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Toronto, Ontario. � January 18, 2018 � Kilo Goldmines Ltd. ("Kilo" or �KGL� or the "Company") (TSX VENTURE: KGL) (FRANKFURT: 02K) announced today that, subject to regulatory approval, it has adopted an amendment to its by-laws, similar to by-law amendments and policies adopted by numerous other Canadian public companies, requiring advance notice to the Company for nominations of directors by shareholders other than through a requisitioned meeting or by way of a shareholder proposal pursuant to applicable corporate laws.
The by-law amendment is not intended to discourage director nominations but rather to facilitate orderly and efficient meetings at which directors are to be elected and to permit shareholders to register an informed vote by allowing them to receive sufficient information with respect to all director nominees and reasonable time for appropriate deliberation.
The by-law amendment provides shareholders, directors and management of the Company with a clear framework for nominating directors in an orderly and fair manner. The by-law amendment fixes a deadline by which holders of record of common shares of the Company must submit director nominations to the Company prior to any annual or special meeting of shareholders and sets forth the information that a shareholder must include in the notice to the Company for the notice to be in proper written form in order for any director nominee to be eligible for election at any annual or special meeting of shareholders.
In the case of an annual meeting of shareholders, notice to the Company must be made not less than 30 nor 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 50 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 not 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 by-law amendment is effective immediately, is subject to regulatory approval and will be placed before shareholders for confirmation at the Company�s annual and special meeting of shareholders to be held on March 8, 2018. To be deemed to be timely delivered, notice in accordance with the by-law amendment of persons to be nominated for election as directors at the March 8, 2018 meeting must be received by the Secretary of the Company no later than 5:00 p.m. (Toronto time) on February 6, 2018. A copy of the by-law amendment has been filed and is available under the Company's profile at www.sedar.com.
About Kilo
Kilo Goldmines Ltd. is a Canadian gold exploration company that is listed on the TSX Venture Exchange under the symbol 'KGL' and on the Frankfurt Exchange under the symbol '02K'. The Company holds about 2,417 km� of prospective Archaean Kibalian greenstone in the Kilo-Moto area in the Democratic Republic of the Congo. Incorporated within these licences is:
- the Somituri project (71.25% owned by KGL), comprising six contiguous licences (361km�) held by KGL-Somituri SARL
- the KGL Isiro SARL Joint Venture (JV) with Randgold Resources Ltd (2,056 km�), for gold and associated minerals only. The JV is managed by Randgold and financed by it to a pre-feasibility (PFS) for a 51% participation interest. Upon completion of the PFS, KGL can participate in funding or Randgold will increase its participation to 65% by completing a Feasibility Study. Areas which may be deemed of no interest to Randgold will be returned to KGL.
KGL has retained the rights to explore for and develop iron ore resources and other minerals associated with the licences held by KGL Isiro SARL. |