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Inspiration
Mining Corporation ("Inspiration" or the "Corporation")
(TSX:ISM
- News)(Frankfurt:OI8 - News) would like to provide
an update with respect to its efforts to prevent the unnecessary dilution of
the shareholdings of the Ursa Major Minerals Incorporated ("Ursa")
shareholders.
As
reported in Ursa's press release dated January 31, 2011, the TSX allowed Ursa
to proceed with its private placement without first
obtaining approval of the Ursa shareholders. In response, the Corporation
filed a Notice of Application with the Ontario Superior Court of Justice
requesting that the Court issue the following orders:
(i)
an order prohibiting Ursa from proceeding with the private placement until
such time that Ursa obtains disinterested shareholder approval for the
private placement;
(ii)
an order prohibiting the placees under the private placement from voting at
the upcoming shareholders' meeting; and
(iii)
an order that the private placement be reversed and
canceled.
A
hearing date of March 1, 2011 has been set to hear arguments on the
Corporation's application.
Randy
Miller, the Chief Executive Officer of Inspiration, stated: "We are
disappointed that the private placement was allowed to proceed without Ursa
first obtaining shareholder approval. We are asking the Court to recognize
and uphold the existing shareholders rights to voice their displeasure or
agreement with the current management of Ursa at the upcoming shareholders'
meeting without the inclusion of new shareholders brought in by management of
Ursa. This is an issue of governance and protecting shareholder rights. We
encourage all Ursa shareholders to express their opinion on the private
placement by contacting Inspiration at randy@inspirationmining.com so
that their voice can be heard by the Court on March 1, 2011."
Forward
Looking Statements
This
news release contains "forward-looking statements" within the
meaning of the United States Private Securities Litigation Reform Act of 1995
and applicable Canadian securities legislation. Generally, these
forward-looking statements can be identified by the use of forward-looking
terminology such as "plans", "anticipated",
"expects" or "does not expect", "is expected",
"budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of
such words and phrases or state that certain actions, events or results
"may", "could", "would", "might" or
"will be taken", "occur" or "be achieved".
Inspiration is subject to significant risks and uncertainties which may cause
the actual results, performance or achievements to be materially different
from any future results, performance or achievements expressed or implied by
the forward looking statements contained in this release. Inspiration cannot
assure investors that actual results will be consistent with these forward
looking statements and Inspiration assumes no obligation to update or revise
the forward looking statements contained in this release to reflect actual
events or new circumstances.
The
TSX has not reviewed and does not accept responsibility for the adequacy or
accuracy of this release.
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