Robex Vigorously Opposes the Unfounded Demand of Some of Its Minority Shareholders
October 09 2020 - 1:07PM
Robex Resources Inc. (“Robex” or the “Company”) (TSXV: RBX/FWB:
RB4) has been informed of the filing of an application for relief
orders in the Quebec Superior Court by a very small group of
minority shareholders. The allegations contained therein against
the Company, its directors, officers and the Cohen family are
unfounded and untrue. Robex intends to vigorously challenge the
claim and set the record straight under the applicable procedure.
The Company follows the applicable rules of good
governance and has made sure to maintain within its board of
directors and its various committees a sufficient number and the
active participation of experienced independent directors.
The Company, through its board of directors,
independent directors and officers, has always acted in the best
interests of the Company and all of its shareholders. At the last
shareholders’ meeting held on June 26, 2020, the directors were
re-elected with over 97.6% of the votes cast.
All financing completed by the Company since the
arrival in its administration of the Cohen family in 2013 has been
made in accordance with securities regulations and in a way that is
respectful of minority shareholders. Among other things, any
material element that needed to be brought to the attention of
shareholders has been disclosed in a timely and complete manner
without any objection from the shareholders at the time.
The Company considers the compensation of the
Company’s management team to be comparable to that of companies of
similar size and scope. Moreover, during the 2019 financial year,
in addition to the analyses performed by its independent directors,
the Company called on an independent specialist company to carry
out an analysis of the Company’s compensation practices. It
concluded that the compensation was in line with industry
standards.
Robex points out that it has been able to count
on funding from the Cohen family at critical times to keep it
going, even when the price of gold has been at historic lows over
the past decade and the stock markets were unfavourable to the
mining sector in general.
It should also be remembered that, at the start,
the Nampala mine in Mali, which constitutes the Company’s main
asset, was considered to be a deposit of insufficient quality and
quantity of very low grade, endowed with basic facilities, with
high financing needs, and that Mali was a country at war, weakened
by political tensions and then by the emergence of Ebola.
Since then, the Nampala mine has moved from
exploration to production – it is now operating profitably and its
operating costs are among the most competitive in the world.
The Company’s work and efforts have resulted in
creating value for all shareholders. Moreover, since the beginning
of 2020, the Company has declared payment of dividends of $0.06 per
share, which represents a dividend yield of 12% on the share price
as of September 24, 2020, valued at $0.50, while the share value
was $0.15 as of January 3, 2020.
After investing more than $70 million in the
development and commissioning of the Nampala mine under favourable
conditions for the Company, the Company has since proceeded to
almost fully repay its debts and it is now today one of the
healthiest operations in the industry.
The Company does not intend to comment further
on the ongoing legal proceedings.
About ROBEX
Robex Resources Inc. is a Canadian mining
company operating in gold production and exploration in West
Africa. The Company operates the Nampala mine in Mali, which
reached the commercial production stage on January 1, 2017.
For information:
Robex Resources Inc.
Benjamin Cohen, CEOAugustin Rousselet, CFO/COOHead office:
(581) 741-7421info@robexgold.com
This news release contains statements that may
be considered “forecast information” or “forecast statements” in
terms of security rights. These forecasts are subject to
uncertainties and risks, some of which are beyond the control of
Robex. Achievements and final results may differ significantly from
forecasts made implicitly or explicitly. These differences can be
attributed to many factors, including market volatility, the impact
of the exchange rate and interest rate fluctuations, mispricing,
the environment (hardening of regulations), unforeseen geological
situations, unfavourable operating conditions, political risks
inherent in mining in developing countries, changes in government
policies or regulations (laws and policies), an inability to obtain
necessary permits and approvals from government agencies, or any
other risk associated with mining and development. There can be no
assurance that the circumstances set out in these forecasts will
occur, or even benefit Robex, if any. The forecasts are based on
the estimates and opinions of the Robex management team at the time
of publication. Robex makes no commitment to make any updates or
changes to these publicly available forecasts based on new
information or events, or for any other reason, except as required
by applicable security laws. The TSX Venture Exchange or the
Regulation Services Provider (as defined in the policies of the TSX
Venture Exchange) assumes no responsibility for the authenticity or
accuracy of this news release.
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