Minera IRL Limited
AIM : MIRL
LMA : MIRL

Minera IRL Limited

November 27, 2015 09:00 ET

Minera IRL Limited Reports on Extraordinary General Meeting of Shareholders

LIMA, PERU--(Marketwired - Nov. 27, 2015) - Minera IRL Limited ("Minera IRL" or the "Company") (AIM:MIRL)(BVLAC:MIRL) announces that the requisitioned extraordinary general meeting of the Company (the "EGM") convened yesterday in accordance with the Notice of Meeting previously sent to members of the Company, has been adjourned to a date to be determined by the board of directors (the "Board") falling no later than Thursday December 17, 2015.

Mr. Jaime Pinto, Chairman of the board of directors and Chair of the EGM provided the following explanation:

"Information was brought to the attention of the Board early on the morning of the meeting suggesting that there may have been irregularities in the way the vote for the EGM was conducted. As Chair of the EGM, it is my responsibility to determine the validity of the votes cast by proxy or in person. I have received evidence of a potential violation of Ontario securities laws as a result of which a substantial proportion of the votes cast by proxy, significant enough in number to alter the outcome of the matters to be decided at the EGM, were cast on behalf of persons who do not have a corresponding economic interest in the future of the Company. Given the significance of the decisions made at the EGM to the future of this Company and my duties both to the Company and to the meeting, I therefore felt that I was unable to rule on the validity of the votes in question without conducting a proper investigation.

The Board expects to be able to complete its investigations of these matters within two to three weeks, and in any event by no later than Thursday 17 December. We will in due course be issuing further direction to the market on when the meeting will be reconvened. In the meantime, the Board wishes to assure all relevant stakeholders that it will conclude a properly diligent investigation of these matters as soon as reasonably practicable."

All forms of proxy validly submitted in advance of the EGM will remain valid for use at the adjourned meeting (save for the forms of proxy that are the subject of the board's investigation, about which no comment as to validity is made).

Shareholders who have already submitted valid forms of proxy and do not wish to change their vote do not need to take any action. Shareholders who wish to vote and have not yet submitted a form of proxy may do so in advance of the adjourned meeting. Shareholders wishing to change their vote may submit a revised form of proxy in advance of the adjourned meeting. All such forms of proxy must be submitted so as to be received by the registrar of the Company, Computershare Investor Services (Jersey) Limited, c/o Computershare Investor Services PLC, The Pavilions, Bridgewater Road, Bristol, BS99 6ZY, United Kingdom, by no later than 48 hours prior to the time appointed for the adjourned meeting. Shareholders on the Canadian Registry may instead return their proxy (so as to be received within the same deadline) to Computershare Investor Services Inc., Attention: Proxy Department, 100 University Avenue, 8th Floor, North Tower, Toronto, Ontario M5J 2Y1 Canada. The completion and return of a form of proxy will not preclude shareholders from attending and voting in person at the adjourned meeting should they wish to do so.

Cautionary Statement on Forward-Looking Information

Certain information in this news release, including information about the Company's financial or operating performance and other statements expressing management's expectations or estimates of future events, performance and exploration and development programs or plans constitute "forward-looking statements". Forward-looking statements often, but not always, are identified by words such as "seek", "believe", "expect", "do not expect", "will", "will not", "intend", "estimate", "anticipate", "plan", "schedule" and similar expressions of a conditional or future oriented nature identify forward-looking statements. Forward-looking statements are, necessarily, based upon a number of estimates and assumptions. While considered by management to be reasonable in the context in which they are made, forward-looking statements are inherently subject to political, legal, regulatory, business and economic risks and competitive uncertainties and contingencies.

The Company cautions readers that forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Minera IRL's actual financial results, future performance and results of exploration and development programs and plans to be materially different than those expected or estimated future results, performance or achievements and that forward-looking statements are not guarantees of future performance, results or achievements.

Forward-looking statements are made as of the date of this news release and Minera IRL assumes no obligation, except as may be required by law, to update or revise them to reflect new events or circumstances. Risks, uncertainties and contingencies and other factors that might cause actual performance to differ from forward-looking statements include, but are not limited to, any failure to obtain or complete project financing for the Ollachea Gold Project (including the Senior Debt Facility), changes in the price of precious metals and commodities, changes in the relative exchange rates of the US dollar against the Peruvian nuevo sol, interest rates, legislative, political, social or economic developments both within the countries in which the Company operates and in general, contests over title to property, the speculative nature of mineral exploration and development, operating or technical difficulties in connection with the Company's development or exploration programs, increasing costs as a result of inflation or scarcity of human resources and input materials or equipment. Known and unknown risks inherent in the mining business include potential uncertainties related to the title of mineral claims, the accuracy of mineral reserve and resource estimates, metallurgical recoveries, capital and operating costs and the future demand for minerals. For additional information, please consult the Company's most recently filed MD&A and Annual Information Form.

Contact Information

  • Minera IRL
    Eric Olson (COO)
    +1 (416) 907-7363

    Canaccord Genuity Limited
    (Nominated Adviser & Broker, London)
    Henry Fitzgerald-O'Connor
    Oliver Donaldson
    + 44 (0)20 7523 8000

    Buchanan (Financial PR, London)
    Bobby Morse / Anna Michniewicz
    +44 (0)20 7466 5000