Business
Oremex Silver announces deferral of dividend-in-kind and resignation of director
TORONTO, July 10, 2012 /CNW/ - Oremex Silver Inc. ("Oremex" or the "Company") (TSX Ventu...
About this update from Monarca Minerals Inc.
[{"type":"text","content":"\n\n\n\n\n\nTORONTO, July 10, 2012 /CNW/ - Oremex Silver Inc. (\"Oremex\" or the \"Company\") (TSX Venture: OAG) (OTCQX: ORAGF) (Frankfurt: OSI) announced today that its Board of Directors has determined to defer,\n until further notice, the payment of the dividend-in-kind of 14,000,000\n common shares (the \"Dividend\") it holds in the capital of Oremex Gold\n Inc. (TSX Venture: OAU) previously announced on April 2, 2012.\n\n\nDue to current financial market conditions and its impact on the\n Company's operations and current financial resources since the date the\n Dividend was first declared, the Company does not presently satisfy the\n technical corporate law requirements applicable to the payment of\n dividends. As such, the Board of Directors is required to defer the\n payment of the Dividend until such time as market conditions and the\n financial outlook of the Company have improved.\n\n\nThe Company continues to explore initiatives directed at optimizing\n operating margins and enhancing shareholder value.  The Company will\n issue a press release advising as to the specifics regarding these\n items at such time as the Board of Directors deems appropriate and\n necessary in connection with its continuous disclosure and Dividend\n payment obligations.\n\n\nThe Company further announces that Mr. Chris Marcus has resigned from\n his position as a director of the Company to focus on other\n commitments. \"I want to thank Chris for his contributions to the\n Company and wish him well in his future endeavors\" said Mr. Michael\n Smith, CEO of Oremex.  Following the resignation, the board is\n comprised of Messrs. John Carlesso, David Terry, David Prins and\n Michael Smith.\n\n\nAbout Oremex Silver Inc.\n\n\nOremex Silver Inc. is a Canadian company focusing on the exploration and\n development of silver projects along the highly productive mineralized\n belt in Mexico. The Company has a portfolio of silver projects\n including a mineral resource of 50.8 million ounces of silver at its\n Tejamen deposit. The Company's projects are located in mining-friendly\n jurisdictions and the management team has successful track record of\n mine development in Mexico.\n\n\nCautionary Note Regarding Forward-Looking Statements\n\n\nCertain statements contained in this news release may constitute\n forward-looking information, (colle...