Metanor Resources Inc.
TSX VENTURE : MTO

Metanor Resources Inc.

May 08, 2013 13:07 ET

Metanor Updates Bylaws With Advance Notice Requirement for Director Nominations

VAL-D'OR, QUÉBEC--(Marketwired - May 8, 2013) - Ressources Métanor Inc. ("Metanor") (TSX VENTURE:MTO) announces the adoption of Bylaw 3 - 2013 (the "Bylaw") by its board of directors which requires advance notice for any director nomination. The purpose of this Bylaw is to ensure that shareholder meetings are conducted in an orderly and efficient manner and that all shareholders have access to the same information pertaining to all directors nominated for election so they may cast an informed vote.

The Bylaw includes a provision that requires advance notice to Metanor in circumstances where nominations of persons for election to the Board are made by shareholders other than pursuant to a requisition of a meeting made pursuant to the provisions of the Canada Business Corporations Act or a shareholder proposal made pursuant to the provisions of such act. The Bylaw fixes a deadline by which holders of record of common shares must submit director nominations prior to any annual or special meeting of shareholders and sets forth the specific information that a shareholder must include in the written notice for an effective nomination to occur. No person will be eligible for election as a director of Metanor unless nominated in accordance with the provisions of the Bylaw. In the case of an annual general meeting of shareholders, notice to Metanor must be made not less than 30 nor more than 65 days prior to the date of the annual general meeting of shareholders; provided, however, that in the event that the annual general meeting of shareholders is to be held on a date that, is less than 40 days after the date (the "Notice Date") on which the first public announcement of the date of the annual meeting was made, notice by the nominating shareholder may be made not later than the close of business on the tenth (10th) day following the Notice Date. In the case of a special meeting (which is not also an annual general meeting) of shareholders called for the purpose of electing directors (whether or not called for other purposes), notice must be made not later than the close of business on the fifteenth (15th) day following the day on which the first public announcement of the date of the special meeting of shareholders was made.

The Bylaw is effective immediately and shareholders of Metanor will be asked to confirm and ratify the Bylaw at the next shareholders meeting. The full text of the Bylaw is available via SEDAR at www.sedar.com.

In addition, Metanor announces that an officer has been granted 100,000 share purchase options March 11, 2013. The options are valid for a ten year period and may be exercised at the price of 0.25$ each.

237,650,916 outstanding shares

Neither the TSX Venture Exchange, nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

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