Results of Requisitioned Meeting of Shareholders


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08/28/2014 [ACCESSWIRE]

Calgary, AB / ACCESSWIRE / August 28, 2014 / CRC Royalty Corporation reports that at the special general meeting of shareholders of the Company held on August 27, 2014 pursuant to requisition made by a significant shareholder:

1. James Stuart Kinnear, Stuart Crichton and Charles Vincent Selby were removed as directors of the Company by special resolution; and

2. Shane William Doyle, Robert Hugh Cartwright, Robert Bruce Fair and John Willard Dickson were elected as directors of the Company by acclamation.

The Meeting was held pursuant to a requisition made by WCSB Holdings Corp. ("WCSB") under the provisions of the Business Corporations Act (British Columbia), details of which are set out in the Information Circular filed by WCSB under the Company's profile on SEDAR (www.sedar.com) on July 28, 2014. 

WCSB is the beneficial owner of 210,699 common shares of the Company and therefore has a vested interest in its future. WCSB called the Meeting because CRC's sole income producing assets are royalty units issued by Caledonian Royalty Corporation ("Caledonian"). Prior to the Meeting, Messrs Kinnear, Crichton and Selby were common directors of CRC and Caledonian, and were the only directors of CRC. WCSB, in its capacity as a shareholder of CRC, called the Meeting because it was of the view that it would be in the best interests of CRC to have directors who are not also directors of Caledonian.

WCSB is a company owned as to 50% by CADO Bancorp Ltd. ("CADO") and as to 50% by Brickburn Asset Management Inc. ("Brickburn").

CADO is a British Columbia based company that specializes in investment products focused on the Canadian natural resource sector. Brickburn Asset Management Inc. is a registered Portfolio Manager in Alberta, British Columbia, Saskatchewan, Manitoba and Ontario. Brickburn is a discretionary asset manager engaged in investment advisory and fund management activity. The directors of WCSB are William Bonner, Peter Bolton, Hugh R. Cartwright and Shane W. Doyle. Messrs. Bonner and Bolton are President and Managing Director, respectively, of Brickburn. Messrs. Cartwright and Doyle are directors of CADO.

The first priority for new management will be to review the Reorganization Agreement entered into between Caledonian and CRC on August 26, 2014, to consider the validity of such Reorganization Agreement and to review a variety of options regarding the special general meeting of CRC called by former management to approve that Reorganization Agreement.

That special meeting is currently scheduled for September 17, 2014. 

A further announcement will be made when decisions have been made regarding those matters.

CRC ROYALTY CORPORATION

"Hugh Cartwright"

Director

This News Release may contain forward-looking statements including, but not limited to, comments regarding the timing and content of upcoming work programs, geological interpretations, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statement.

 

SOURCE: CRC Royalty Corporation 

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