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November 30, 2016 22:52 ET Minera IRL Limited Announces AGM Results LIMA, PERU--(Marketwired - Nov. 30, 2016) - Minera IRL Ltd (BVLAC:MIRL) (the "Company") announces the results of the Annual General Meeting of Shareholders held on November 30, 2016 in Vancouver, Canada (the "AGM"). The Company put forward nine (9) resolutions to be voted on by shareholders at the AGM. The resolutions were outlined in the Management Information Circular dated 25 October 2016 that were posted to shareholders and is available on the Company's website at www.minera-irl.com. A brief description of the matters voted upon and the voting results of the AGM are provided in "Appendix A - Meeting Results" at the end of this press release. The total number of ordinary shares represented by shareholders present in person or by proxy at the Meeting was 75,919,070 representing 32.8% of the Company's outstanding ordinary shares. Board of Directors Pursuant to the articles of association of the Company (the "Articles"), each of the five directors of the Company in office prior to the AGM were proposed for election/re-election at the AGM. Prior to the AGM, each of Mr Julian Bavin, Mr Derrick Weyrauch and Mr Robert Schafer withdrew their consent to stand for election/re-election and as such the resolutions relating to such directors were not put to the AGM. Accordingly, each of Mr Bavin, Mr Weyrauch and Mr Schafer are no longer directors of the Company. The resolutions to elect/re-elect each of Mr Francis O Kelly and Mr Gerardo Perez were put to the AGM. The resolution to elect Mr O Kelly was not passed and as such Mr O Kelly is no longer a director of the Company. The resolution to elect Mr Perez was passed and as such Mr Perez remains the sole director of the Company. Pursuant to the Articles, Mr Perez has authority to appoint further directors. The minimum number of directors with which the board can make substantive decisions is three, so Mr Perez intends to appoint an additional two or more directors as soon as practicable. Other resolutions The resolutions to accept the financial statements of the Company for the year ended December 31, 2015 and to appoint PKF Littlejohn LLP to be the auditor of the Company for next year were passed. The resolutions to adopt new articles of association and granting the directors the authority to allot up to 115,567,514 ordinary shares without the application of the Company's pre-emptive rights described in Article 6.1 of the Articles did not pass, and will not be put into effect. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained in this news release.
Well it's past 3pm in Vancouver Canada. The AGM was scheduled to start at 10am. So more than 5 hours after the AGM was to start, there is still no news, not even from IKN. Looks like more funny business to me. The board of MIRL again seem adverse to counting votes.
LIMA, PERU, Nov 28, 2016 (Marketwired via COMTEX) -- LIMA, PERU--(Marketwired - Nov 28, 2016) - Minera IRL Ltd ("Minera" or "Company") (bvlac:MIRL) wishes to refute certain unsubstantiated statements made publicly by IKN Blog and others. The statement, "Peruvian shareholders believe that the newly constituted board is still trying to usurp the company and pave the way for a below market value sale or to enable themselves to take a significant position in the company," has no basis whatsoever. The Board's sole interest is in getting the Company relisted and shareholder value restored, and has acted diligently to restore trading on the Canadian and Peruvian exchanges and is awaiting final regulatory approval to rescind the "cease trade order." The Board is also arranging a procedure for UK shareholders to trade their shares on the CSE, such that no shareholder in the Company will be prejudiced by the interim arrangements. The Company maintains that the blog statement that the one-time owners of the Ollachea licences - RT - are "attempting to steal the Ollachea project" is a fantasy designed to destabilize the social licences with the Ollachea Community and mislead shareholders. Management is entirely convinced that RT has no interest in the Ollachea mine, since it contains resources well below that company's threshold for investment, and RT is known to want to divest their Minera shares once the Company is approved for trading. Furthermore, RT has not communicated with the Company regarding internal matters, and has not influenced the Board's decisions in any way. –– ADVERTISEMENT –– Finally, the Company vigorously denies that there is any discord between the Board and local management, who are doing an exemplary job in difficult circumstances, both with the Corihuarmi mine and realization of the Ollachea project. The Board and Management are united in their dedication to advance the interests of the Company for the benefit of all stakeholders. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained in this news release. Minera IRL Limited Francis O'Kelly President & CEO + 56 9441122648 Minera IRL S.A Diego Benavides Norlander President & CEO + 51 418 1230
Partial drilling results have been released http://minerairl.mwnewsroom.com/Files/ed/ed675363-7515-4c3c-8835-b5d7a58c1d27.pdf
More news from IKN. "The board of directors of Minera IRL are meeting tomorrow Monday to decide whether to postpone the AGM. If they do, they will have a maximum of two weeks to re-schedule (it must take place within one calendar year of the last AGM or EGM and if memory serves, that is December 14th latest date). If they decide to postpone it means only one thing, that they know they’re losing the AGM vote and will desperately try to save their hides with some sort of Hail Mary play in the two extra weeks, potentially releasing the now overdue drilling results from Ollachea and spin-marketing with those, potentially trying to convince Rio Tinto to vote actively, potentially attacking yours truly personally. Maybe even because they want to get an extra month’s salary and find reasons to draw a few extra fat consultancy fees before getting booted out. So at this point I recognize that there’s a chance that the AGM is delayed for a couple of weeks, we’ll find out tomorrow. If it happens, just add it onto the pile of self-serving and corporately expensive decisions this board has made, but it would also be the strongest signal possible that they are losing and we are winning."
Echo that. Its easy to become disheartened during such a lengthy time of being delisted. Any information at all is valuable and Otto has supplied plenty. Kudos to him.
Looks like we have another battle on our hands from more dishonest directors. However in Otto, I think we smaller investors have a real ally. I have just been on to Computershare to change my vote in accordance with his guidance. Vote FOR resolutions 1,4, and 7 and AGAINST all others to safeguard our interests. It seems like Gerardo Perez is the only director in tune with the locals and has the future benefit of the company for all at heart. I am now signed up to Otto's blog to stay up to date. If you read this Otto, thanks for your help.
http://incakolanews.blogspot.pe/2016/11/minera-irl-rio-tintos-justin-quigley-is.html
Ikn. I see he has a suggested voting form up on his site. Seems to make sense to me.
According to the press release the company can issue in excess of 50% anyway but only in lots of 25% and the 50% is in order to put a cap on rather than extend their ability to issue shares. I can't help but think that this is another attempt to fleece shareholders. The problem is that all trust in the company has evaporated. The only person I have any trust in is Diego in all this. If they want to rebuild trust they need to put him in charge of the whole show as far as I'm concerned. He is the only person who shareholders will believe.
A literal copy & paste from NR: "Additionally, 50% is simply an arbitrary number that was selected for purposes of drafting the request of shareholders." Are we just making up numbers now for sh*ts and giggles? This is supposed to be a professional company. You're having a laugh Francy boy. You lot should start getting paid in "arbitrary numbers". There's more spin creeping into these statements than a classic kylie minogue music video.
To O'Kelly from Peruvian shareholder over on ikn
For those, who like me, do not have a sign on to Ssifuentes link, the statement is on MIRL's website. http://www.minera-irl.com/en/news/press-releases However, I can't say that I'm very impressed with it.
Sorry
MINERA IRL LIMITED REPORTS ON CORPORATE DEVELOPMENTS AND RESPONDS TO SOCIAL MEDIA SPECULATION http://www.stockwatch.com/News/Sedardoc.pdf?docid=3704019
Smrrty, Just cut and paste the link I posted into your web browsers address field. There are quite a lot of articles about MIRL. The one I quoted from 10th Nov (dated 11/10/16 in Yank notation), is no longer on the current news page. If you scroll down to the bottom there is a link to older posts, click on that and you will see the start of the IKN posts about the AGM. Cheers
I've tried to find the ink post about this but can't. What motions if any is he opposed to? Which directors? What are your views in more detail? Cheers
trolling commenced. ikn has emails for all involved on refreshed post. they all have professional accreditation in some way or sort to go after as well. same as last year, all over again. too bad these guys are in vancouver and not working down the street from me this time.
Two new articles on IKN about MIRL. Posted below is the older one. Http://incakolanews.blogspot.co.uk/ "After an interesting afternoon meeting with Peruvian shareholders of Minera IRL (who control many millions of shares) it has become crystal clear to your author that the current directors of Minera IRL, led by arriviste Derrick Weyrauch, is trying to steal the company and its assets away from the shareholders in much the very same way that the scumbag Team Hodges attempted to do last year. The method they're using is to try and push through some draconian changes to the company in the hastily convened AGM set for November 30th, which is set to do the following: Remove the company permanently from the London Stock Exchange. Remove the company permanently from the Lima Stock Exchange (contrary to their current corporate position). Give the board of directors, a group of people with virtually zero shares in the company, the right to allocate up to 115m shares to whoever they want and at any price they want without getting any further permission from their shareholders. Sell a massive part of the company's assets to their preferred friends at a near-criminal discount the true value of the company, all to the detriment of current shareholders. The group of Peruvian shareholders with whom I spoke today are up in arms about the way in which the directors of IRL, led by Weyrauch and the George Bee asset strippers and in cahoots with Rio Tinto, are trying to steal the company all over again. On hearing their case and reading through the 2016 Management Information Circular carefully this evening after meeting with the group of concerned shareholders, I am forced to agree. The Peru shareholders have decided to vote en masse against the current board on November 30th and in order to stop this legalized asset rape, they need everyone in The UK and Canada to know what's going on. Expect more on the subject."
good question ....I've got the same problem. If it re-lists on the Canadian or Peruvian market I suspect that we are stuffed in terms of tax free ISA because of the different laws on taxation in those countries . I also think that if they then get a listing at a later date on Aim, then even if we could transfer back to the uk we would be taxed on any profit made
Anyone in the U.K. Who also had this in an ISA and then got bumped out because of the delisting, do you have any idea if this gets bumped back in when it realists or are you out the ISA wrapper once you're out?
Thanks for posting. That's great news. I always liked the sound of this project and its approach to community relations. I for one will be staying invested.
This is a situation where prior controversy has depressed the share price to levels of an order of magnitude of what other less advanced gold project are commanding. There is a capacity for a very substantial increase in the share price. When trading opens, MIRL shares will be able to be traded on the Lima Stock Exchange and as a temporary measure on the Canadian CSE Exchange, whilst the company’s application for reinstatement on the TSX is being processed. O’Kelly himself comments that he is anticipating the lifting of the OSC “cease trade order” any day now and that some shareholders may see this as an opportunity to dump the stock whilst others may recognize this as a unique opportunity to make a killing. His personal view, and he is not one prone to hyperbole, is that the stock is chronically undervalued. The writer has known O’Kelly off and on for over 50 years so writes with personal experience of his character. O’Kelly goes on to note that companies like Dalradian command a market cap ten times that of MIRL, whilst possessing comparable resources but still have permitting and financing challenges ahead. Meanwhile MIRL has a producing gold mine, a fully funded project with all the permits in place, a 1.2 km access tunnel, an EPC fixed price contract with Peru’s largest mine construction company and a 30 year social license for the local community. One can count on one hand, he says, the number of gold projects as advanced as Ollachea. His short term target is to get the stock price over CAD $0.30.
https://lawrieongold.com/2016/10/21/minera-irl-close-to-re-start-of-canadian-trading/ An email from Frank O’Kelly, Chairman and Interim CEO of Latin American junior gold miner/developer, Minera IRL suggests that he, and his colleagues, now anticipate that the Ontario Securities Commission will shortly allow trading to resume in MIRL stock. Trading was suspended when the company failed to file its 2015 financials, a situation precipitated by the untimely death of the then Chairman and CEO, Courtney Chamberlain, and a subsequent internal struggle for control of the company. Since that time much has changed with regard to the executive management of the company: The former directors have been replaced and legal disputes resolved pursuant to an extraordinary meeting of the shareholders and the appointment of long term consultant to the company, O’Kelly, as Chairman and interim CEO. Mr. O’Kelly is a seasoned professional with many years of experience of mining in South America. The company is now completely up to date with its filings and the Board has been reconstituted with high profile individuals including most recent addition, Robert Schafer, President of Canada’s Prospectors and Developers Association. The company has an operating gold mine in Peru in Corihuarmi, which is close to the end of its operating life. But its flagship project is a major advanced new gold mine development, Ollachea, located in Puno in the South of Peru. This project is fully funded by a Peruvian State Development Bank ($240 million facility of which $70 million has been advanced). The mine is fully permitted and has subscribed a 30 year social license with the local community. The mineral resource exceeds 2.40 million ounces Au and M+I reserves of 1 million ounces, which will sustain a production of 100,000 ounces of gold per annum for a decade. The company is presently drilling off an already constructed 1.2 km access tunnel with a target of adding an additional 600,000 ounces to the resource. The down dip extension which is currently being drilled reports intersections up to 20 m with grades from the only 3 holes for which so far have assays reporting 5 g/t Au, some 40% better grade than the main ore body which was delineated with 82,000 m of drilling. AMEC has filed a NI 43-101 compliant feasibility study. In anticipation of production by the end of 2018 the company has negotiated a fixed price turnkey EPC contract with Peru’s largest mine construction company, Graña y Montero, and is currently assembling what it describes as a first class owner’s management team. MIRL is in the process of commencing detailed design and placing orders for long lead capital items of equipment. The company reckons that there are only a handful of advanced gold projects in the condition of Ollachea and there should be enthusiastic acceptance from investors.