TORONTO,
April 22, 2013 /CNW/ - Laurion
Mineral Exploration Inc. ("Laurion" or the "Company")
(TSX-V: LME) and (OTCQX: LMEFF) announces the adoption by its board
of directors (the "Board") of amendments to its by-laws (the
"Amendments") to include advance notice provisions (the
"Advance Notice Provisions") requiring that advance notice
be provided to the Company in circumstances where nominations of
persons for election to the Board are made by shareholders other
than pursuant to: (i) a requisition to call a shareholders meeting;
or (ii) a shareholder proposal, in each case as made in accordance
with the provisions of the Business Corporations Act
(Ontario) (the "Act").
Among other things, the Advance Notice
Provisions fix a deadline by which shareholders must notify the
Company of nominations of persons for election to the Board and
provide that the same information about the proposed nominee as one
would be required to include in a dissident proxy circular under
applicable securities laws must be provided to the Company by the
deadline.
In the case of an annual meeting of
shareholders, notice to the Company must be made not less than 30
and not more than 65 days prior to the date of the annual meeting;
provided however, that in the event that the annual meeting is to
be held on a date that is less than 40 days after the date on which
the first public announcement of the date of the annual meeting was
made, notice may be made not later than the close of business on
the 10th day following such public announcement.
In the case of a special meeting of shareholders
(which is not also an annual meeting) notice to the Company must be
made no later than the close of business on the 15th day
following the day on which the first public announcement of the
date of the special meeting was made.
The Advance Notice Provisions provide a clear
process for shareholders to follow to nominate directors and set
out a reasonable timeframe for nominee submissions, along with a
requirement for accompanying information. The purpose of the
Advance Notice Provisions is to treat all shareholders fairly by
ensuring that all shareholders, including those participating in a
meeting by proxy rather than in person, receive adequate notice of
the nominations to be considered at a meeting and can thereby
exercise their voting rights in an informed manner. In addition,
the Advance Notice Provisions should assist in facilitating an
orderly and efficient meeting process.
The Amendments are effective as of the date they
were approved by the Board, being April 18,
2013. In accordance with the provisions of the Act, the
Amendments will be subject to confirmation by shareholders at the
annual and special meeting of shareholders, which will held on
June 7, 2013 (the "Meeting").
The Amendments will apply to the Meeting; for the Meeting, any
nomination by shareholders for a proposed director that is received
by the Company on or before May 8,
2013 will be deemed to have been delivered on a timely
basis.
A copy of the by-law, as amended, has been filed
under the Company's profile on SEDAR at www.sedar.com.
About Laurion Mineral Exploration
Inc.
Laurion Mineral Exploration Inc. is a junior
mining company focusing on the upside of its 100%-owned Ishkoday
property, a high impact project with a primary focus on gold and
base metals.
With proven ability to develop early stage
projects and create shareholder value by monetizing its discoveries
and assets, Laurion has realized a total of $6.35 million in the last two years from
monetization of its assets. The Corporation's current focus is on
resource development at Ishkoday, located in Beardmore, Ontario, approximately 220km
northeast of Thunder Bay.
Neither the TSX Venture Exchange (the "TSX-V") nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX-V) accepts responsibility for the adequacy or
accuracy of this news release.
This news release includes certain
forward-looking statements concerning the future performance of
Laurion's business, operations and condition, as well as
management's objectives, strategies, beliefs and intentions.
Forward-looking statements are frequently identified by such words
as "may", "will", "plan", "expect", "anticipate", "estimate",
"intend" and similar words referring to future events and results.
Forward-looking statements are based on the current opinions and
expectations of management. All forward-looking information is
inherently uncertain and subject to a variety of assumptions, risks
and uncertainties, including the speculative nature of mineral
exploration and development, fluctuating commodity prices,
competitive risks and the availability of financing. Actual events
or results may differ materially from those projected in the
forward-looking statements and Laurion cautions against placing
undue reliance thereon. Laurion and its management assume no
obligation to revise or update these forward looking statements
except as required by law.
SOURCE Laurion Mineral Exploration Inc.