Vancouver, British Columbia–(Newsfile Corp. – May 14, 2021) – Margaret Lake Diamonds Inc. (TSXV: DIA) (FSE: M85) (OTC: DDIAF) (the “Corporation”) is announcing that its annual general meeting of shareholders (the “Meeting”) was postponed today due to its increased concerns related to the spread of the COVID-19 virus after learning that a number of its shareholders desire to attend the Meeting in person. The Corporation previously secured a small venue at which to host the Meeting however, after learning that a number of shareholders desire to attend the Meeting in person, the Corporation determined that in order to mitigate the potential risks to the health and safety of its shareholders, employees, communities and other stakeholders and based on government orders to avoid large indoor gatherings, it was necessary to postpone the Meeting and secure a more suitable meeting location that will allow for a greater number of individuals to attend the Meeting in person while following physically distancing guidelines. Further details regarding the new meeting venue and the time and date of the postponed meeting will be provided in a subsequent news release.
Concurrently, the Corporation announced the adoption by its Board effective May 13, 2021, of an advance notice policy regarding the nomination of directors (the “Advance Notice Policy”). The Advance Notice Policy was adopted to reflect the latest developments and shareholder expectations as to good corporate governance. The Advance Notice Policy provides a clear process and fixed deadlines for shareholders to follow for director nominations and sets out a reasonable time frame for the submissions of nominees and the information that a shareholder must include in the notice in order for it to be valid. The Advance Notice Policy is similar to advance notice policies adopted by other Canadian public companies and will help to ensure that all shareholders receive adequate notice of the nominations to be considered at a meeting and can thereby exercise their votes in an informed manner.
In the case of an annual meeting of shareholders (including an annual and special meeting), notice to the Corporation must be given not less than 30 or more than 50 days prior to the date of the annual meeting. In the event that the annual meeting (or annual and special meeting as the case may be) is to be held on a date that is less than 50 days after the date on which the first public announcement of the date of the annual meeting was made, notice may be given not later than the close of business on the 10th day following such public announcement.
The Advance Notice Policy is effective immediately and will be submitted to shareholders for confirmation and ratification at the postponed Meeting. The Corporation will send out a supplement to the Management Information Circular dated April 6, 2021, which will provide further details regarding the Advance Notice Policy and the resolution that shareholders will be asked to approve adopting the Advance Notice Policy.
Chief Executive Officer
This news release contains certain statements or disclosures relating to the Corporation that are based on the expectations of its management as well as assumptions made by and information currently available to the Corporation which may constitute forward-looking statements or information (“forward-looking statements”) under applicable securities laws. All such statements and disclosures, other than those of historical fact, which address activities, events, outcomes, results or developments that the Corporation anticipates or expects may, could or will occur in the future (in whole or in part) should be considered forward-looking statements. In some cases, forward-looking statements can be identified by the use of the words “anticipate”, “will”, “expected”, “continues”, “future”, “opportunity”, “believe” and similar expressions. In particular, but without limiting the foregoing, this news release contains forward-looking statements relating to the postponed Meeting and shareholder confirmation of the Advance Notice Policy. The forward-looking statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements including, without limitation: general economic, market and business conditions, including in light of the COVID-19 pandemic; and certain other risks detailed from time to time in the Corporation’s public disclosure documents. Readers are cautioned that the foregoing list of factors is not exhaustive and are cautioned not to place undue reliance on these forward-looking statements.
The forward-looking statements contained in this news release are made as of the date hereof and the Corporation undertakes no obligations to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the polices of the TSX Venture Exchange) has in any way passed upon the merits of the Transaction and associated transactions and neither of the foregoing entities accepts responsibility for the adequacy or accuracy of this release or has in any way approved or disapproved of the contents of this press release.
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