PETROMIN ADOPTS ADVANCE NOTICE POLICY
Wednesday, 02 September 2015
Petromin Resources Ltd. announces the
approval and adoption by its Board of Directors of an advance notice policy
(the "Policy") regarding the nomination of the Company’s directors.
The purpose of the Policy is to provide shareholders, directors and management
of Petromin with a clear framework for nominating directors of the Company. Petromin is committed to: (i) facilitating an orderly and
efficient annual general or, where the need arises, special meeting, process;
(ii) ensuring that all shareholders receive adequate notice of the director
nominations and sufficient information regarding all director nominees; and
(iii) allowing shareholders to register an informed vote after having been
afforded reasonable time for appropriate deliberation. The Policy is intended
to further these objectives.
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 of Directors 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. No person
will be eligible for election as a director of Petromin unless nominated in
accordance with the Policy.
In the case of an annual meeting of shareholders, notice to the Company must be
made not less than 30 days and not 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
In the case of a special meeting of shareholders 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.
The full text of the Policy is available under the Company's profile at www.sedar.com and on
the Company's website (www.petromin.ca) or upon request by contacting the
Company's office at 604-682-8831.
The Policy is in effect as at the date of this news release. Pursuant to the
terms of the Policy, the Company will seek shareholder ratification of the
Policy at its next annual general meeting of shareholders (the
"Meeting"). If the Policy is not confirmed by the Company’s
shareholders at the Meeting, the Policy will terminate and be of no further
force and effect following the termination of the Meeting.