CWV won!! - as I expected :) Crown Point emerges victorious in dissident battle
2015-02-24 19:01 ET - News Release
Mr. Gordon Kettleson reports
CROWN POINT SHAREHOLDERS APPROVE SECOND TRANCHE FINANCING AND REJECT DISSIDENT RESOLUTIONS AT SPECIAL MEETING
A majority of votes cast by Crown Point Energy Inc.'s shareholders at a special shareholder meeting held on Feb. 24 were in favour of an $8.5-million (U.S.) private placement (the second tranche) and against resolutions put forward by dissident LAIG Oil Investments.
"We appreciate the support of our shareholders," said Gordon Kettleson, chairman of Crown Point's board. "With the second tranche of our $15-million (U.S.) financing now approved and the recent addition of two experienced Argentine directors to our board, we can now move forward with the capital, expertise and relationships needed to grow Crown Point for the benefit of all shareholders."
"We recognize that there is a lot to do and we are focused on delivering results," added Murray McCartney, Crown Point's president and chief executive officer. "Our immediate focus is on the continued advancement of our promising 14-well program in Tierra del Fuego, Argentina."
The voting results from the meeting are as follows:
- In total, 35,222,481, or 66.7 per cent, of the votes cast at the meeting by disinterested shareholders were voted in favour of the issuance of 34,034,296 common shares of Crown Point to a group of strategic investors and the creation of a new control person:
- In total, 17,581,641, or 33.3 per cent, of the votes cast at the meeting by disinterested shareholders were voted against the resolution. This figure includes the 7,049,200 shares voted by dissident LAIG against the resolution.
- In accordance with TSX Venture Exchange requirements, the 25,965,704 shares held by the strategic investors were excluded from the tabulation of the voting results.
- In total, 60,708,903, or 77.07 per cent, of the votes cast at the meeting by shareholders were voted against the removal of Crown Point's seven independent and non-management directors from the board:
- In total, 18,060,923, or 22.93 per cent, of the votes cast at the meeting by shareholders were voted for the resolution. This figure includes the 7,049,200 shares voted by dissident LAIG for the resolution.
Because the resolution to remove seven of the company's directors was defeated, LAIG's resolutions to reduce the size of the board to five directors and to appoint three nominees of LAIG to the board were not considered at the meeting.
We seek Safe Harbor.