EGM Requisition

RNS Number : 9968L

Niger Uranium Limited

21 January 2009

 



For immediate release

21 January 2009

Niger Uranium Limited

('Niger Uranium' or the 'Company')

Significant Shareholder

EGM Requisition

The Company announces that NWT Uranium Corp. has confirmed to the Company that it has an interest in 31,955,000 ordinary shares in the capital of the Company ('Ordinary Shares') held in the name of Northwestern Mineral Ventures Inc (the former name of NWT Uranium Corp.) and 4,994,321 Ordinary Shares held through Bank of New York, in aggregate amounting to 36,949,321 Ordinary Shares representing 32.65 per cent. of the Company's issued share capital. 

The Company has received a requisition (the 'Requisition') to convene an Extraordinary General Meeting ('EGM') under Section 82 of the BVI Companies Act, 2004, as amended (the 'Act') and the memorandum and articles of association of the Company from NWT Uranium Corp. (the 'Requisitionist') which states that it is the holder of not less than thirty (30) per cent. of the outstanding shares of the Company.

The proposed resolutions of the EGM, which are set out in Appendix I, include, inter alia, changes to the composition of the Board and a reference to a proposed private placement by the Company, details of which have not yet been published by the Company. The Board confirms that earlier this month, it resolved in principle to raise £2.5 million by way of an equity placing with third party investors, on terms to be finalised, in order to provide further funding for the continued development over the course of this year of the Company's uranium projects in Niger and the Henkries Project in Namibia. A further announcement will be made by the Company as and when the terms and structure of the proposed funding have been finalised, which is expected to be in the next two weeks. 

The Directors of the Company will be reviewing the requisition and where necessary seeking additional clarification from the Requisitionist. A further announcement will be made in due course.

Enquiries:

Niger Uranium Limited

Ian Stalker, Executive Chairman      

Tel: [phone]

Nominated Adviser, Beaumont Cornish Limited  

Tel: [phone]
Michael Cornish

  Appendix

The Requisition

The text of the Requisition is set out below without material amendment:

'To:         Niger Uranium Limited (the 'Company')

And to:     The Directors of the Company

Re: Requisition of Shareholders Meeting of the Company

The undersigned is the holder of not less than thirty (30) per cent. of the outstanding shares of the Company that are entitled to vote in the Company on the matters for which the meeting is being requisitioned and, pursuant to Section 82 of the BVI Companies Act, 2004, as amended (the 'Act') and the memorandum and articles of association of the Company hereby requisitions the directors of the Company to call a meeting of shareholders for the following purposes:

1. To vote against shareholders Dilution from a Proposed Private Placement that result in a massive unnecessary and unfair dilution of existing shareholders.

2. That the following persons be removed as Directors of the Company pursuant to Section 114 of the Act:

• Ian Stalker

• Wayne G. Beach

• Gordon Cassidy

• John P. Lynch

• John Sanders

3. That the following persons be elected as Directors of the Company pursuant to Section 113 of the Act:

• Ian Stalker

• Gordon Cassidy

• Wayne Isaacs

• John P. Lynch

• John Zorbas

• David Subotic

• Guy Elliot to Executive Chairman'

ENDS

 

END

 

 

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