Mundoro Capital Inc.
TSX VENTURE : MUN

Mundoro Capital Inc.

July 20, 2012 18:16 ET

Mundoro Announces Reasons for the Favourable Judgment Released by the Supreme Court of British Columbia

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 20, 2012) - Mundoro Capital Inc. (TSX VENTURE:MUN) ("Mundoro" or the "Company") is pleased to announce the Supreme Court of British Columbia has released its Reasons for Judgment dismissing an application brought last month by a dissident shareholder Northern Minerals Investment Corp. ("NMI") to prevent Mundoro from (i) postponing its annual general meeting of shareholders (the "Meeting"), (ii) changing the record date for the Meeting and (iii) for a declaration that an advance notice policy (the "Policy") previously approved and announced by the Company's Board of Directors is unenforceable.

The Court dismissed NMI's application in its entirety.

In dismissing NMI's request that Mundoro be prevented from postponing the Meeting and from changing the record date for the Meeting, the Court held: "The petitioner [NMI] has not placed before this Court any evidence that the directors were acting other than in the best interests of the shareholders of the company…it is the petitioner [NMI] who has acted in its own interest as a shareholder but not necessarily in the interests of all shareholders…".

In dismissing NMI's request that the Policy be declared unenforceable, the Court held: "…the actions of the petitioner [NMI] in apparently originally planning to "hide in the weeds" until the AGM appear to be aimed at preventing all shareholders from having notice and the opportunity to vote in a proxy contest."

"We are very pleased with this thoughtfully considered judgment," commented Mr. Hoey, Chairman of the Board of Directors of Mundoro.

The Meeting will be held on August 27, 2012, with a record date of July 27, 2012, as previously announced.

Further details on the Meeting will be contained in a Notice of Meeting and Management Information Circular that will be mailed to shareholders of the Company and filed on SEDAR in the coming weeks.

On behalf of the Company,

Teo Dechev, Chief Executive Officer, President and Director

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

Investors are encouraged to review 'Risk Factors' as outlined in the Company's disclosure documents and other regulatory filings, available on the SEDAR website at www.sedar.com.

The statements herein that are not historical facts are forward-looking statements. These statements address future events and conditions and so involve inherent risks and uncertainties, as disclosed under the heading "Risk Factors" in the company's periodic filings with Canadian securities regulators. Actual results could differ from those currently projected. The Company does not assume the obligation to update any forward-looking statement.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Mundoro Capital Inc.
    Teo Dechev
    CEO, President and Director
    +1-604-669-8055
    +1-604-669-8056 (FAX)
    info@mundoro.com