EMED announces that it has received a requisition from Urion Holdings (Malta) Limited, a subsidiary of Trafigura Beheer B.V., who currently holds 17.99% of the issued share capital of the Company, (the "Proposing Shareholder") requiring the Company to call an extraordinary general meeting ("EGM").
The Proposing Shareholder is seeking to requisition an EGM to consider ordinary resolutions to appoint four new directors and to remove Ronnie Beevor, Isaac Querub, Alberto Lavandeira, Roger Davey, Robert Francis, Jose Nicolas Sierra Lopez and Ashwath Mehra as directors of the Company. If successful, this would have the effect of removing all of the independent non-executive directors, as well as all the executive directors and replacing them with four appointees of Trafigura Beheer B.V.
As previously announced, EMED’s recently appointed executive management continues to make significant progress as it seeks to bring the Rio Tinto copper project back into production. Potential capital savings of US$50 million have been identified in relation to Phase 1 of the redevelopment and the Company is making significant progress in relation to the finalisation of the remaining permits required for the Rio Tinto Copper Project with the final Mining Permit and approval of the Final Restoration Plan expected before the end of 2014.
The Company is currently considering this request and a further announcement shall be made in due course.
EMED Mining Ronnie Beevor/Isaac Querub +34 959 59 28 50
Canaccord Genuity Neil Elliot/Mark Palmer +44 207 523 8000
Walbrook PR Nick Rome +44 207 933 8783
For further information on the Company's activities, visit www.emed-mining.com.