Timmins Gold Announces Settlement With Sentry Investments
July 02 2014 - 07:00AM
Marketwired
Timmins Gold Announces Settlement With Sentry Investments
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jul 2, 2014) -
Timmins Gold Corp. (TSX:TMM)(NYSEMKT:TGD) ("Timmins Gold" or the
"Company") announced today that it has reached a settlement with
its largest shareholder, Sentry Investments Inc. The settlement
ends a contested proxy solicitation for the election of directors
at Timmins Gold's Annual General and Special Meeting of
Shareholders scheduled for July 31, 2014.
As part of the settlement, Timmins Gold will nominate eight
Board members instead of seven as previously announced. The
nominees are George Brack, Bruce Bragagnolo, Bryan Coates, Stephen
Lang, Luc Lessard, Paula Rogers and Jose Vizquerra Benavides, the
seven Timmins Gold nominees previously announced, as well as
Anthony Hawkshaw, who was previously a Sentry nominee. Sentry has
agreed to vote its shares, representing 17% of the Company's issued
and outstanding shares, for the election of all eight Timmins Gold
nominees.
"We are very pleased to have reached a constructive resolution
to the dispute. Sentry's actions accelerated our efforts at Board
renewal and have resulted in a Board with deep industry expertise
and greater independence," said Paula Rogers, Chair of the Timmins
Gold Special Committee of independent directors. "The eight Timmins
Gold nominees intend to work closely together to create value for
all shareholders."
Said Kevin MacLean, Senior Vice-President and Senior Portfolio
Manager at Sentry, "Timmins Gold has assembled an excellent group
of experienced and independent mining industry professionals to
guide the Company. I congratulate the Company and the Special
Committee for its efforts, the high quality of its nominees and its
willingness to take Sentry's objectives and concerns into
account."
Added Bruce Bragagnolo, Timmins Gold's Chief Executive Officer,
"With this agreement we can move forward without the expense and
distraction of a continuing proxy contest. We will continue to
execute on and evaluate Timmins Gold's business strategy, which has
delivered superior performance and shareholder return."
Timmins Gold expects to mail a supplement to its previously
mailed Management Information Circular in due course, a copy of
which will also be available on SEDAR at www.sedar.com and on the
Company's website at www.timminsgold.com. The supplement to the
Management Information Circular will include information required
by applicable securities law on all eight Timmins Gold
nominees.
Neither the TSX nor its Regulation Services Provider (as
that term is defined in the policies of the TSX) nor the NYSEMKT
accepts responsibility for the adequacy or accuracy of this news
release.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained herein may constitute
forward-looking statements and are made pursuant to the "safe
harbor" provisions of the United States Private Securities
Litigation Reform Act of 1995 and Canadian securities laws.
Forward-looking statements are statements which relate to future
events. Such statements include estimates, forecasts and statements
as to management's expectations with respect to, among other
things, business and financial prospects, financial multiples and
accretion estimates, future trends, plans, strategies, objectives
and expectations, including with respect to production, exploration
drilling, reserves and resources, exploitation activities and
events, future operations, organic growth, mergers and acquisitions
and the appointment of new directors.
In some cases, you can identify forward-looking statements by
terminology such as "may", "should", "expects", "plans,
"anticipates", believes", "estimates", "predicts", "potential", or
"continue" or the negative of these terms or other comparable
terminology. These statements are only predictions and involve
known and unknown risks, uncertainties and other factors that may
cause our or our industry's actual results, level of activity,
performance or achievements to be materially different from any
future results, levels of activity, performance, or achievements
expressed or implied by these forward-looking statements.
While these forward-looking statements, and any assumptions upon
which they are based, are made in good faith and reflect our
current judgment regarding the direction of our business, actual
results will almost always vary, sometimes materially, from any
estimates, predictions, projections, assumptions or other future
performance suggestions herein. Except as required by applicable
law, Timmins Gold does not intend to update any forward-looking
statements to conform these statements to actual results.
Timmins Gold Corp.Alex TsakumisVice President, Corporate
Development604-682-4002alex@timminsgold.comwww.timminsgold.comFor
Media:Longview Communications Inc.Alan
Bayless604-694-6035abayless@longviewcomms.ca
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