEO
of Callinan Royalties commented, "I wish to thank the former
directors and am pleased to welcome the newly elected directors to
Callinan. I also wish to thank shareholders who share our vision
and have offered us unwavering support. It is a positive testament
that the company is able to attract such reputable directors with
unparalleled skills, knowledge and experience to contribute to the
company and serve the best interests of all Callinan shareholders.
We look forward to focussing on building our business and prudently
managing expenses. Callinan is in excellent financial shape
with a strong treasury and positive cash flow that allows us to
sustain an attractive dividend to reward long term shareholders.
The timing could rarely be better to seek exceptional royalty
opportunities and I'm increasingly optimistic. While market
conditions are challenging, I think it is an exciting time for
Callinan."
At the meeting, a shareholder proposed the following six
alternate director nominees:
- Stephen Shefsky
- Paul Brockington
- Solomon Pillersdorf
- William Ferreira
- Jamie Corrigan
- Paul Larkin
Votes were held and tabulated. The alternate nominees were
defeated.
On Behalf of the Board of Directors,
Roland Butler
Roland Butler, CEO
About Callinan Royalties
Callinan Royalties is a Canadian company that
creates and acquires mineral royalties. The company uses its
royalty income to provide alternative financing options to mineral
exploration and development companies with attractive
projects. Callinan's strategy is to create shareholder value
over the long term by generating a portfolio of profitable mineral
royalties.
The Corporation currently has two producing
royalties. Callinan holds a 6⅔% net profits interest royalty and a
$0.25 per ton production royalty on
lands that include the 777 mine and 777 North mine owned by Hudbay
Minerals Inc. located in Flin Flon,
Manitoba, Canada. Callinan also holds the 777 Deeps
(War Baby) property and an associated royalty option on the
property, which is located adjacent to the 777 mine.
Callinan is a dividend paying Tier 1 company
listed on the TSX Venture Exchange under the symbol CAA. The
Corporation has a strong financial position with no debt,
approximately $27 million in cash and
approximately 49 million shares outstanding.
Cautionary Statement on Forward-Looking Information
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. Certain of the
information presented in this News Release may constitute
"forward-looking statements" or "forward-looking information"
within the meaning of Canadian securities legislation (together
referred to as "forward-looking statements"). The forward-looking
statements are subject to risks, uncertainties and other factors
that may cause actual results to be materially different from those
expressed or implied by such forward-looking statements, including
any delays in the receipt of consents or approvals. Although
Callinan Royalties has attempted to identify important factors that
could cause actual actions, events or results to differ materially
from those described in forward-looking statements, there may be
other factors that cause actions, events or results not to be as
anticipated, estimated or intended. There can be no assurance that
such statements will prove to be accurate as actual results and
future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking statements contained in this News
Release and in any document referred to in this News Release.
Forward-looking statements are made based on management's beliefs,
estimates and opinions on the date the statements are made and
Callinan Royalties undertakes no obligation to update
forward-looking statements if these beliefs, estimates and opinions
or other circumstances should change, except as required by
applicable law.
SOURCE Callinan Royalties Corporation