REM Requisitions Meeting of Bacanora

RNS Number : 7201E

Rare Earth Minerals PLC

12 February 2015

 

12 February 2015

Rare Earth Minerals Plc.

("Rare Earth Minerals", "REM" or "the Company")

REM Requisitions Meeting of Bacanora to appoint David Lenigas to board.

London listed Rare Earth Minerals Plc (AIM: REM) advises that, on 11 February 2015, it served notice on the board of Bacanora Minerals Limited ("Bacanora") to requisition a meeting of Bacanora's shareholders to consider and vote on a single resolution to appoint REM's Chairman David Lenigas to the Bacanora board.

The Requisition:

Pursuant to Section 142 of the Business Corporations Act (Alberta) (the "ABCA"), Rare Earth Minerals Plc ("REM"), registered and beneficial holder of 10,124,208 of the issued shares of BCN, being 12% of the of the issued shares of Bacanora, requisitioned the directors of Bacanora to call a meeting of Bacanora's shareholders (the "Special Meeting") for the following purpose:

"to Resolve that Mr. David Anthony Lenigas be appointed immediately to the board of directors of BCN."

A full copy of the requisition will be available on the Company's website at:

www.rareearthmineralsplc.com

In accordance with the provisions of the ABCA, Bacanora is required to call the Special Meeting within twenty-one days of receipt by it of the requisition.  The Requisition calls for  the Special Meeting to occur by the earliest available date according to applicable law and the constating documents of Bacanora.

While REM looks forward to engaging in constructive and meaningful dialogue with the current board of Bacanora regarding the appointment of Mr. David Lenigas, REM is of the view that the requisitioned meeting is necessary to achieve the result in a timely manner.

Additional information, including information regarding Mr. David Lenigas, the nominee of REM to the Bacanora board of directors, will be contained in an information circular prepared by on or behalf of REM and mailed to Bacanora shareholders in advance of the requisitioned meeting or as otherwise permitted by law. 

This news release is for informational purposes only and is not a solicitation of proxies.  Any proxies solicited in respect of the requisitioned meeting for the appointment of Mr. David Anthony Lenigas to the board of directors of Bacanora Minerals Ltd. will be solicited pursuant to an information circular or as otherwise permitted by the corporate and securities laws of applicable jurisdictions.

Details of Ownership:

REM has a 12% shareholding in Bacanora. This interest, when aggregated with REM's 30% direct interest in Megalit (the company holding the Buenavista, Megalit and San Gabriel concessions) and the 30% direct interest in Mexalit S.A de CV (the company holding El Sauz, El Sauz 1, El Sauz 2, Fleur and Fleur 1 concessions), results in a total economic interest in each of these companies of 38.4%.

- Ends -

For further information please contact: 

Rare Earth Minerals plc                                                          [phone]

David Lenigas

Kiran Morzaria

WH Ireland Limited (NOMAD & Broker)                                   [phone]

James Joyce

Mark Leonard

Square1 Consulting

David Bick                                                                                 [phone]

Mark Longson

 

END

 

 

MSCQLLBFELFEBBL