TORONTO, ONTARIO--(Marketwired - April 11, 2014) -
NOT FOR DISSEMINATION IN THE UNITED STATES
Virgin Metals Inc. (the "Company") (TSX VENTURE:VGM) is today providing an update regarding its upcoming special meeting on April 16, 2014 (the "Special Meeting"). The Company has determined to extend the proxy submission deadline to Tuesday April 15, 2014 at 12:00 Noon.
The background to today's announcement relates to a voting agreement dated September 21, 2011 (the "Voting Agreement") entered into by two parties (the "Parties") and the Company. Pursuant to the Voting Agreement, the Parties are obligated to irrevocably and unconditionally vote their shares at every shareholder meeting as the board of the Company specifies in the management information circular prepared in connection with the particular meeting. The Parties are further obligated to deliver a proxy entitling a Company designee to vote the shares at a particular shareholder meeting in accordance with the recommendations of the board of the Company as set forth in the management information circular to which the proxy relates.
The Company understands that the Parties, who the Company believes represent 11,952,575, or 20.23%, of the issued and outstanding shares of the Company, do not currently intend to fulfill their obligations under the Voting Agreement as a result of which, the potential outcome of the shareholder vote at the Special Meeting on the special business remains uncertain. The Company is considering legal action against the Parties.
In light of these developments, the Company has determined that it would be appropriate to extend the deadline by which it will accept the submission of proxies from 48 hours before April 16, 2014 to Tuesday, April 15 at 12:00 Noon.
About Virgin Metals
Virgin Metals is a junior exploration and development company; its projects include the Los Verdes copper-molybdenum porphyry project in Sonora, northern Mexico which is currently the subject of a pre-feasibility study.
This news release contains forward-looking statements. The use of the words "may", "believe", "could", "would", "might", or "will be taken", "occur" or "be achieved" and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The forward-looking statements set forth in this news release are subject to various risks and other factors which could cause actual results to differ materially from those expressed or implied in the forward-looking statements. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements.
You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company disclaims any intention or obligation to update or revise any of the forward-looking statements in this news release, whether as a result of new information, future events or otherwise, or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.