TINY, ONTARIO -- (Marketwired) -- 06/29/13 -- Milner Consolidated Silver Mines Ltd. (the "Company" or "Milner") (TSX VENTURE: MCA) has announced today that its Board of Directors has adopted a new general By-Law No. 1-B ("2013 By-Law") which updates various sections to reflect current rules and practice. The previous by-law was enacted in June of 1985.
The 2013 By-Law also now includes an advance notice policy (the "Advance Notice Policy") requiring advance notice be given to Milner where nominations of persons for election to the Board of Directors are made in circumstances other than pursuant to the provisions of the Business Corporations Act, Ontario (the "Act").
Notably, the Advance Notice Policy fixes deadlines by which holders of record or beneficial holders of common shares of the Company must adhere to when submitting director nominations to the Company prior to an annual or special meeting of shareholders. It also sets forth the information that a shareholder must include in the notice to the Company.
In the case of an annual meeting of shareholders, notice to the Company must be provided not less than 40 days nor more than 65 days prior to the date of the annual meeting. In the case of a special meeting of shareholders (which is not also an annual meeting), notice to the Company must be provided no 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.
The 2013 By-Law, which includes the Advance Notice Policy, is effective as of June 27, 2013, the date it was approved by the Board of Directors of Milner. In accordance with the Act, the 2013 By-Law is subject to confirmation by shareholders at the Annual Meeting, which will be held on August 3, 2013. The 2013 By-Law is available under the Company's profile on SEDAR at www.sedar.com.
About Milner Consolidated Silver Mines Ltd.
Milner is a junior resource company, quoted for trading on the TSX Venture Exchange under the symbol MCA. There are currently 7,438,506 shares issued and outstanding in the Company.
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Contacts:
Milner Consolidated Silver Mines Ltd.
Deborah Bazinet, CEO
705-533-3430
705-533-1521 (FAX)
