El Tigre Silver Corp. (TSX: V.ELS, Stock Forum) announced the approval and adoption by its board of directors of an advance notice policy.
The purpose of the policy is to provide a clear process for the shareholders, directors and management to follow when nominating directors of the company.
According to the El Tigre press release, such a policy will ensure that shareholders receive adequate notice of director nominations and sufficient information regarding all director nominees and allow shareholders to register an informed vote after having been afforded reasonable time for appropriate deliberation.
The policy, among other things, includes a provision that requires advance notice to the company in certain circumstances where nominations of persons for election to the board of directors are made by shareholders of the company.
The policy sets a deadline by which director nominations must be submitted to the company prior to any annual or special meeting of the shareholders and also sets out the required information that must be included in the notice to the company.
The policy is in effect as at the date this news release and the company intends to seek shareholders' approval to adopt the policy into the company's articles at its annual general meeting scheduled for June 24, 2013.
El Tigre, through its subsidiaries, holds the rights to 100% of nine mineral concessions, eight comprising of 431 square kilometres located in northeastern Sonora, Mexico.
On Wednesday, El Tigre rose 25% and was trading at $0.175 a share. The company had a market cap of $9.3 million, based on 52.9 million shares outstanding.