|July 11, 2013|
Armadillo Resources Ltd. Adopts Advance Notice Policy for Director Nominations and Extends Warrants
|July 11, 2013, Vancouver, BC - ( CNSX:ARO) - The Company announces the approval by shareholders and adoption by its Board of Directors of an Advance Notice Policy (the "Policy") for the purpose of providing shareholders, Directors and Management of Armadillo with a clear framework for nominating Directors. The Policy is meant to: (i) facilitate an orderly and efficient process for annual general meetings or, where the need arises, special meetings of shareholders; (ii) ensure all shareholders receive adequate notice of the Director nominations and sufficient information with respect to all nominees; and (iii) allow shareholders to register an informed vote with respect to Director nominations, having been afforded reasonable time for appropriate deliberation.|
The Policy contains a provision that requires advance notice to Armadillo in circumstances where nominations of persons for election to the Board of Directors are made by shareholders of Armadillo. The Policy fixes deadlines by which holders of record of common shares of Armadillo must submit Director nominations to Armadillo prior to any annual or special meeting of shareholders and sets forth the information that a shareholder must include in the notice to Armadillo for an effective nomination to occur. No person will be eligible for election as a Director of Armadillo unless nominated in accordance with the provisions of the Policy.
The deadline for notice to Armadillo in the case of an annual meeting of shareholders is not less than 55 days prior to the date of the annual meeting of shareholders; provided, however, that in the event that the annual meeting of shareholders is to be held on a date that is less than 65 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 (which is not also an annual meeting) of shareholders called for the purpose of electing Directors (whether or not called for any other purposes), the deadline for notice to Armadillo is no 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 full text of the Policy is available via SEDAR under Armadillo's issuer profile at www.sedar.com or upon request by contacting Armadillo at (604) 952-6676.
The Company has, in accordance with CNSX regulations, extended the expiry date of 2,740,000 warrants by two years to August 7, 2015. The warrants are exercisable at a price of Cdn. $0.10 per share.
Lastly, the Company reports that shareholders voted in favour of all items of business before the Annual General Meeting, including the election of all Director nominees. Anthony Pickett elected not to run for re-election to the Board and the Company thanks him for his service.
On behalf of the Board,
President and Director
For further information:
Les Kjosness: 604-952-6676
Kirsti Mattson: 778-434-2241 Media
The CNSX has neither approved nor disapproved of the accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
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