CALGARY, Alberta, Canada (Marketwire – May 5, 2014) – New Millennium Iron Corp. (“NML” or the “Corporation”) (TSX: NML) (OTCQX: NWLNF) today announced that its Board of Directors has approved the adoption of an advance notice by-law (the “By-law”), which requires advance notice to the Corporation in circumstances where nominations of persons for election as a director of the Corporation are made by shareholders other than pursuant to: (i) a requisition of a meeting made pursuant to the provisions of the Business Corporations Act (Alberta) (the “ABCA”); or (ii) a shareholder proposal made pursuant to the provisions of the ABCA.
Among other things, the By-law fixes a deadline by which shareholders must submit a notice of director nominations to the Corporation prior to any annual general or special meeting of shareholders where directors are to be elected and sets forth the information that a shareholder must include in the notice for it to be valid.
In the case of an annual general or special meeting of shareholders, notice to the Corporation must be given not less than 35 nor more than 65 days prior to the date of the annual general or special meeting; provided, however, that in the event that the 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 meeting was made, notice may be made not later than the close of business on the 10th day following such public announcement.
Shareholders will be asked to confirm and ratify the By-law at the Corporation's Annual General and Special Meeting on June 25, 2014 (the “Meeting”). A copy of the By-law has been filed and is available under the Corporation’s profile at www.sedar.com. The By-Law is effective immediately and will remain in effect until it is confirmed, confirmed as amended or rejected by shareholders at the Meeting.
The Corporation believes that adopting the By-law is considered to be good corporate governance as it provides a clear and transparent process for all shareholders to follow if they intend to nominate directors and it ensures that all shareholders receive adequate notice of director nominations with sufficient information with respect to all nominees. This allows the Corporation and its shareholders to evaluate the proposed nominees' qualifications and suitability as directors, which further allows shareholders to cast an informed vote for the election of directors.
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