VANCOUVER, British Columbia--(BUSINESS WIRE)--Western Potash Corp. (WPX: TSX) (FSE: AHE) (“the Company”) announced today that it will hold an annual and special meeting of shareholders (the "AGM") on February 26, 2013. The record date for shareholders entitled to vote at the AGM has been set as shareholders of record as at the close of business on January 22, 2013.
The Company also announced today the approval by its board of directors of an Advance Notice Policy (the "Policy"), which Policy, among other things, includes a provision that requires advance notice to the Company in circumstances where nominations of persons for election to the board of directors are made by shareholders of the Company other than pursuant to: (i) a "proposal" made in accordance with Division 7 of the Business Corporations Act (British Columbia) (the "Act"); or (ii) a requisition of the shareholders made in accordance with section 167 of the Act.
Among other things, the Policy fixes a deadline by which holders of record of common shares of the Company must submit director nominations to the Secretary of the Company prior to any annual or special meeting of shareholders and sets forth the specific information that a shareholder must include in the written notice to the Secretary of the Company for an effective nomination to occur. No person will be eligible for election as a director of the Company unless nominated in accordance with the provisions of the Policy.
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 by the Company, 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 Policy is effective and in full force and effect as of the date it was approved. In accordance with the terms of the Policy, the Policy will be put to shareholders of the Company for approval at the AGM, and if the Policy is not confirmed at the meeting by ordinary resolution of shareholders, the Policy will terminate and be of no further force and effect following the termination of the AGM.
The date of the AGM is less than 60 days from the date hereof and, accordingly, any director nominations for the AGM must be received by the Company in compliance with the Policy no later than the close of business on February 7, 2013.
Patricio Varas (CEO and President) commented, "The purpose of the Advance Notice Policy is to provide shareholders, directors and management of the Company with a clear framework for nominating directors. This Policy will facilitate an orderly and efficient meeting, process, ensure that all shareholders receive adequate notice of the director nominations and sufficient information with respect to all nominees; and will allow shareholders to register an informed vote having been afforded reasonable time for appropriate deliberation.”
About Western Potash Corp.
Western Potash Corp. is a development stage potash company focused on building Canada's most efficient potash solution mine, with commercial production expected to commence in 2016. The Company intends to develop a world-class potash deposit in an ecologically sustainable, economically efficient and socially responsible manner. A positive Feasibility Study for the Project was completed in December 2012, demonstrating robust project metrics. In addition, the Company anticipates Environmental Assessment approval in the first quarter of 2013.
For more information on Western Potash Corp.’s projects, please visit the Company’s website at: www.westernpotash.com
ON BEHALF OF THE BOARD OF DIRECTORS
“J. Patricio Varas”
J. Patricio Varas
President and CEO
This news release includes certain statements and information that may contain forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, are forward-looking statements. Such forward-looking statements and forward-looking information specifically include, but are not limited to, statements concerning: meeting dates, Company plans at the Project; Company ability to finance the Milestone Project and the timing of granting of key permits. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “intends” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or “occur”. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Western Potash to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including: the receipt of all necessary approvals; the ability to conclude a transaction; uncertainty of future production, capital expenditures and other costs; financing and additional capital requirements; the receipt in a timely fashion of any further permitting for the Milestone Project; legislative, political, social or economic developments in the jurisdictions in which Western Potash carries on business; operating or technical difficulties in connection with mining or development activities; and the risks normally involved in the exploration, development and mining business. Although management of Western Potash has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward looking information. Western Potash does not undertake to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except in accordance with applicable securities laws.