TVI Pacific Announces the Results of Its Annual & Special Meeting of Shareholders
CALGARY, ALBERTA -- (MARKET WIRE) -- 05/27/11 -- TVI Pacific Inc. (TSX: TVI) (OTCQX: TVIPF) ("TVI" or the "Company") announces that shareholders approved all resolutions brought before them at the Annual & Special Meeting of Shareholders held on May 26, 2011. A total of 194,630,014 shares were represented in person or by proxy at the meeting, representing approximately 31.31% of the Company's outstanding shares.
PricewaterhouseCoopers LLP was re-appointed as the external auditor of TVI and will hold office until the next annual meeting at such remuneration as may be determined by the directors of the Company. Approximately 93.10% of the votes cast supported the appointment of the auditors, while 6.90% were withheld.
Shareholders also approved fixing the number of directors to be elected at the meeting to eight. Of the votes cast, 91.78% were in favour of the resolution, while 8.22% were against.
In addition, shareholders approved a special resolution respecting an amendment of the Company's articles. The resolution allows for the appointment of additional directors between annual meetings, providing that the number of additional directors shall not, at any time, exceed one-third of the number of directors who held office at the expiration of the last annual meeting of the Company. 88.98% of the votes cast supported the resolution, while 11.02% were against.
The following Board members stood for election and were duly re-elected: Clifford M. James, Robert C. Armstrong, C. Brian Cramm, Jan R. Horejsi, and Peter C.G. Richards. In addition, nominees David Moscovitz, Wayne G. Thomson and Aloysius B. Colayco were elected to Board. These Directors will hold office until the next TVI annual meeting. Of the votes cast, 89.88% were in favour of the election of the directors, while 10.12% were withheld.
Mr. Moscovitz is a lawyer and consultant at Fraser Milner Casgrain LLP with over 30 years of extensive experience in acquisitions, divestments, dispositions, financings, joint ventures and other general business law. Prior to this, he was a Lawyer and Partner at Goodman and Carr LLP.
Mr. Thomson currently serves as a Director for Cenovus Energy Inc. and Orion Oil and Gas Corp. and is the Chairman and President of EnviroValve Inc. Previously, Mr. Thomson was President of Hadrian Energy Corp. and Gardiner Oil and Gas Limited, both public companies listed on the Toronto Stock Exchange. Prior to these appointments, Mr. Thomson held the role of President of Petrocorp Exploration and spent the previous six years at the Alberta Energy Company. Mr. Thomson holds a BSc. in engineering.
Mr. Colayco is Managing Director of Argosy Partners, Inc., a private investment and advisory firm, and a Senior Partner of Argosy Advisors, Inc. He also serves as President for Level Up! Holdings, Country Chairman for Jardine Matheson, Philippines, Member of the JM Asia Pacific Regional Board, Chairman for Republic Cement (an affiliate of Lafarge), Chairman for Colliers Philippines, Member of the Advisory Board for JG Summit Holdings, Inc. and Senior Advisor for Asia Strategic Capital Fund and Asia Environmental Partners Fund.
For shareholders who were not able to attend the meeting, a video of the presentation will be available on TVI's website at TVI Pacific Inc. - Home in the coming days.
About TVI Pacific Inc. (TSX: TVI) (OTCQX: TVIPF)
TVI Pacific Inc. is a publicly-traded resource company focused on the production, development, exploration and acquisition of resource projects in the Philippines. TVI produces copper concentrate from its Canatuan mine, is developing the Balabag gold property for anticipated production in the second half of 2012 and has begun an aggressive exploration program at its high-impact Tamarok property. TVI also has interests in oil and gas assets in Alaska, Niger and offshore Philippines.
