TORONTO, ONTARIO--(Marketwired - Aug. 18, 2016) - The shareholders of KWG Resources Inc. (CSE:KWG)(FRANKFURT:KW6) ("KWG") concluded their Annual and Special General Meeting this morning when it was reconvened to vote on a Special Resolution seeking authority to create (by conversion of common shares for holders electing to do so) multiple voting shares re-convertible into their constituent common shares.
The meeting had been adjourned on July 21, 2016 prior to a vote on the resolution as only some 60% of the votes available to be cast at the meeting were then in favour. Of KWG's 961 million outstanding shares, proxies for a total of 501 million shares were voted at that meeting and proxies representing 200 million shares were then instructed to be voted against the Special Resolution. The Company reported that its two largest shareholders, voting some 36% of the shares represented in person or by proxy at the meeting, had provided proxies that opposed the initiative which was overwhelmingly supported by the majority of KWG's numerous individual shareholders. In the result, only some 60% of the votes available to be cast at the meeting were in favour and the meeting was adjourned without the Special Resolution having been put to a vote.
When the adjourned meeting was reconvened this morning 401 million shares were represented by proxy and 363 million of these were instructed to vote in favour of the Special Resolution. The holders of 115 million shares attended the meeting and voted in favour of the Special Resolution.
KWG has a 30% interest in the Big Daddy chromite deposit and the right to earn 80% of the Black Horse chromite where resources are being defined. KWG also owns 100% of CCC which has staked claims and conducted a surveying and soil testing program, originally for the engineering and construction of a railroad to the Ring of Fire from Aroland, Ontario. KWG subsequently acquired intellectual property interests, including a method for the direct reduction of chromite to metalized iron and chrome using natural gas. KWG subsidiary Muketi Metallurgical LP is prosecuting two chromite-refining patent applications in Canada, China, India, Indonesia, Japan, Kazakhstan, South Africa, South Korea, Turkey, and USA. The filings have been receipted in each of those jurisdictions.
Shares issued and outstanding: 961,320,281