VANCOUVER, British Columbia--(BUSINESS WIRE)--European Uranium Resources Ltd. (the "Company") (TSXV: EUU) announces that at the Company’s Annual General and Special Meeting of Shareholders held today in Vancouver, the Company’s shareholders voted to:
- fix the number of directors of the Company at four;
- elect management’s nominees Michael Hopley, Dorian (Dusty) Nicol, David Montgomery and David (Sam) Hutchins to the Company’s Board of Directors for the ensuing year;
- appoint KPMG LLP as the Company’s auditors for the 2014 fiscal year;
- renew the Company’s stock option plan; and
- ratify the Company’s advance notice policy.
On May 9, 2014, the Company entered into a share purchase agreement (the “SPA”) with Forte Energy NL (“Forte”) containing the principal terms for the sale of the Company's wholly-owned Slovakian subsidiaries, Ludovika Energy and Ludovika Mining (the “Ludovika Entities”) to Forte. The Ludovika Entities are the holders of the mineral licenses located in the Slovak Republic which comprise the Company's principal mineral properties, the Kuriskova and Novaveska Huta uranium projects in Slovakia.
It was a condition of the SPA that the SPA be approved by a special resolution of the Company’s shareholders requiring the affirmative vote of 66⅔% of the shares voted at the meeting. While over 63% of the shares voted at the meeting voted in favour of the special resolution to approve the SPA, the resolution was not approved by the required majority. As this condition to the SPA was not satisfied, the SPA has been terminated.
Anticipating the possibility that the SPA might not be approved at the meeting, and given the continued urgency of addressing the Company’s need for cash, the Company commenced negotiations with Forte for an alternative transaction that will allow the Company to preserve the value of its mineral licenses in Slovakia. While there is no agreement to undertake any transaction with Forte at this time, discussions regarding a potential alternative transaction are at an advanced stage.
EUROPEAN URANIUM RESOURCES LTD.
"Dusty Nicol"
Dorian L. (Dusty) Nicol, President and CEO
For further information please contact: Dorian (Dusty) Nicol, at (604) 536-2711, or visit www.euresources.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.