TORONTO, 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.
Mistango 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.
Given 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 markets and corporate
law.
If Mistango's management insists on completing a financing prior
to its shareholders' meeting, Orefinders is prepared to participate
pro rata – at least 31% – and Orefinders encourages Mistango's
management to allow other Mistango shareholder to participate
pro-rata in any such financing to ensure the financing is fair to
current shareholders.
About Orefinders Resources Inc.
Orefinders is a Gold exploration and development company focused
primarily within the Abitibi Greenstone Belt. The Company is listed
on the TSX Venture Exchange under the symbol ORX.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release. Certain information in this press release may contain
forward-looking statements. This information is based on current
expectations that are subject to significant risks and
uncertainties that are difficult to predict. Actual results might
differ materially from results suggested in any forward-looking
statements. Orefinders' assumes no obligation to update the
forward-looking statements, or to update the reasons why actual
results could differ from those reflected in the forward
looking-statements unless and until required by securities laws
applicable to Orefinders. Additional information identifying risks
and uncertainties is contained in filings by Orefinders with
Canadian securities regulators, which filings are available under
Orefinders' profile at www.sedar.com.
SOURCE Orefinders Resources Inc.