TORONTO, ONTARIO--(Marketwired - Oct. 5, 2016) - Frontier Rare Earths Limited ("Frontier" or the "Company") (OTCQX:FREFF) announces that the special meeting (the "Meeting") of holders of ordinary shares of the Company (the "Shareholders") scheduled for October 6, 2016, at which Shareholders will consider resolutions relating to a proposed share consolidation (the "Consolidation") as set out in the Company's management information circular dated August 18, 2016 (the "Circular"), has been postponed.
The Company has received comments from Ontario Securities Commission staff ("OSC") including raising certain concerns in relation to disclosure in the Circular with respect to the Consolidation and the process followed by the Company in evaluating the potential transaction. The Company is in discussions with OSC staff as to the nature of these concerns and the appropriate process to be followed to address them. It is currently expected that this will result in a further review of the Consolidation by the Company. The Company will update Shareholders as appropriate in due course as to the outcome of this process. If the Company determines to proceed with the Consolidation, it will provide Shareholders with further information, including as to the rescheduling of the Meeting and additional disclosure by means of a supplement to the Circular.
Frontier is a mineral exploration and development company principally focused on the development of the Zandkopsdrift rare earth project, located in the Northern Cape Province of South Africa and the Lurio graphite project, a flake graphite deposit in Mozambique.
Cautionary Note Regarding Forward-Looking Information
Forward Looking Statements - This news release contains "forward-looking information", which may include, but is not limited to, statements with respect to the proposed Consolidation and related matters. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Forward-looking information contained herein are made as of the date of this press release and the Company disclaims, any obligation to update any forward-looking information whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise, other than as required by Canadian securities laws.
There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, the reader is cautioned not to place undue reliance on forward-looking information.