Toronto, Ontario – September 11, 2019 – Orefinders Resources Inc. (“Orefinders” or the “Company”) (TSX.V: ORX) attended Mistango River Resources Inc. (“Mistango”) (CSE: MIS) shareholder meeting on September 10, 2019 held at Mistango’s offices in Kirkland Lake, Ontario.
The meeting was convened as scheduled at 10AM and began with meeting scrutineer, TMX Group, announcing that 82% of Mistango’s outstanding shares have been voted and accounted for. Immediately following this, Mistango and meeting Chairman Donald Kasner abruptly adjourned the meeting thereby cancelling the shareholder vote.
For clarity, before adjourning the shareholder meeting, Mr. Kasner and Mistango’s Board of Directors were fully informed of the results of the shareholder vote. They then cancelled the shareholder vote citing that 82% of shares represented was not sufficient. We note that in Mistango’s June 29, 2017 Annual General Meeting, only 39.6% of shareholders voted, which was accepted given that the results were in favour of current management.
Mr. Kasner and the Board now refuse to release the results of the shareholder vote which they called, hosted and chaired. Given the extremely high shareholder participation rate recorded by the independent scrutineer, Orefinders and any reasonable observer can only conclude that majority of shareholders voted in favour of Orefinders’ proposed slate of Board of Directors (“Orefinders Nominees”) and against the election of Mistango’s incumbent Board.
Orefinders’ position is clear, the cancellation of a shareholder meeting without releasing the results, while citing low voter turnout, is an obvious attempt at continued management entrenchment. The tactics employed my Mistango’s Board of Directors are an affront to the fiduciary responsibilities for directors of a public company.
Orefinders also notes that the Chairman of Mistango, Donald Kasner, who chaired this annual meeting of shareholders, is not a shareholder of Mistango. Mr. Kasner does not own a single share of Mistango River Resources, yet he has tasked himself as being the independent representative who acts in the best interests of the shareholders. Actions taken at todays meeting, and other actions since Donald Kasner has taken control of Mistango are clearly misaligned with the best interests of actual shareholders.
Orefinders would like to remind Mistango’s shareholders that September 10th’s meeting is just one instance in which Mistango’s management has shown a total disregard for their shareholders right to elect a qualified board that can represent the interests of all shareholders and not just management, who themselves are not shareholders, and whose interests only seem to be aligned with collecting salaries and other fees.
Accordingly, Orefinders demands that Mistango’s Board operate in a transparent manner and that they:
In response to Mistango’s news release from September 10, 2019:
Orefinders also notes that:
Given the undemocratic nature of Mistango’s shareholder meeting, where shareholders’ best interests were once again neglected, Orefinders will continue to fight for all shareholder rights, including taking legal action, to ensure that the votes validly cast for today’s meeting remain as they are and are not tampered or altered in any way.
Furthermore, Orefinders and other concerned Mistango shareholders have the strong opinion that the independent authorities who regulate fairness and improper practices on Canada’s capital markets must independently intervene on these egregious abuses of shareholder rights. Lastly, it reminds each of Mistango’s Board of Directors of the potential personal liability to which they have exposed themselves by sanctioning and approving management’s unethical behaviour detailed above.
About Orefinders Resources Inc.
Orefinders is a Gold exploration and development company focused in the Kirkland Lake District of Ontario’s Abitibi Greenstone Belt. The Company is listed on the Toronto Venture Exchange under the symbol ORX.
To Speak to the Company directly, please contact:
Stephen Stewart, Chief Executive 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. 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