Last checked at 28 Nov 2018 07:00
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
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