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DISSIDENTS COMMENCE FURTHER LITIGATION AFTER REJECTION BY PETROMIN SHAREHOLDERS
 
DISSIDENTS COMMENCE FURTHER LITIGATION AFTER REJECTION BY PETROMIN SHAREHOLDERS

Monday, 11 January 2016

Petromin Resources Ltd advises that Ivano DeCotiis and Tyrone Daum have commenced further litigation against the Company in an attempt to overturn the results of the Company’s Annual General and Special Meeting held on December 29, 2015 (the “Meeting”). 

   

At the Meeting, the Company’s nominee directors were all elected, each receiving at least 35,430,226 votes in favour, representing 82.4% of the shares voted at the Meeting, and 41.5% of all outstanding shares of the Company as of the record date of the Meeting. 

 

By contrast, Mr. DeCotiis and his dissident nominees each received 4,474,000 votes in favour of their election as directors, representing 10.4% of the shares voted at the Meeting, and 5.2% of all outstanding shares as of the record date of the Meeting.  In an early warning report filed October 26, 2015, shortly before the November 12, 2105 record date for the Meeting, Mr. DeCotiis disclosed that he owns or controls 4,681,000 common shares of Petromin.  It is unknown whether Mr. DeCotiis failed to vote some of his shares in favour of his dissident nominees, or if he sold a portion of his shares prior to the record date.

 

Petromin’s shareholders have clearly rejected Mr. DeCotiis and his inexperienced slate of director nominees, and in response Mr. DeCotiis and Mr. Daum have now commenced a self-represented legal action at the Supreme Court of British Columbia, seeking to set aside the results of the AGM, and replace the duly-elected management nominees with his dissident nominees.  This legal action is in addition to the previous self-represented legal action commenced by Mr. DeCotiis as disclosed in the Company’s news release dated December 23, 2015.

 

Petromin will vigorously defend against Mr. DeCotiis’ legal actions, but the Board of Directors is disappointed that they are now being forced to apply Company resources toward the defence of two separate baseless, self-represented legal actions commented by Mr. DeCotiis in an ill-conceived effort to assume control of the Company, when management’s time and attention would be much better directed towards Company’s business and building shareholder value. The Board of Directors encourages Mr. DeCotiis to respect the clearly-expressed will of Petromin’s shareholders, and cease his vexatious legal actions.  

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