Iberian to Amend Quorum Threshold Requirements in Proposed New By-Law
15 12월 2007 - 2:54AM
Marketwired
TORONTO, ONTARIO (the "Company") announced today a change to the
proposed By-Laws to be voted upon at the upcoming Special Meeting
of Shareholders to be held on December 19th, 2007 at 10:00 am
EST.
After discussions with Institutional Shareholder Services Canada
Corp. (ISS), Canada's leading independent authority on proxy voting
and corporate governance, the Company has undertaken to amend the
quorum requirement under the proposed new By-Laws to provide that
quorum for a shareholders meeting shall be at least 2 shareholders
present in person or represented by proxy representing a minimum of
25% (up from 10%) of the common shares of the Company eligible to
vote at the meeting. This undertaking from the Company has resulted
in ISS recommending that shareholders vote "FOR" the approval of
the adoption of the new By-Laws as set forth in the management
information circular of the Company dated November 20, 2007.
As a result of the undertaking, ISS is now recommending that
shareholders vote in favor of all three resolutions to be put
before shareholders at the upcoming special meeting.
About Iberian Minerals Corp.
Iberian Minerals Corp., through its wholly owned subsidiary
MATSA, is currently proceeding with the re-opening of the Aguas
Tenidas copper/zinc project located in the Region of Andalucia, SW
Spain. In January 2006, a feasibility report on the project was
prepared by SRK Consulting of Cardiff UK, which demonstrated the
technical feasibility and economic viability of the project (press
release January 20, 2006). Elements of this feasibility report have
been updated by Adam Wheeler and RSG Consulting Pty Ltd. (press
release of May 22, 2007), which is available at www.sedar.com. In
addition to the purchase of approximately 92% of the issued and
outstanding shares of Compania Minera Condestable ("CMC") from
Tafigura Beheer B.V. Amsterdam ("Trafigura") the Company has also
signed a long-term offtake agreement with Trafigura for the sale of
all its metal concentrates from Aguas Tenidas.
In addition to the Aguas Tenidas project the Company, through
MATSA, holds an extensive land position of exploration properties
within the Iberian Pyrite Belt.
FORWARD LOOKING STATEMENTS: This news release contains certain
"forward-looking statements" and "forward-looking information"
under applicable securities laws concerning Iberian's transactions
with Trafigura. Except for statements of historical fact, certain
information contained herein constitutes forward-looking
statements. Forward-looking statements are frequently characterized
by words such as "plan", "except", "project", "intend", "believe",
"anticipate", "estimate", and other similar words, or statements
that certain events or conditions "may" or "will" occur.
Forward-looking statements are based on the opinions and estimates
of management at the date the statements are made, and are based on
a number of assumptions and subject to a variety of risks and
uncertainties and other factors that could cause actual events or
results to differ materially from those projected in the
forward-looking statements. Assumptions upon which such
forward-looking statements are based included that transactions
will be completed, that all required third party regulatory,
governmental and shareholder approvals for transactions will be
obtained and all other conditions to completion of the transactions
will be satisfied or waived. Many of these assumptions are based on
factors and events that are not within the control of Iberian or
Trafigura and there is no assurance they will prove to be correct.
Factors that could cause actual results to vary materially from
results anticipated by such forward-looking statements include the
Iberian shareholders failing to obtain minority shareholder
approval in respect of the Condestable Acquisition, failure to
reach definitive agreements in respect of the contemplated
transactions, as well as changes in market conditions and other
risk factors discussed or referred to in the annual Management's
Discussion and Analysis for Iberian filed with the applicable
securities regulatory authorities and available at www.sedar.com.
Although Iberian 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
anticipated, estimated or intended. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Iberian undertakes no obligation to
update forward-looking statements if circumstances or management's
estimates or opinions should change except as required by
applicable securities laws. The reader is cautioned not to place
undue reliance on forward-looking statements.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: Iberian Minerals Corp. Peter Miller or Norm Brewster
(416) 815-8558
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