Avion Board Thanks Shareholders for Overwhelming Support
Date : 06/26/2012 @ 7:41PM
Source : MarketWire Canada
Avion Gold Corporation (TSX:AVR)(OTCQX:AVGCF) ("Avion" or the "Company")
announced today that, at its annual shareholders' meeting the shareholders voted
overwhelmingly in support of the management nominees to the Board. Accordingly,
James Coleman QC, John Begeman, Bruce Humphrey, Lewis MacKenzie, Pierre
Pettigrew PC, John Vettese and Bernard Wilson have been elected as members of
the Board of Directors to represent shareholders' interests for the ensuing
year.
James Coleman QC, the Independent Chairman of the Board, stated, "The Board
expresses its appreciation to our shareholders for recognizing the dedication
and past success of Avion's continuing directors. The Board will continue to
implement Avion's strategic plan of expanding production in Mali once the
in-country political situation stabilizes, demonstrating the economic potential
of the Hounde Project in Burkina Faso and aggressively pursuing additional
growth opportunities whether organically or through acquisition."
Avion is pleased to note that rescheduling the AGM resulted in approximately 74%
of shareholders voting at the meeting. We believe that this significant
shareholder participation and support validates the work of the current Board
and management. We would also like to state that we have heard the concerns of
our shareholders and will, with management and the Board of Directors, work
toward strengthening and growing Avion.
The re-election of a majority of the incumbent directors is also consistent with
the recommendation of the leading proxy advisory firms. Institutional
Shareholder Services ("ISS") which noted in a report that Avion's total
shareholder return has consistently outperformed its peer group over the past
two to three years. ISS added that the recent decline in the Company's share
price is largely due to factors beyond management's control - notably, a
military coup in Mali which has delayed completion of a mill expansion project
at the Tabakoto mine. "It should be noted that the company's governance
structure has improved from last year", ISS added.
Biographical Information for New Directors
Bernard Wilson, FCA, ICD.D is a senior financial professional with a wide array
of working relationships with business executives in Canada, the United States
and internationally. In addition, Mr. Wilson is an advisor in corporate finance
and investment banking and has extensive experience in major financial
restructurings and advises on international trade and commerce issues. Mr.
Wilson was with PriceWaterhouseCoopers LLP for 40 years and was Vice Chairman at
retirement. Mr. Wilson is a recognized Canadian businessman having served in
numerous leadership roles, including Chairman of the Canadian Chamber of
Commerce - the largest business organization in Canada with 175,000 members;
Chairman of the Canadian Council for International Business - the organization
representing Canadian multinational companies at the OECD in Paris, the WTO in
Geneva and the UN in New York; Chairman of the International Chamber of Commerce
- Canada; and Member of the Canada/US Trade Committee. He received his Commerce
Degree from St Francis Xavier University and later his Doctor of Laws (Hons.).
He received his Chartered Accounting degree with PwC and later was awarded his
FCA from the CICA, a distinction which is limited to 3% of members. He also
completed postgraduate studies in Alternative Dispute Resolution at Harvard Law
School. Mr Wilson is also the Founder of the Institute of Corporate Directors'
formal directors education program, completed it and was the first Canadian to
be awarded the ICD.D accreditation. Given his credentials, Mr. Wilson is well
qualified to serve as the Chair of Avion's Audit Committee.
John Vettese is a corporate finance and mergers and acquisition lawyer and is
the Deputy Managing Partner of Cassels Brock & Blackwell LLP. He is also a
member of the firm's Executive Committee. He has acted and continues to act as
lead counsel for several companies in the mining sector. He has consistently
been recognized as one of the Best Lawyers in Canada in the area of Natural
Resource Law.
James Coleman stated, "We are pleased to welcome Bernie and John to the Board
and look forward to their contributions in expanding Avion's business and
further enhancing its corporate governance practices. The Board would like to
acknowledge and thank Stan Bharti and George Faught for their significant
contributions to the Company. Stan, who founded Avion and has been instrumental
in attracting the necessary capital to support operations, will remain involved
with Avion as the company remains a member of the Forbes & Manhattan Group of
Companies. Avion has benefited from George's wise counsel as an active board
member and Chair of the Audit Committee. He also showed his dedication to Avion
by resigning his role as an executive officer of another reporting issuer in
order to stay on the Avion Board. The Board expresses its gratitude to Mr.
Bharti and Mr. Faught for their significant contributions to the Company."
Cautionary Notes
Certain information set forth in this press release contains "forward-looking
statements", and "forward-looking information" under applicable securities laws.
Except for statements of historical fact, certain information contained herein
constitutes forward-looking statements. Some of the forward-looking statements
may be identified by words such as "expects" "anticipates", "believes",
"projects", "plans", and similar expressions. These statements are not
guarantees of future performance and undue reliance should not be placed on
them. Such forward-looking statements necessarily involve known and unknown
risks and uncertainties, which may cause Avion's actual performance and
financial results in future periods to differ materially from any projections of
future performance or results expressed or implied by such forward-looking
statements. These risks and uncertainties include, but are not limited to, those
risks described in the annual information form of the Company. There can be no
assurance that forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those anticipated in such
statements. Avion undertakes no obligation to update forward-looking statements
if circumstances or management's estimates or opinions should change except as
required by applicable securities laws. The reader is cautioned not to place
undue reliance on forward-looking statements.
All my posts, are only My Opinion
