VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 17, 2012) - Mundoro Capital Inc. (TSX VENTURE:MUN) notes with concern the attempt by Mr. Hong Jun Li (Allen Li), a dissident shareholder, to falsely inflate his qualifications as part of his attempt to mislead shareholders and seize control of Mundoro.
Northern Minerals Investment Corp. (NMI), the dissident's vehicle, claims in its information circular that Mr. Li graduated from Harvard University with an MBA. But in response to an investigation by Mundoro, NMI acknowledged publicly on August 16, 2012, that Mr. Li in fact holds no such qualification but rather a short term AMP course.
The acknowledgement is buried towards the end of a press release blandly titled "Shareholder Updates Information".
"We are very concerned that Mr. Li should seek to mislead all Mundoro shareholders," John Hoey, Mundoro's chairman, said. "As we have reiterated to shareholders since we learned of Mr. Li's intentions, the company has bona fide concerns about the dissident group's deficient corporate governance practices and their lack of transparency. This example of false information provided by the dissidents' leader fits their 'hide-in-the-weeds' pattern, as it was described recently by the British Columbia Supreme Court."
In addition to the press release issued by NMI, Mundoro has asked the dissidents to take the following basic steps to ensure that shareholders are fully informed about Mr. Li's false statement:
- NMI must issue a revised circular to all shareholders by no later than the close of business on Friday, August 17, 2012, with the corrected information clearly outlined on the front cover, as is normal practice when such fundamental errors occur.
- The revised circular must be sent by courier to all shareholders no later than noon on Monday, August 20, 2012, to ensure that they are properly informed before the proxy voting deadline on August 23.
- All proxies solicited by NMI must be dated after receipt of the circular in order to ensure that shareholders have access to factually correct information.
Note to Mundoro shareholders:
Mundoro shareholders will elect directors for the coming year on Monday, August 27, 2012, at 11:00 a.m. (Vancouver time).
You are urged to vote your GOLD proxy ahead of the deadline of 11 a.m. (Vancouver time) on Thursday, August 23, 2012.
If you have already voted a blue proxy, you may revoke that vote in favour of a GOLD proxy up to the cut-off time.
If you have any questions and/or need assistance in voting your shares, please call Laurel Hill Advisory Group at 1-877-304-0211 (toll free) or 1-416-304-0211 (collect calls accepted) or e-mail firstname.lastname@example.org.
About Mundoro Capital Inc.
Mundoro is a Canadian based company which operates as a mineral acquisition, exploration, development and investment company. The Company's target areas are the Tethyan belt in South Eastern Europe and the Meso Central Belt in Northwestern Mexico, both of which are prolific mineral belts the Company believes have strong exploration and development potential. The Company maintains an interest in the Maoling Gold Project through its 5% interest in Mundoro Mining Inc.
Caution Concerning Forward-Looking Statements
Information included, attached to or incorporated by reference into this News Release may contain forward-looking statements. All statements, other than statements of historical fact, included or incorporated by reference in this News Release are forward-looking statements, including, without limitation, statements regarding activities, events or developments that the Board expects or anticipates may occur in the future. These forward-looking statements can be identified by the use of forward-looking words such as "will", "expect", "intend", "plan", "estimate", "anticipate", "believe" or "continue" or similar words or the negative thereof. The material assumptions that were applied in making the forward looking statements in this News Release include expectations as to the Company's future strategy and business plan and execution of the Company's existing plans. There can be no assurance that the plans, intentions or expectations upon which these forward-looking statements are based will occur. We caution readers of this News Release not to place undue reliance on forward looking statements contained in this News Release, which are not a guarantee of performance and are subject to a number of uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include general economic and market conditions, changes in law, regulatory processes, the status of Mundoro's assets and financial condition, actions of competitors and the ability to implement business strategies and pursue business opportunities. The forward-looking statements contained in this News Release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this News Release are made as of the date of this News Release and the Board undertakes no obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise, except as required by law. Shareholders are cautioned that all forward- looking statements involve risks and uncertainties and for a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to the Company's filings with the Canadian securities regulators available on www.sedar.com.
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