West Melville Announces Results of Annual General and Special Meeting, Cancels Incentive Stock Options
November 18, 2015
Vancouver, B.C. – West Melville Metals Inc. (WMM: TSX-V) (“West Melville” or “the Company”) November 18, 2015, announces that the Company held its Annual General & Special Meeting (the “Meeting”) of shareholders on November 18, 2015 at 10:00 a.m. (Pacific Time) at the Company’s offices.
At the Meeting, the shareholders approved all resolutions including a resolution for a proposed share consolidation. The Company may effect a consolidation of the issued and outstanding common shares of the Company on the basis that no more than every four (4) issued and outstanding common shares without par value before consolidation be consolidated into one (1) issued and outstanding common share without par value after consolidation (the “Proposed Consolidation”). The Proposed Consolidation is subject to the acceptance by the TSX Venture Exchange and may be completed at any time before the Company’s next Annual General Meeting.
Management and the Board of Directors believe that the Proposed Consolidation is in the best interests of the Company and its shareholders, and that a successful completion of the consolidation would allow the Company important flexibility to amend its capital structure and complete future financings.
Also at the Meeting, Jeff Stibbard did not stand for re-election as a member of the board. Mr. Stibbard has been a valuable member of the board for many years and the Company would like to thank him for his time, loyalty and value added to the Company. Anish Sunderji also did not stand for re-election at the Meeting, but it was resolved at the subsequent meeting of the directors that Mr. Sunderji be re-appointed to the board.
The Company announces that Mr. Frederic Leigh Jr. has joined the Board of Directors. Mr. Leigh is the principal of a private British Columbia company providing fundraising, investor relations and advisory services. He has over 10 years of experience with companies in the mining and technology sectors worldwide, acting in an investor relations and advisory role for a number of publically listed companies. The Company’s board of directors now consists of John Robins, James Paterson, Rory Moore, Anish Sunderji and Frederic Leigh Jr.
The Company also announces that a total of 524,000 incentive stock options, under its Share Option Plan, which were granted to certain employees, consultants, officers and directors (the “Optionees”) of the Company have been cancelled. 256,500 of the incentive stock options were priced at $5.00 and 267,500 were priced at $0.50. The cancellation is subject to the written acceptance of the cancellation from the Optionees.
About West Melville Metals Inc.
West Melville is a specialty metals exploration company working to advance the Isortoq iron-titanium-vanadium project in Greenland. The Company has assembled an experienced management team with a track record of discovery success and a Board of Directors with expertise covering the essential fields of geology, engineering and finance. The Isortoq Project offers a combination of low geological risk with significant upside potential in the high value specialty metal sector.
On behalf of the Board of Directors
Rory O. Moore, Ph.D.
President and CEO
West Melville Metals Inc.
For further information about West Melville Metals Inc. or this news release, please visit our website at www.westmelville.com or contact Investor Relations 604-682-4750, or by email at firstname.lastname@example.org.
Forward Looking Statement Cautions: This press release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, relating to, among other things, the Company’s Proposed Consolidation and option cancellation. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "aims," "potential," "goal," "objective," "prospective," and similar expressions, or that events or conditions "will," "would," "may," "can," "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include, the inability of the Company and Northern Empire to settle up on the terms of a definitive option agreement to supersede the LOI, possible, accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company's business and prospects. The reader is urged to refer to the Company's reports, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete discussion of such risk factors and their potential effects.
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.