June 13, 2011
TORONTO, ONTARIO - (Marketwire - June 13, 2011)
- The Concerned Shareholders of Klondex Mines Limited (“Klondex”), The
K2 Principal Fund L.P., owning approximately 8% of the issued and
outstanding shares of Klondex, announce today that they are mailing and
have filed a concerned shareholder information circular.
The Concerned Shareholders have serious reservations about Klondex’s
ability to create value for shareholders as a result of its poor
corporate governance and the current Board’s lack of adequate mine
development experience. In addition, the current Board has frustrated
merger and acquisition attempts, exposed the company to undue financial
risk and rewarded itself handsomely.
Independent third parties like Institutional Shareholder Services
(“ISS”) and Glass Lewis & Co. (“GL”), the leading international
corporate governance analysis and proxy voting firms, have repeatedly
censured Klondex for serious and continuing corporate governance
deficiencies and recommended that shareholders withhold their votes for 5
out of 6 nominees who remain on Management’s 2011 director slate.
Clearly, it is time for a change.
“We have proposed an independent and experienced board, which is poised
to maximize shareholder value. Supporting our proposed director slate
will enable Klondex to move to the next stage of development with a
board that has the required technical and financial experience,” stated
David Heden, Managing Partner, K2 & Associates Investment Management
The Concerned Shareholders will hold an Investor Conference Call on Wednesday, June 15, 2011 at 11:00 a.m. (Toronto time).
We encourage those who would like to participate in this Investor
Conference Call to dial in 5-10 minutes prior to the start time.
||Canada & USA Toll Free: 1-800-319-4610
Outside Canada & USA Call: 1-604-638-5340
Simply ask the operator to join our call.
For those unable to participate in the Investor Conference Call, a replay will be available for audio playback at 1:00 p.m. (Toronto time)
on Wednesday, June 15, 2011
and will run through midnight (Toronto time)
on June 28, 2011
The number to access the Investor Conference Call replay is Canada & USA Toll Free: 1-800-319-6413
. The passcode for the replay is 4832
. A replay of the call will also be available at https://services.choruscall.com/links/klondex110615.html.
Shareholders are asked to vote their YELLOW
form of proxy today FOR
the Concerned Shareholders nominees and enable them to maximize
shareholder value, strengthen corporate governance and enhance Klondex’s
technical and financial expertise.
The Concerned Shareholders have retained Norton Rose OR LLP as legal
counsel and Kingsdale Shareholder Services Inc. to assist them with
It is important that shareholders vote their YELLOW
proxy before the proxy deadline at 11:00
a.m. (Toronto time) on June 28, 2011. Shareholders who require
assistance voting their YELLOW proxy should contact: Kingsdale
Shareholder Services Inc. at 1-866-879-7649 or email
Back to the News page