RX Exploration Inc. Postpones Annual and Special Meeting of Shareholders to July 26, 2011
27 Mai 2011 - 1:00PM
Marketwired
RX EXPLORATION INC. ("RXE" or the "Company") (TSX VENTURE:
RXE)(OTCQX: RXEXF) announced today that it has postponed its Annual
and Special Meeting to July 26, 2011 from the originally scheduled
June 7, 2011.
"The postponement was made necessary when a dissident group
launched a proxy contest for control of the board," said John
O'Donnell, Chairman. "The dissidents, who include certain officers
and directors of RXE, issued a dissident circular on May 17, 2011
without any advance notice to RXE's Board, and just six days after
RXE's board unanimously approved and issued a management
information circular."
"Clearly, the RXE circular must now be amended, considering that
the dissident directors acted disingenuously by participating in
the review and approval of the RXE management information circular,
and by permitting themselves to serve as management nominees, while
at the same time knowing that they would be launching a dissident
proxy fight to remove certain management nominees. The Board
believes that it has a fiduciary responsibility to replace the
dissident nominees with new nominees who will act in the best
interests of all shareholders."
"The decision to postpone the meeting was taken by a special
committee of the board established to supervise the business and to
preserve shareholder value following the action taken by the
dissidents. The special committee determined that additional time
is required to prepare a revised management information circular
that will be mailed to shareholders by early July."
In addition to providing the names and qualifications of new
nominees, the revised management information circular will contain
a detailed response to the dissident proxy circular and will
address a number of baseless allegations made by the
dissidents.
"Once the management circular is filed we look forward to
meeting with shareholders and responding to their questions. The
board will ensure that shareholders have all the facts required to
make an informed decision," said Mr. O'Donnell.
In the interim, RXE reminds shareholders to TAKE NO ACTION with
respect to any proxy form that they may have received. RXE will
provide shareholders with new proxy voting forms along with their
response to the dissident circular.
About RX Exploration Inc.
RX Exploration Inc. is a gold exploration company whose strategy
is to re-examine gold and silver projects within North America that
have previously reached advanced exploration, underground
development or past gold or silver production. The Company is
currently focused on re-starting production from its Drumlummon
Mine, a past producing high-grade, bonanza-type, epithermal
underground gold and silver mine in Montana.
The Company's shares are listed on TSX-V (Symbol: RXE) and on
the OTCQX (Symbol: RXEXF). There are 160,438,980 common shares
issued and outstanding.
On Behalf of the Board
John F. O'Donnell, Chairman of the Board
John A. Ryan, Chief Financial Officer
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.
Contacts: Shareholders: Laurel Hill Advisory Group Toll-free
877-304-0211 Collect: 416-304-0211 Media: Longview Communications
Inc. Joel Shaffer 416.649.8006 jshaffer@longviewcomms.ca Longview
Communications Inc. Alan Bayless 604.694.6035
abayless@longviewcomms.ca
RX Gold And Silver (TSXV:RXE)
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