RSA Major Minerals Requests Inspiration Mining Provide Proposed Director Nominees and Calls Off Special Meeting of Shareholders
2/2/2011 3:57:42 PM - NFD
TORONTO, ONTARIO, Feb 2, 2011 (Marketwire via COMTEX News Network) --
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URSA Major Minerals Incorporated ("URSA Major" or the "Company") (TSX:UMJ) had scheduled a special meeting of shareholders for March 3, 2011, in response to a requisition for a shareholder meeting received from Inspiration Mining Corporation ("ISM") dated October 29, 2010. ISM requisitioned the meeting for the purpose of "the election of a board of directors as proposed by (ISM)".
Despite numerous requests from URSA Major's management and legal counsel, ISM has refused to provide proposed nominations for the board of directors of URSA Major. URSA Major further notes that the ISM requisition has no business plan with regards to managing URSA Major's operations at the Shakespeare Nickel-Copper Mine or to advance URSA Major's current exploration program.
As a result of ISM's failure to provide proposed nominees to the board of directors of URSA Major, URSA Major will not be holding a shareholders' meeting on March 3, 2011 as URSA Major cannot adequately notify shareholders of the business to be conducted at the meeting unless shareholders are advised as to the names of Inspiration's proposed nominees. URSA Major has cancelled the special meeting of shareholders to only be re-established at such time as URSA Major is in receipt of information from ISM as to its nominee directors.
ISM has delivered a notice of application to URSA Major advising that ISM will be bringing an application in the Ontario Superior Court of Justice (Commercial List) under sections 106(i) and 248 of the Business Corporations Act, Ontario seeking a declaration that the private placement that closed on January 31, 2011 be reversed. URSA Major intends to vigorously defend its position.
URSA Major intends to use the proceeds raised from its private placement of January 31, 2011 to accelerate its current exploration program at the Shakespeare nickel-copper deposit, Nickel Offsets property and other Ontario properties.
URSA Major believes that ISM is a 16.5% shareholder in URSA Major (based on the number of issued and outstanding shares of URSA Major after completion of the Offering on January 31, 2011).