TORONTO, ONTARIO — (Marketwired) — 04/09/13 — Altai Resources Inc. (TSX VENTURE: ATI) (US SEC Rule 12g3-2(b) File # 82-2950) (“Altai” or the “Company”) announces the approval by its board of directors of an advance notice by-law (the “By-law”). The purpose of the By-law is to provide shareholders, directors and management of the Company with a clear framework for nominating directors.
Altai is committed to: (1) facilitating an orderly and efficient annual general or, where the need arises, special meeting, process; (2) ensuring that all shareholders receive adequate notice of the director nominations and sufficient information regarding all director nominees; and (3) allowing shareholders to register an informed vote after having been afforded reasonable time for appropriate deliberation. The By-law is intended to further these objectives.
The By-law, among other things, includes a provision that requires advance notice to the Company in certain circumstances where shareholders of Altai nominate persons for election to the board of directors. The By-law establishes deadlines by which director nominations must be submitted to Altai prior to any annual or special meeting of shareholders and sets forth the information that must be included in the notice to Altai for an effective nomination to occur.
In the case of an annual meeting of shareholders, notice to the Company must be made not less than 30 days nor more than 65 days prior to the date of the annual meeting; provided, however, that in the event that the annual meeting 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 made not later than the close of business on the 10th day following such public announcement.
In the case of a special meeting (which is not also an annual meeting) of shareholders called for the purpose of electing directors (whether or not called for other purposes), notice to the Company must be made not later than the close of business on the 10th day following the day on which the first public announcement of the date of the special meeting was made.
The By-law is effective as of April 9, 2013, subject to TSX Venture Exchange approval and ratification by Altai shareholders at the next annual meeting of the Company. The full text of the By-law is available at and on the Company–s website at .
The Company also announces that today the Altai board of directors has approved two non-brokered private placements to be made concurrently. One private placement is to be subscribed by Dr. Niyazi Kacira, Chairman and President of the Company, for up to 5 million common shares at $0.06 per share. The second private placement is to be subscribed by an arm–s length investor for up to 4 million common shares at $0.06 per share. The two transactions are subject to TSX Venture Exchange approval.
ALTAI RESOURCES INC. IS A RESOURCE COMPANY WITH OIL AND GAS AND GOLD PROPERTIES IN CANADA.
We seek Safe Harbour.
Neither 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.
Contacts:
Altai Resources Inc.
Maria Au
Secretary-Treasurer
(416) 383-1328
(416) 383-1686 (FAX)