Frontier Rare Earths Announces AGM Voting Results and Filing of Q1 2015 Financial Statements and MD&A
May 14, 2015 (Source: CNW) — In relation to the annual general meeting of shareholders held in Luxembourg (the “AGM”) on May 14, 2015, Frontier Rare Earths Limited (TSX: FRO) (US:FREFF) (“Frontier” or the “Company”) is pleased to advise, in accordance with section 11.3 of National Instrument 51-102 – Continuous Disclosure Obligations, of the following voting results.
A total of 54,898,345 voting shares representing 61.3% of the Company’s issued and outstanding shares were voted in connection with the AGM. Shareholders voted in favour of the election of director nominees as follows;
|Director Nominee||Votes For||Percentage of total votes
Shareholders also approved of all other resolutions business considered at the AGM being:
- The appointment of the auditors
- The approval of the unconsolidated Luxembourg GAAP financial statements and the allocation of results as required under Luxembourg law
- A proposal under other business to allow the directors take all such action required to allow them set the date and time of the next AGM
Filing of Q1 2015 Financial Statements and MD&A
The Company also announces the filing of its Q1 2015 Financial Statements and MD&A which include details on the recently announced Pre-Feasibility Study (“PFS”) on Zandkopsdrift, the Company’s other exploration activities and corporate strategic initiatives. As previously reported, the Company has been undertaking a strategic review of its activities due to, inter alia, the ongoing poor performance of the listed junior mining sector, the poor market rating of companies in the rare earths sector, including Frontier, the outlook for the rare earths market and conditions in the overall equity and debt capital markets. This review, which will take into consideration the market response to the recently announced PFS, is expected to be completed in Q2 and will then be considered by the Board of Frontier. In the absence of a marked improvement in the rare earths sector, junior mining sector and overall equity capital markets in the coming months, it is considered likely that the Board of Frontier will recommend to shareholders that a new strategic direction be pursued with the objective of maximising the value of the Company’s assets for shareholders. Further details are available in the Q1 2015 Financial Statements and MD&A. These and other regulatory filings are available on the Company website and on Sedar.
About Frontier Rare Earths Limited (TSX: FRO US: FREFF)
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Frontier Rare Earths Limited (www.frontierrareearths.com) is a mineral exploration and development company principally focused on the development of rare earths projects in Africa. Frontier’s flagship asset is the Zandkopsdrift rare earth project, which is located in the Northern Cape Province of South Africa and is one of the largest, highest grade undeveloped rare earth deposits worldwide. Frontier has a direct 64% interest and an 85% economic interest in Zandkopsdrift following the acquisition by its strategic partner; Korea Resources Corporation; of an initial 10% interest in Zandkopsdrift. Frontier is listed on the main board of the Toronto Stock Exchange and currently has 89,562,781 shares outstanding. Frontier is well funded with approximately $22 million in cash and no debt at the end of March 2015.
Forward Looking Statements – Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. Readers can identify many of these statements by looking for words such as “will”, “intends”, “projects”, “anticipates”, “estimates”, “achieving”, or similar words or the negative thereof. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including, but not limited to, the impact of general economic conditions, industry conditions, commodity prices, availability of financing for the Company and the Company’s ability to raise additional capital, results of feasibility studies, dependence upon regulatory approvals, the estimation of mineral resources and the realization of mineral reserves based on mineral resource estimates and estimated future development, if any, and possible variations of ore grade or recovery rates; the Company development, if any, and possible expectations regarding competition from other producers globally, possible customer and supplier relationships, anticipated trends and challenges in the Company regarding competition; mineral resource estimates and supply outlook and growth opportunities, the future price of and future demand for rare earth elements, title disputes or claims including Black Economic Empowerment initiatives, the timing and possible outcome of pending regulatory and permitting matters and the factors described or referred to under “Description of the Business – Risk Factors” in Frontier’s current annual information form filed on SEDAR at www.sedar.com.
Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. There can be no assurance that the plans, intentions or expectations upon which these forward-looking statements are based will occur. The forward-looking statements contained herein are made as of the date of this news release and are expressly qualified in their entirety by this cautionary statement. Actual results may differ materially from those anticipated. Readers are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein. Frontier disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable law.
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