CALGARY, ALBERTA--(Marketwired - May 9, 2014) - Lightstream Resources Ltd. (the "Company" or "Lightstream") (TSX:LTS) is extending the deadline for submission of proxies for our upcoming annual general meeting of shareholders to be held on May 14, 2014 at 9:00 a.m. (MST). All forms of proxy may now be deposited with Olympia Trust Company at any time prior to the commencement of the meeting.
Lightstream's by-laws currently impose a quorum requirement of 50% of the shares entitled to vote at the meeting. Despite our efforts and those of our proxy solicitation agent, Kingsdale Shareholders Services, to encourage shareholder participation, it is uncertain at this time whether the 50% quorum level will be satisfied. Without quorum, the business of the upcoming annual general meeting, which includes a proposal to amend our by-laws to reduce the quorum requirement to 25% for future shareholder meetings, will not be able to proceed and additional cost and delay will be incurred in adjourning or cancelling the meeting. If passed, the quorum amendment will be consistent with the quorum requirements of our peers, eliminate costs associated with proxy solicitation agents, and align with governance practices.
The proxy submission deadline has been extended to allow any shareholders who have not yet voted to submit their votes. Shareholders who have not yet voted are encouraged to submit their votes online, through their brokers or other intermediaries, using the instructions provided on the proxy materials mailed last month, or by contacting Kingsdale via: toll-free phone in North America 1-855-682-2023 / outside North America 1-416-867-2272, by e-mail: email@example.com, fax: 416-867-2271, or toll-free fax: 1-866-545-5580.
We encourage shareholders to participate in our annual meeting and vote their shares. Our annual meeting will be held at the Metropolitan Centre, 333-4th Avenue S.W., Calgary, Alberta, and will also be available by live webcast http://www.gowebcasting.com/5213.
Lightstream Resources Ltd. is an oil and gas exploration and production company combining light oil Bakken and Cardium resource plays with conventional light oil assets, delivering industry leading operating netbacks, strong cash flows and production growth. Lightstream is applying leading edge technology to a multi-year inventory of Bakken and Cardium light oil development locations, along with a significant inventory of opportunities in the Horn River gas resource play in northeast BC. Our strategy is to deliver accretive production and reserves growth, along with an attractive dividend yield.