June 4, 2013, 10:32 a.m. EDT
KWG Postpones Annual and General Meeting of Shareholders
MONTREAL, CANADA, Jun 04, 2013 (Marketwired via COMTEX) -- KWG Resources Inc. /quotes/zigman/278973 CA:KWG 0.00% has postponed until June 26, 2013 the convening of its Annual and General Meeting of Shareholders at 11:00 a.m. (local time) at Suite 2300, TD Waterhouse Tower, 79 Wellington Street West, Toronto, Ontario (the "Meeting").
The purposes of the Meeting are described in the Notice of Annual and Special Meeting of Shareholders mailed to shareholders May 15, 2013 and available on SEDAR at www.sedar.com. The Notice of Meeting sets out a number of matters that shareholders are being asked to vote on, including two proposed changes to KWG's Articles of Incorporation.
KWG has many shares outstanding and for some years these have traded in a range of as little as $0.04 per share to as much as $0.14 per share. It is proposed to let all shareholders wishing to do so acquire with each fifty of their present shares one new multiple-voting share, provided that these may be converted back into the fifty subordinate voting shares at any subsequent time of their choosing.
Shareholders are also being asked to approve a change of jurisdiction so that the law governing KWG's constitution will be the federal Canada Business Corporations Act. In addition, shareholders are being asked to confirm an Advance Notice By-Law recently adopted by the Board of Directors, as previously published. KWG has received conditional approval from the TSX Venture Exchange for the changes to its Articles of Incorporation and the Advance Notice By-Law.
The Company's Board of Directors determined that this additional time to solicit proxies could enable the passing of these special resolutions by the required two-thirds of the number of shares voting.