Oban Announces Results Of Annual Meeting Of Shareholders
Approval of Name Change to Osisko Mining Inc.
Toronto, Ontario (June 7, 2016) – Oban Mining Corporation (TSX:OBM) (the “Corporation“) is pleased to announce the results of its annual and special meeting of shareholders (the “Meeting“) held on June 7, 2016.
A total of 49,079,954 common shares (“Common Shares“) were represented at the Meeting and all matters presented for approval at the Meeting were duly authorized and approved, as follows:
- election of all management nominees to the board of directors of the Corporation;
- appointment of PricewaterhouseCoopers LLP as auditors of the Corporation for the ensuing year and authorization of the directors to fix their remuneration; and
- approval to change the name of the Corporation from “Oban Mining Corporation” to “Osisko Mining Inc.”.
Detailed voting results regarding the election of directors are as follows:
|Patrick F.N. Anderson||44,285,948||99.03||431,982||0.97|
|Bernardo Alvarez Calderon||44,611,773||99.76||106,157||0.24|
Further details on the above matters, including the report of voting results thereon, are set out in the Corporation meeting materials, which are available on SEDAR under the issuer profile of the Corporation at www.sedar.com.
Name Change to Osisko Mining Inc.
At the Meeting, shareholders of the Corporation representing approximately 98.99% of the votes cast on the matter overwhelmingly approved the special resolution to change the name of the Corporation from “Oban Mining Corporation” to “Osisko Mining Inc.”. The Corporation will adopt the name “Osisko Mining Inc.” and formalize its re-branding initiatives in the near future, which reflects the evolution of the Corporation since the beginning of 2015, including its assets and management, and following its consolidation activities in Ontario and Québec. The original Osisko Mining Corporation earned international recognition with the successes of its exploration and development team – a team that includes the original founders of Osisko who are now senior management and on the board of directors of the Corporation (the “Board”) – crowned by the discovery, development and operation of the Canadian Malartic mine in the Abitibi region of north-western Québec, until the joint acquisition of Osisko Mining Corporation in June 2014 by Agnico Eagle Mines Limited and Yamana Gold Inc. The Corporation wishes to reintroduce the Osisko Mining name to the mining and investment communities to better reflect the Corporations current management, Board and technical teams that were responsible for much of the success of the original Osisko Mining Corporation, and the highly prospective mineral project portfolio in Québec and Ontario that management believes will allow the Corporation to continue the fulfilment both of the Corporations potential and its commitments to all of its stakeholders. The Corporation enjoys strong sponsorship from its largest shareholder Osisko Gold Royalties Ltd., who together with management and insiders of the Corporation currently owns approximately 19.9% of the shares of the company.
The Corporation has notified the Toronto Stock Exchange (“TSX“) of the proposed name change. Subject to TSX approval, it is expected that the Common Shares will commence trading on the TSX under the new name and under the new stock symbol “OSK” at the opening of business two or three days subsequent to the effecting of the name change by the Corporation, subject to the receipt by the TSX of the necessary documentation.
About the Corporation
The Corporation is a mineral exploration company focused on the acquisition, exploration, and development of precious metal resource properties in Canada. The Corporation holds a 100% in the high-grade Windfall Lake gold deposit located between Val-dOr and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding Urban Barry area (82,400 hectares), a 100% interest in the Marban project located in the heart of Québecs prolific Abitibi gold mining district, and properties in the Larder Lake Mining Division in northeast Ontario, including the Jonpol and Garrcon deposits on the Garrison property, the Buffonta past producing mine and the Gold Pike mine property. The Corporation also holds interests and options in a number of additional properties in northern Ontario. The Corporation is well financed with approximately $74 million in cash, cash equivalents and marketable securities.
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements“) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: the matters to be considered at the Meeting; the steps required for the Corporation to change its name from “Oban Mining Corporation” to “Osisko Mining Inc.” and the related Shareholder, stock exchange and regulatory approvals; the timing and ability of the Corporation to change its name from “Oban Mining Corporation” to “Osisko Mining Inc.”; and the timing for holding the Meeting.
These forward-looking statements are based on reasonable assumptions and estimates of management of the Corporation at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management of the Corporation believes, or believed at the time, to be reasonable assumptions, the Corporation cannot assure Shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended.Readers should not place undue reliance on the forward‐looking statements and information contained in this news release. The Corporation assumes no obligation to update the forward‐looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
For further information on the Corporation please contact:
President & Chief Executive Officer
Tel: (416) 848-9504