VANCOUVER, Sept. 25, 2013 /CNW/ - Lignol Energy Corporation (TSXV: LEC)
("LEC" or the "Company"), a leading technology company in the advanced
biofuels and renewable chemicals sectors, today announced that its
board of directors (the "Board") has approved the adoption of an
advance notice policy (the "Policy") to take effect immediately.
The purpose of the Policy is to (i) facilitate an orderly and efficient
annual general or, where the need arises, special meeting, process,
(ii) ensure that all shareholders receive adequate notice of 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 Policy, among other things, includes a provision that requires
advance notice to the Company in certain circumstances where
nominations of persons for election to the Board are made by
shareholders of the Company. The Policy fixes a deadline by which
director nominations must be submitted to the Company prior to any
annual or special meeting of shareholders and sets forth the
information that must be included in the notice to the Company for the
notice to be in proper written form.
In the case of an annual meeting of shareholders, notice to the Company
must be made not less than 30 days nor more than 65 days prior to the
date of the annual meeting; provided, however, that in the event that
the annual meeting is to be held on a date that is less than 50 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. Accordingly, the deadline for
notice of director nominations for the Meeting (as defined below) is
October 15, 2013.
In the case of a special meeting of shareholders, which is not also an
annual meeting, called for the purpose of electing directors (whether
or not called for other purposes), notice to the Company must be made
not 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.
A copy of the Policy has been filed under the Company's profile at www.sedar.com.
The Policy will terminate at the conclusion of the annual general and
special meeting of the Company, currently scheduled for November 15,
2013 (the "Meeting"). At the Meeting, the Company proposes to amend
its articles to include introducing an advance notice requirement
similar to that contained in the Policy.
Neither 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.
About Lignol Energy Corporation ("LEC")
Lignol Energy Corporation is an emerging producer of biofuels,
biochemicals and renewable materials from waste biomass. LEC is
actively involved in the management of its wholly owned subsidiary
Lignol Innovations Ltd. It is also active in the management of
Territory Biofuels Limited, in which it has a controlling interest, but
has no influence over the activities of Australian Renewable Fuels
Limited, in which LEC owns a 21% investment stake. The Company intends
to invest in, or otherwise obtain, equity interests in energy related
projects, which have synergies with the company and have the potential
to generate near term cash flow.
Caution concerning forward-looking statements:
Certain statements contained in this document may constitute
forward-looking information within the meaning of applicable securities
laws. Such forward-looking statements or information include, without
limitation, statements or information about LEC's Policy and the
requirement for certain deadlines for notification of nominations of
directors depending on the type of meeting being conducted, the
proposed amendments to the articles at the Meeting, LEC's ability to
invest in, or otherwise obtain, equity interests in energy related
projects which have potential synergies with the Company and which have
the potential to generate near term cash flow.
Often, but not always, forward looking statements or information can be
identified by the use of words such as "plans", "expects" or "does not
expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate", or
"believes" or variations of such words and phrases or words and phrases
that state or indicate that certain actions, events or results "may",
"could", "would", "might" or "will" be taken, occur or be achieved.
Such statements or information reflect LEC's current views with respect
to future events and are subject to certain risks, uncertainties and
assumptions including, without limitation, LEC's ability to raise
additional capital to fund operations and to support the capital
requirements of its affiliates, the requirements of the potential
effect of changes in government policy relating to the environment, and
incentives for renewable fuels, the potential impact of changes in the
prices of feedstock and the market price of liquid fuels including
biodiesel, ethanol and renewable chemicals, the ability of LEC's
subsidiary, associate and investee company to generate future profits
and to pay dividends, and to meet increasing regulatory requirements,
LEC's ability to divest the ARW ordinary shares due to modest trading
volumes.
Many factors could cause LEC's actual results, performance or
achievements to be materially different from any future results,
performance or achievements that may be expressed or implied by such
forward-looking statements or information, including among other
things, financial market conditions which will impact LEC's ability to
finance its operations and to meet future capital and investment
requirements, the demand for the market price of liquid fuels including
gasoline, biodiesel, ethanol, the market price and demand for renewable
chemicals, risks relating to the protection of technology from
infringement and those risk factors which are discussed elsewhere in
documents that LEC files from time to time with securities and other
regulatory authorities. Should one or more of these risks or
uncertainties materialize, or should assumptions underlying the
forward-looking statements or information prove incorrect, actual
results may vary materially from those described herein as intended,
planned, anticipated, believed, estimated or expected. Except as
required by law, the Company expressly disclaims any intention or
obligation to update or revise any forward looking statements and
information whether as a result of new information, future events or
otherwise. All written and oral forward-looking statements and
information attributable to us or persons acting on our behalf are
expressly qualified in their entirety by the foregoing cautionary
statements.
SOURCE Lignol Energy Corporation
