VANCOUVER,
Sept. 25, 2013 /CNW/ - Lignol Energy
Corporation (TSXV: LEC) ("LEC" or the "Company"), a leading
technology company in the advanced biofuels and renewable chemicals
sectors, today announced that its board of directors (the "Board")
has approved the adoption of an advance notice policy (the
"Policy") to take effect immediately.
The purpose of the Policy is to (i) facilitate
an orderly and efficient annual general or, where the need arises,
special meeting, process, (ii) ensure that all shareholders receive
adequate notice of director nominations and sufficient information
regarding all director nominees, and (iii) allow shareholders to
register an informed vote after having been afforded reasonable
time for appropriate deliberation.
The Policy, among other things, includes a
provision that requires advance notice to the Company in certain
circumstances where nominations of persons for election to the
Board are made by shareholders of the Company. The Policy fixes a
deadline by which director nominations must be submitted to the
Company prior to any annual or special meeting of shareholders and
sets forth the information that must be included in the notice to
the Company for the notice to be in proper written form.
In the case of an annual meeting of
shareholders, notice to the Company must be made not less than 30
days nor more than 65 days prior to the date of the annual meeting;
provided, however, that in the event that the annual meeting is to
be held on a date that is less than 50 days after the date on which
the first public announcement of the date of the annual meeting was
made, notice may be made not later than the close of business on
the 10th day following such public announcement.
Accordingly, the deadline for notice of director nominations for
the Meeting (as defined below) is October
15, 2013.
In the case of a special meeting of
shareholders, which is not also an annual meeting, called for the
purpose of electing directors (whether or not called for other
purposes), notice to the Company must be made not later than the
close of business on the 15th day following the day on
which the first public announcement of the date of the special
meeting was made.
A copy of the Policy has been filed under the
Company's profile at www.sedar.com.
The Policy will terminate at the conclusion of
the annual general and special meeting of the Company, currently
scheduled for November 15, 2013 (the
"Meeting"). At the Meeting, the Company proposes to amend its
articles to include introducing an advance notice requirement
similar to that contained in the Policy.
Neither 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.
About Lignol Energy Corporation
("LEC")
Lignol Energy Corporation is an emerging producer of biofuels,
biochemicals and renewable materials from waste biomass. LEC
is actively involved in the management of its wholly owned
subsidiary Lignol Innovations Ltd. It is also active in the
management of Territory Biofuels Limited, in which it has a
controlling interest, but has no influence over the activities of
Australian Renewable Fuels Limited, in which LEC owns a 21%
investment stake. The Company intends to invest in, or
otherwise obtain, equity interests in energy related projects,
which have synergies with the company and have the potential to
generate near term cash flow.
Caution concerning forward-looking
statements:
Certain statements contained in this document may constitute
forward-looking information within the meaning of applicable
securities laws. Such forward-looking statements or information
include, without limitation, statements or information about LEC's
Policy and the requirement for certain deadlines for notification
of nominations of directors depending on the type of meeting being
conducted, the proposed amendments to the articles at the Meeting,
LEC's ability to invest in, or otherwise obtain, equity interests
in energy related projects which have potential synergies with the
Company and which have the potential to generate near term cash
flow.
Often, but not always, forward looking
statements or information can be identified by the use of words
such as "plans", "expects" or "does not expect", "is expected",
"budget", "scheduled", "estimates", "forecasts", "intends",
"anticipates" or "does not anticipate", or "believes" or variations
of such words and phrases or words and phrases that state or
indicate that certain actions, events or results "may", "could",
"would", "might" or "will" be taken, occur or be achieved.
Such statements or information reflect LEC's
current views with respect to future events and are subject to
certain risks, uncertainties and assumptions including, without
limitation, LEC's ability to raise additional capital to fund
operations and to support the capital requirements of its
affiliates, the requirements of the potential effect of changes in
government policy relating to the environment, and incentives for
renewable fuels, the potential impact of changes in the prices of
feedstock and the market price of liquid fuels including biodiesel,
ethanol and renewable chemicals, the ability of LEC's subsidiary,
associate and investee company to generate future profits and to
pay dividends, and to meet increasing regulatory requirements,
LEC's ability to divest the ARW ordinary shares due to modest
trading volumes.
Many factors could cause LEC's actual results,
performance or achievements to be materially different from any
future results, performance or achievements that may be expressed
or implied by such forward-looking statements or information,
including among other things, financial market conditions which
will impact LEC's ability to finance its operations and to meet
future capital and investment requirements, the demand for the
market price of liquid fuels including gasoline, biodiesel,
ethanol, the market price and demand for renewable chemicals, risks
relating to the protection of technology from infringement and
those risk factors which are discussed elsewhere in documents that
LEC files from time to time with securities and other regulatory
authorities. Should one or more of these risks or uncertainties
materialize, or should assumptions underlying the forward-looking
statements or information prove incorrect, actual results may vary
materially from those described herein as intended, planned,
anticipated, believed, estimated or expected. Except as required by
law, the Company expressly disclaims any intention or obligation to
update or revise any forward looking statements and information
whether as a result of new information, future events or otherwise.
All written and oral forward-looking statements and information
attributable to us or persons acting on our behalf are expressly
qualified in their entirety by the foregoing cautionary
statements.
SOURCE Lignol Energy Corporation