Business
Metalore Announces AGM Results and Strategic Review
SIMCOE, ON / ACCESSWIRE / September 28, 2020 / Metalore Resources Limited (TSXV:MET) ("Metal...
About this update from Metalore Resources Limited
[{"type":"text","content":"Metalore Announces AGM Results and Strategic ReviewSIMCOE, ON / ACCESSWIRE / September 28, 2020 / Metalore Resources Limited (TSXV:MET) (\"Metalore\" or the \"Company\") is pleased to announce the results of its recent annual general meeting of shareholders (\"AGM\"), which was held on September 26, 2020.A total of 1,280,546 common shares (72.14% of the votes attached to all outstanding common shares as at the record date) were represented at the AGM. All the matters submitted to the shareholders for approval as set out in the Company's notice of meeting and information circular dated September 1, 2020, were approved by the requisite majority of votes cast at the AGM.Shareholders approved setting the size of the Board to five directors as follows: Armen Chilian, Donald Bryson, Timothy Cronkwright, Bruce Davis and John McVicar. Following the AGM, the Board appointed Armen Chilian as President and Chief Executive Officer, and Donald Bryson as Chief Financial Officer.COMMENCEMENT OF STRATEGIC REVIEWThe Board of Directors announces that it has commenced a review to explore a variety of strategic alternatives intended to maximize shareholder value. Such strategic alternatives may include, but are not limited to, a sale of the Company, a recapitalization of the Company, a merger with another entity, a sale of some or all of the assets of the Company, or a combination of any of the foregoing.\"Our Board of Directors is focused on creating value for our shareholders and therefore we are conducting a review of strategic alternatives to ensure that the true value of the Company is recognized,\" stated Armen Chilian, President and Chief Executive Officer of Metalore.The Board of Directors of Metalore believes that the Company has a conservative capital structure and attractive assets all of which are in Canada and are not fully valued by the market, and are worth at least $4.00 per share:Control Blocks (Agrita Chilian 32.7%) and Southern Ontario Natural Gas Limited (SONG is a company controlled by the Chilian Family) (26.4%) are available for purchase;Only 1,775,035 shares outstanding with no outstanding warrants or options$500,000 cash in bank with no outstanding debt; $500,000 unused line of creditNo outstanding legal issues against the CompanyCedartree Property, Northwestern Ontario containing NI 43-101 compliant gold resourceActive JV ...