KINGSTON, ONTARIO--(Marketwire - Oct. 26, 2012) - In order to quell numerous rumours, and to clearly state its position, 1518164 Ontario Inc. ("151") announces the following:
151 is a privately-held, Ontario corporation which owns, and is entitled to vote, 3,949,855 common shares of GTA Resources and Mining Inc. (TSX VENTURE:GTA), and referred to in this release as "GTA"). At last report, GTA had 25,431,855 common shares outstanding. 151's ownership of common shares of GTA represents approximately 15.5 % of the issued and outstanding common shares of GTA.
The directors and officers of 151 include Mr. Stephen Stares, Mr. Michael Stares, Mr. Clint Barr and Mr. Robert Duess (the "151 Directors").
Belmont Capital Corporation ("Belmont") issued a press release on October 16, 2012 indicating that it, and certain other shareholders of GTA, (collectively the "Requisitioning Shareholders") have requisitioned a meeting of the shareholders of GTA pursuant to Section 105(1) of the Business Corporations Act to replace each of the current directors of GTA, other than Mr. Stephen Stares.
The 151 Directors have heard suggestions and numerous rumours that 151, and certain of the 151 Directors, support the Requisitioning Shareholders.
151 and each of the 151 Directors hereby confirm that they have not supported, and do not support, the Requisitioning Shareholders in their pursuit of the requisitioned shareholders' meeting or their attempts to replace the board of directors of GTA with the Requisitioning Shareholders' own preferred slate of directors. If, and/or when, the meeting of shareholders' requisitioned by the Requisitioning Shareholders is held, 151 intends to vote all of its common shares in support of the existing board of directors of GTA.
This press release has been unanimously approved by all of the directors of "151".
On behalf of the board of directors, 1518164 Ontario Inc.
Stephen Stares, Director