Northern Iron Announces Adoption of Advance Notice By-Law for Future Shareholder Meetings
19 März 2014 - 6:35PM
Marketwired
Northern Iron Announces Adoption of Advance Notice By-Law for
Future Shareholder Meetings
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 19, 2014) -
Northern Iron Corp. ("Northern" or the "Company") (TSX-VENTURE:NFE)
(OTCQX:NHRIF) (FRANKFURT:N8I) announces the approval and adoption
by its Board of Directors of an advance notice by-law (the
"By-Law"). The purpose of the By-Law is to provide shareholders,
directors and management of the Company with a clear framework for
nominating directors of the Company. The Company is committed to:
(i) facilitating an orderly and efficient annual general or, where
the need arises, special meeting, process; (ii) ensuring that all
shareholders receive adequate notice of the director nominations
and sufficient information regarding all director nominees; and
(iii) allowing shareholders to register an informed vote after
having been afforded reasonable time for appropriate deliberation.
The By-Law is intended to further these objectives.
The By-Law, among other things, includes a provision that
requires advance notice to the Company in certain circumstances
where nominations of persons for election to the Board of Directors
are made by shareholders of the Company. The By-Law fixes a
deadline by which director nominations must be submitted to the
Company prior to any annual or special meeting of shareholders and
sets forth the information that must be included in the notice to
the Company. No person will be eligible for election as a director
of the Company unless nominated in accordance with the By-Law.
In the case of an annual meeting of shareholders, notice to the
Company must be made not less than 30 days and not more than 65
days prior to the date of the annual meeting; provided, however,
that, in the event that the annual meeting is to be held on a date
that is less than 50 days after the date on which the first public
announcement of the date of the annual meeting was made, notice may
be made not later than the close of business on the 10th day
following such public announcement.
In the case of a special meeting of shareholders called for the
purpose of electing directors (whether or not called for other
purposes), notice to the Company must be made not later than the
close of business on the 15th day following the day on which the
first public announcement of the date of the special meeting was
made.
The full text of the By-Law is available under the Company's
profile at www.sedar.com and on the Company's website
(www.northernironcorp.com) or upon request by contacting the
Company's Corporate Secretary, Lisa Maxwell at (604) 839-7985.
The By-Law is in effect as at the date of this news release.
Pursuant to the terms of the By-Law, the Company will seek
shareholder ratification of the By-Law at its next annual general
meeting of shareholders (the "Meeting"). If the By-Law is not
confirmed at the Meeting, the By-Law will terminate and be of no
further force and effect following the termination of the
Meeting.
About Northern Iron Corp.
The Company is a 100% owner of five iron ore properties in the
Red Lake district. The Red Lake district is situated in an
established mining area in Ontario, where the company has two near
term development projects, the past producing Griffith mine and the
Karas property.
The Company is currently working towards the production of HBI,
a transportable form of direct reduced iron. HBI is complementary
and a viable metallic supplement to scrap steel. Quality scrap is a
critical raw material in the steel making process. With the
diminishing supply of quality scrap steel and ever increasing
market demand, steel producers around the world will be looking to
secure alternative supplies of metallic products.
As part of the business plan, the Company acquired the past
producing Griffith mine, which produced pellets and sponge iron
(Direct Reduced Iron/DRI) from 1968 to 1986. The mine was owned and
operated by STELCO and supplied pellets and sponge iron to the
Hamilton and Nanticoke steel mills in Ontario. The metallurgy of
the deposit has been proven over eighteen years of production.
Almost the entire transportation infrastructure is currently in
place to both produce HBI and to ship produced HBI into the North
American market via rail and lake barges and into Asian markets via
rail through the port of Prince Rupert. Existing infrastructure
includes all weather roads, 115kV power line, natural gas line,
rail bed and port facilities.
The Company is focusing on de-risking the project by seeking out
potential joint venture partners, off-take agreements or a
combination thereof.
Neither the TSX Venture Exchange nor its Regulation Service
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. No stock exchange, securities commission
or other regulatory authority has approved or disapproved the
information contained herein.
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Northern Iron Corp.Basil BothaPresident &
CEO604-566-8570604-602-9868bbotha@northernironcorp.comwww.northernironcorp.com
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