Noranda Income Fund Receives Unitholder Meeting Requisition
November 24 2022 - 9:30PM
Noranda Income Fund (TSX:NIF.UN) (the “Fund”) today announced that
it received a meeting requisition notice (the “Requisition”) dated
November 24, 2022 on behalf of the beneficial holders of,
in aggregate, greater than 20% of the outstanding Class A Priority
Units of the Fund. The Requisition requests that Computershare
Trust Company of Canada, as sole trustee of the Fund, call a
special meeting of the unitholders of the Fund for the purposes of
(a) removing from office the four independent trustees of Noranda
Operating Trust (the “Trust”), and (b) if removed, filling the
vacancies created by their removal by electing four trustees
nominated by the requisitioning unitholders.
The Fund is reviewing the Requisition with the
assistance of its professional advisors and will respond in due
course. In the meantime, there is no need for unitholders of the
Fund to take any action.
The members of the board of trustees of the
Trust, including the four independent trustees, wish to assure
unitholders of their unwavering commitment to the best interests of
the Fund and its unitholders.
Forward-Looking Information
Certain information in this press release, including statements
regarding the Fund’s response to the Requisition, are
forward-looking information. In some cases, but not necessarily in
all cases, forward-looking information can be identified by the use
of forward-looking terminology such as "plans", "targets",
"expects" or "does not expect", "is expected", "an opportunity
exists", "is positioned", "estimates", "intends", "assumes",
"anticipates" or "does not anticipate" or "believes", or variations
of such words and phrases or state that certain actions, events or
results "may", "could", "would", "might", "will" or "will be
taken", "occur" or "be achieved". Statements containing
forward-looking information are not historical facts but instead
represent management's expectations, estimates and projections
regarding future events.
Forward-looking information is necessarily based
on a number of opinions, assumptions and estimates that, while
considered reasonable as of the date of this press release, are
subject to known and unknown risks, uncertainties, assumptions and
other factors that may cause the actual results, level of activity,
performance or achievements to be materially different from those
expressed or implied by such forward-looking information, including
but not limited to the factors described in greater detail in the
"Risk Factors" section of the Fund’s Annual Information Form dated
March 30, 2022 for the year ended December 31, 2021 and the Fund’s
other periodic filings available at www.sedar.com. These factors
are not intended to represent a complete list of the factors that
could affect the Fund; however, these factors should be considered
carefully. There can be no assurance that such estimates and
assumptions will prove to be correct. The forward-looking
statements contained in this press release are made as of the date
of this press release, and the Fund expressly disclaims any
obligation to update or alter statements containing any
forward-looking information, or the factors or assumptions
underlying them, whether as a result of new information, future
events or otherwise, except as required by law.
About the Noranda Income
FundNoranda Income Fund is an income trust whose units
trade on the Toronto Stock Exchange under the symbol “NIF.UN”.
Noranda Income Fund owns the electrolytic zinc processing facility
and ancillary assets (the “Processing Facility”) located in
Salaberry-de-Valleyfield, Quebec. The Processing Facility is the
second-largest zinc processing facility in North America and the
largest zinc processing facility in eastern North America, where
the majority of zinc customers are located. It produces refined
zinc metal and various by-products from sourced zinc concentrates.
The Processing Facility is operated and managed by Canadian
Electrolytic Zinc Limited, a wholly-owned subsidiary of Glencore
Canada Corporation. Further information about Noranda Income Fund
can be found at: www.norandaincomefund.com.
For more information: |
Paul EinarsonChief Executive Officer of Canadian Electrolytic
Zinc Limited, Noranda Income Fund’s ManagerTel.:
514-745-9380info@norandaincomefund.com |
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