Coeur d’Alene Mines Corporation (NYSE:CDE) (TSX:CDM) (ASX:CXC) today announced results of voting at the Company’s Annual Meeting of Stockholders, held in Coeur d’Alene. Approximately 63 percent of outstanding shares were represented at the meeting.
The director nominees: Dennis E. Wheeler, L. Michael Bogert, James J. Curran, John H. Robinson, Robert E. Mellor, Timothy R. Winterer, J. Kenneth Thompson, Andrew Lundquist and Sebastian Edwards were each reelected to Coeur’s Board of Directors. Each was elected with at least 88% of the votes cast. With the election of these directors, Coeur currently has nine directors.
Stockholders approved an amendment to the Company’s Articles of Incorporation to reduce the par value of its common stock from $1.00 per share to $0.01 per share. The proposal was approved with approximately 82 percent of votes cast "For."
Stockholders also approved the proposed amendment to authorize the Board of Directors to effect a reverse stock split of its common stock at a stock split ratio of 1 for 10. The proposal was approved with approximately 81 percent of the shares of stock represented at the meeting voted in favor of the amendment.
Stockholders also approved an amendment to the Articles of Incorporation to change the number of authorized common shares from 750,000,000 shares to 150,000,000 shares. The proposal was approved with approximately 81 percent of votes cast "For."
The decision to proceed or not to proceed with the reverse split and the related change in the number of authorized common shares, as well as the eventual timing of such actions, will be determined by the Board of Directors.
Stockholders also ratified the appointment of KPMG as the Company’s accountants and auditors with approximately 93 percent of votes cast “For.”
Coeur d’Alene Mines Corporation is one of the world’s leading silver companies and also a significant gold producer. Coeur will have its first full year of production this year at the world’s largest pure silver mine - San Bartolomé in Bolivia – and began production in March at another world-leading silver mine – Palmarejo in Mexico. The Company also operates underground mines in southern Chile and Argentina and one surface mine in Nevada; and owns non-operating interests in two low-cost mines in Australia. The Company also owns a major gold project - Kensington in Alaska - and conducts exploration activities in Argentina, Chile and Mexico. Coeur common shares are traded on the New York Stock Exchange under the symbol CDE, the Toronto Stock Exchange under the symbol CDM, and its CHESS Depositary Interests are traded on the Australian Securities Exchange under the symbol CXC.
This press release contains forward-looking statements within the meaning of securities legislation in the United States, Canada, and Australia, including statements regarding anticipated operating results. Such statements are subject to numerous assumptions and uncertainties, many of which are outside the control of Coeur. Operating, exploration and financial data, and other statements in this presentation are based on information that Coeur believes is reasonable, but involve significant uncertainties affecting the business of Coeur, including, but not limited to, future gold and silver prices, costs, ore grades, estimation of gold and silver reserves, mining and processing conditions, construction schedules, currency exchange rates, and the completion and/or updating of mining feasibility studies, changes that could result from future acquisitions of new mining properties or businesses, the risks and hazards inherent in the mining business (including environmental hazards, industrial accidents, weather or geologically related conditions), regulatory and permitting matters, risks inherent in the ownership and operation of, or investment in, mining properties or businesses in foreign countries, as well as other uncertainties and risk factors set out in filings made from time to time with the SEC, the Canadian securities regulators, and the Australian Securities Exchange, including, without limitation, Coeur’s reports on Form 10-K and Form 10-Q. Actual results, developments and timetables could vary significantly from the estimates presented. Readers are cautioned not to put undue reliance on forward-looking statements. Coeur disclaims any intent or obligation to update publicly such forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, Coeur undertakes no obligation to comment on analyses, expectations or statements made by first parties in respect of Coeur, its financial or operating results or its securities.