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Orefinders Objects to Delay in Mistango's Shareholder Meeting
Orefinders Objects to Delay in Mistango's Shareholder Meeting Canada NewsWire TO...
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[{"type":"text","content":"\n\n\n\nOrefinders Objects to Delay in Mistango's Shareholder Meeting\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, May 30, 2019\n\n\n\nTORONTO, May 30, 2019 /CNW/ - Orefinders Resources Inc. (\"Orefinders\" or the \"Company\") (TSX.V: ORX) announces that, as the largest shareholder of Mistango River Resources Inc. (\"Mistango\") (CSE: MIS), it is demanding that Mistango's management convene a shareholders meeting to be held within 60 days from today's date.\nMistango has not held a shareholder meeting since June 29, 2017.  It failed to hold its annual shareholders' meeting in 2018, but, in filings with Corporations Canada, Mistango misled the public and regulatory authorities by falsely stating that it held a shareholder meeting on June 19, 2018. Also, its proposed date of September 10, 2019 is 72 days past the due date for 2019's shareholder meeting deadline as required by the Canada Business Corporations Act.  This simply delays management's need to answer to shareholders while continuing to pay salaries, travel, exploration expenses and rent to insiders. The delays and misstatements regarding shareholders' meetings are a breach of Mistango's governing corporate law and an affront to its shareholders.\nGiven the current board's lack of concern for their legal and fiduciary responsibility to hold an annual shareholders' meeting to answer to the true owners of Mistango – its shareholders – we believe that this group have lost the moral authority to make any significant corporate decisions or transactions on behalf of Mistango's shareholders.  We are concerned that this continued delay may be meant to enable Mistango's management to complete a financing or other dilutive transaction for the inappropriate purpose of thwarting Orefinders' legitimate interests as a shareholder. Accordingly, our demand is simple and clear:  prior to any share issuance or asset transaction, Mistango's board of directors must seek a new mandate from shareholders. Anything less skirts the integrity of Canada's capital mar...