VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 29, 2014) - Formation Metals Inc. (TSX:FCO) ("Formation" or "the Company") announced today that it has been advised that Dundee Corporation's ("Dundee") legal counsel has sent for filing a Consent Dismissal Order of the Petition proceedings with the Supreme Court of British Columbia signed by counsel for all parties of record to that matter to dismiss the proceedings against Formation and all other respondents, including all Formation directors at the time of the initial filing of the Petition in June 2013, in response to the Company's announcement of the proposed sale of certain assets as discussed in the Company's news release dated June 6, 2013. All parties of record to the proceeding have agreed to the dismissal of the Petition without costs to any party and the dismissal order has been sent for filing with the Supreme Court of British Columbia.
Dundee remains Formation's largest single shareholder and is the beneficial owner of 17.1% of the Company's issued shares. Recent board appointments announced in March 2014 have included increased representation of Dundee on the Company's Board of Directors.
"We are pleased to have this lawsuit behind us," commented Mr. Robert Quinn, Chairman of the Board of Formation. He continued, "We have been working harmoniously with our new directors who have been contributing added value to the board. Their combined knowledge and experience is expected to result in significant additional opportunities for Formation and its stakeholders moving forward."
The Board of Directors of Formation Metals Inc. consists of seven members, namely, Mr. Robert J. Quinn, Chairman, Mr. David Stone, Mr. Robert Metka, Mr. James Engdahl, Mr. Greg Hahn, Mr. Scott Hean and Mr. David Christie. Governor Cecil D. Andrus remains Director Emeritus.
Formation Metals Inc. is dedicated to the principles of environmentally sound mining and refining practices, and believes that environmental stewardship and mining can co-exist. Formation trades on the Toronto Stock Exchange under the symbol FCO.
Formation Metals Inc.
J. Paul Farquharson, Interim President & C.E.O.
This news release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. Generally, forward-looking statements can be identified by the use of forward- looking terminology. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements that are contained herein, except in accordance with applicable securities laws. Further information on the Company is available at www.sedar.com.
The statements contained in this news release in regard to Formation Metals Inc. that are not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including Formation Metals Inc.'s beliefs, expectations, hopes or intentions regarding the future. All forward-looking statements are made as of the date hereof and are based on information available to the parties as of such date. It is important to note that actual outcome and the actual results could differ from those in such forward-looking statements. Factors that could cause actual results to differ materially include risks and uncertainties such as technological, legislative, corporate, commodity price and marketplace changes.