Mundoro Capital Inc.

Mundoro Capital Inc.

June 18, 2012 08:27 ET

Mundoro Capital Inc. Provides Update on Annual General Meeting of Shareholders

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 18, 2012) - Mundoro Capital Inc. (TSX VENTURE:MUN) ("Mundoro" or the "Company") provided an update today on the Company's annual general meeting of shareholders (the "Meeting"), which is scheduled to be held on Monday, August 27, 2012. As previously announced, the Board of the Company has postponed the Meeting so that there is ample opportunity for any shareholder seeking to propose director nominations to do so in connection with an Advance Notice Policy (the "Policy") adopted by the Company.

On June 14, 2012, counsel to Northern Minerals Investment Corp. ("NMI") advised that it would be filing a petition in the Supreme Court of British Columbia (the "Petition") seeking (a) a declaration that the Policy is unenforceable; and (b) an order that the Company not disallow any nominations of a person for election to the Board on the basis of the Policy. NMI subsequently amended its Petition to also seek orders that the Company is not permitted to (i) postpone or adjourn the Meeting from June 26, 2012 to any later date or (ii) change the record date from May 22, 2012.

The Company and NMI appeared before the Court on June 15, 2012. The Company opposed the granting of any relief sought by NMI in its Petition. After hearing submissions from both sides, the Judge advised that his decision would be rendered by no later than the morning (Vancouver time) of Thursday, June 21, 2012.

While dissident shareholder NMI has yet to specifically state that it will be seeking to advance an alternate slate of directors, or alternate director nominees, at the Meeting, the Company believes that NMI and parties acting jointly or in concert are positioning themselves to launch a proxy fight for the Board.

The Company believes that NMI is connected to Allen Lee (also known as Allen Li, Hong Jun Lee or Hong Jun Li) and other possibly related parties as a result of the Company's review of certain public filings and NMI's and Mr. Lee's shared use of the same lawyers at one law firm. Mundoro had previously entered into a consulting agreement with the Allen Lee Group on September 18, 2008, as described in a press release of the Company. Because the Allen Lee Group was unable to achieve the objectives of the consulting arrangement, the agreement was neither renewed nor extended by the Company and expired on September 18, 2009.

Earlier this month, the Company raised concerns and questions with Mr. Lee regarding compliance with reporting requirements under applicable securities laws and specifically National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues. Counsel to Mr. Lee has provided a wholly unsatisfactory response to the Company. The Board is vigilantly continuing to review the cross-relationships to determine if any securities violations have occurred, particularly in light of a possible proxy battle.

"Your board will continue to vigilantly protect the interest of the Company to ensure, as a governance matter, a fair and informed election of directors," said Company Chairman John Hoey. "We urge Mr. Lee to come clean with his connections to NMI and other related companies so that shareholders have a full understanding of his holdings and, in particular, present to the Company and its shareholders his intentions for the board and the Company - both the law and principles of fairness demand this."

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 exploration areas are the Tethyan belt in South Eastern Europe and the Mesa Central Belt in Mexico, both of which are mineral belts the Company believes have strong exploration 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

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