TORONTO, ONTARIO--(Marketwired - Dec. 16, 2013) - Allana Potash Corp. (TSX:AAA)(OTCQX:ALLRF) ("Allana" or the "Company") announces its slate of nominees to the Board of Directors (the "Board") for election at the annual general and special meeting (the "Meeting") of its shareholders to be held on January 16, 2014. The current four Board members, Mr. Farhad Abasov, Mr. Lewis MacKenzie, Mr. Richard Lacroix and Dr. Mark Stauffer will seek re-election and Ms. Betty-Ann Heggie will be nominated. Ms. Heggie is independent with credentials and experience that match the growth, evolution, and potential of the Company.
Dr. Mark Stauffer, Chairman, commented: "We are delighted to nominate Betty-Ann to join our Board of Directors. The board considers that her extensive potash industry expertise will provide both valuable insight and guidance as we execute Allana's development strategy; becoming an efficient and low cost potash producer looking to serve world markets and the emerging African market."
Betty-Ann Heggie is the former Senior Vice-President, Corporate Relations of PotashCorp of Saskatchewan. She retired in 2007 after 26 years with the company. During her tenure with PotashCorp, Ms. Heggie was responsible for all areas that affected the company's public presence, especially relations with shareholders and key stakeholders. She advised the board on corporate governance issues and initiated the corporate sustainability program. Under her leadership, PotashCorp received the Award of Excellence from the Canadian Institute of Chartered Accountants in three consecutive years. Ms. Heggie has served as a director of the Canadian Chamber of Commerce, where she chaired both the International Strategic Advisory committee and the audit committee. She was also a member of the board of the Saskatoon Regional Economic Development Authority Inc., the Canadian Wheat Board and MITACS, a Network of Centres of Excellence for the mathematical sciences. Ms. Heggie was the founding chair of the Saskatchewan Chapter of the Institute of Corporate Directors. Ms. Heggie is a graduate of the University of Saskatchewan and the Senior Executive Program, Columbia Business School in New York.
Adoption of Advance Notice By-law
The Company also announces that the Directors are proposing that the By-laws of the Company be altered to include an advance notice provision (the "Advance Notice Provision"). The purpose of the Advance Notice Provision is to establish the procedure for shareholder nomination of directors. The Advance Notice Provision creates a deadline by which holders of record of common shares of the Company must submit director nominations to the Company prior to any annual or special meeting of shareholders and sets forth the information that a shareholder must include in a notice to the Company for the director nominations to be valid. The Advance Notice Provision is intended to: (i) facilitate an orderly and efficient process for conducting annual general or special meetings; (ii) ensure that all shareholders receive adequate notice of the director nominations and sufficient information regarding all director nominees; and (iii) allow shareholders to register an informed vote after having been afforded reasonable time for appropriate deliberation.
The full text of the proposed alteration of the By-laws to include the Advance Notice Provision is set out in the Company's Management Information Circular of the Company prepared in connection with the January 16, 2014 Annual General & Special Meeting, which will be mailed to each shareholder of the Company and filed on the sedar profile of the Company at www.sedar.com.
Admission on the AIM Market
Further to the Company's November 5, 2013 press release, due to the pursuit of other more urgent corporate initiatives at this time, Allana has elected to postpone its AIM listing. It is expected that admission will occur in the first quarter of 2014.