VANCOUVER, Jan. 11, 2016 /CNW/ – Petromin Resources Ltd. (“Petromin” or the “Company”) advises that Ivano DeCotiis and Tyrone Daum have commenced further litigation against the Company in an attempt to overturn the results of the Company's Annual General and Special Meeting held on December 29, 2015 (the “Meeting”).
At the Meeting, the Company's nominee directors were all elected, each receiving at least 35,430,226 votes in favour, representing 82.4% of the shares voted at the Meeting, and 41.5% of all outstanding shares of the Company as of the record date of the Meeting.
By contrast, Mr. DeCotiis and his dissident nominees each received 4,474,000 votes in favour of their election as directors, representing 10.4% of the shares voted at the Meeting, and 5.2% of all outstanding shares as of the record date of the Meeting. In an early warning report filed October 26, 2015, shortly before the November 12, 2105 record date for the Meeting, Mr. DeCotiis disclosed that he owns or controls 4,681,000 common shares of Petromin. It is unknown whether Mr. DeCotiis failed to vote some of his shares in favour of his dissident nominees, or if he sold a portion of his shares prior to the record date.
Petromin's shareholders have clearly rejected Mr. DeCotiis and his inexperienced slate of director nominees, and in response Mr. DeCotiis and Mr. Daum have now commenced a self-represented legal action at the Supreme Court of British Columbia, seeking to set aside the results of the AGM, and replace the duly-elected management nominees with his dissident nominees. This legal action is in addition to the previous self-represented legal action commenced by Mr. DeCotiis as disclosed in the Company's news release dated December 23, 2015.
Petromin will vigorously defend against Mr. DeCotiis' legal actions, but the Board of Directors is disappointed that they are now being forced to apply Company resources toward the defence of two separate baseless, self-represented legal actions commented by Mr. DeCotiis in an ill-conceived effort to assume control of the Company, when management's time and attention would be much better directed towards Company's business and building shareholder value. The Board of Directors encourages Mr. DeCotiis to respect the clearly-expressed will of Petromin's shareholders, and cease his vexatious legal actions.
Petromin Resources Ltd. (TSXV: PTR) is an oil and natural gas exploration and production company listed as a Tier 1 issuer on the TSX Venture Exchange. The Company is currently focused on its core operations, which include four oil and natural gas producing properties in central Alberta, Canada along the Western Canada Sedimentary Basin.
ON BEHALF OF THE BOARD OF DIRECTORS
PETROMIN RESOURCES LTD.
A. Ross Gorrell,
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
FORWARD LOOKING STATEMENTS
This press release contains forward looking statements within the meaning of applicable securities laws. The use of any of the words “anticipate”, “plan”, “continue”, “expect”, “estimate”, “objective”, “may”, “will”, “project”, “should”, “predict”, “potential” and similar expressions are intended to identify forward looking statements. In particular, this press release contains forward looking statements concerning litigation involving the Company. Although the Company believes that the expectations and assumptions on which the forward looking statements are based are reasonable, undue reliance should not be placed on the forward looking statements because the Company cannot give any assurance that they will prove correct. Since forward looking statements address future events and conditions, they involve inherent assumptions, risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of assumptions, factors and risks. These assumptions and risks include, but are not limited to, assumptions and risks associated with any litigation proceedings or settlements, or costs incurred in connection therewith.
Management has provided the above summary of risks and assumptions related to forward looking statements in this press release in order to provide readers with a more comprehensive perspective on the Company's future operations. The Company's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive from them. These forward looking statements are made as of the date of this press release, and, other than as required by applicable securities laws, the Company disclaims any intent or obligation to update publicly any forward looking statements, whether as a result of new information, future events or results or otherwise.
SOURCE Petromin Resources Ltd.