TORONTO, ONTARIO--(Marketwire - Nov. 14, 2012) - Continental Precious Minerals Inc. (TSX:CZQ) (the "Company" or "Continental") announced board approval of amendments to its by-laws to include advance notice provisions, the purpose of which is to require that advance notice be provided to the Company in circumstances where nominations of persons for election to the board of directors of the Company are made by shareholders other than pursuant to the requisition of a meeting or a shareholder proposal, in each case as made in accordance with the provisions of the Business Corporations Act (Ontario).
Among other things, the advance notice provisions fix a deadline by which shareholders must notify the Company of nominations of persons for election to the board and provides that the same information about the proposed nominee as one would have to include in a dissident proxy circular under applicable securities laws must be provided to the Company by the deadline.
Mr. Edward Godin, CEO of Continental said, "The approval of the advance notice by-law amendment aims to ensure that an orderly nomination process is observed and that shareholders are well-informed about director nominees."
The amendment to the by-laws is effective as of the date it was approved by the board of directors of the Company, being November 14, 2012. In accordance with the provisions of the Business Corporations Act (Ontario), the amendment will be subject to confirmation by shareholders at the annual and special meeting of shareholders, which will be adjourned to and held on December 20, 2012. The Company plans to mail an amended notice of meeting and management information circular to include this additional item of business. The amendment will apply to this meeting, unless it is ultimately not confirmed by shareholders. For the December 20, 2012 meeting, any nomination by shareholders for a proposed director that is received by the Company on or before November 20, 2012 will be deemed to have been delivered on a timely basis.
The amendment, containing the full details of the advance notice provisions, is being filed under the Company's profile on SEDAR at www.sedar.com.
About Continental Precious Minerals Inc.
Continental Precious Minerals Inc. is a multi-mineral exploration company with multiple interests and exploration licences in Sweden. Since March 2005, Continental's primary goal has been to advance its Swedish assets. The Company is also evaluating other opportunities as they emerge in current market conditions.
Cautionary Statement Regarding Forward-Looking Statements
This news release contains "forward-looking information" within the meaning of applicable Canadian securities laws, including statements regarding the Company's plans to mail an amended notice of meeting and management information circular. Forward-looking information is not a guarantee of future performance, given that it involves risks and uncertainties. Except as required by law, the Company does not assume and expressly renounces any obligation to update any forward-looking information, which are only applicable on the date on which they were made.